Childcare is not a family issue, but a workforce issue. Members of the MI CDFI Coalition showcase how investing in quality, affordable childcare and early childhood education positively impacts the entire community in this Model D article.
Having quality, affordable childcare doesn’t just have an impact on parents and families, it affects the workforce as well. When working parents cannot access or afford childcare, they are not able to show up as fully in their careers or communities.
President of Northern Initiatives, Elissa Sangalli says the CDFI has made several loans where an employee was buying the business.
“They’ve worked there for years and know the children, the parents, and the operations inside and out,” she says. “But, because there’s a new owner, the childcare [center] is considered a startup — and most banks can’t loan to startups.”
Northern Initiatives helped support Tiny Treasures in Gaylord when its owners were looking to retire. Sarah Brown, an employee there, stepped into the new owner role, after Northern Initiatives provided an SBA Community Advantage loan with funds from the Michigan CDFI Coalition.
Staff continue to provide ongoing coaching via the online portal of videos and templates to help entrepreneurs with profit and loss statements, money management, and more.
The MI CDFI Coalition is a network of mission-based community development institutions (CDFIs) across the state who uplift underserved communities, deliver vital programs and services, revitalize neighborhoods, and advocate for community investment.
This coalition knows how important supporting childcare centers throughout the state is. Many of its CDFI members have provided financial support to develop early childhood education (ECE), assisted daycare providers with acquiring or consulting of real estate — and maintained those relationships long after the check-writing or ribbon-cutting ceremonies.
