Murray County Childcare Development Forgivable Loan Program
The Murray County Economic Development Authority is aware of the shortage of childcare slots in the area and considers this an economic issue for all employers and employees in our county.
The Murray County EDA has dedicated a fund toward helping current childcare providers expand or assisting in the process of becoming licensed. The program is called the Murray County Childcare Development Forgivable Loan Program.
For those wanting to expand a currently licensed home childcare or care center, or those pursuing licensing, forgivable loans are available. Use of the loan MUST expand child care slots in the county.
~ Home childcare providers are eligible for forgivable loans of up to $5,000.
~ Childcare centers are eligible for forgivable loans of up to $10,000.
Loan repayments will be deferred for 5 years, with a portion of the loan forgiven for each year in operation after funds are received. Failure to remain an active provider will result in required repayment of funds that have not yet been forgiven.
Applications will be approved on a case-by-case basis, with 50% of project cost paid out on approval, 50% paid out upon submittal of receipts. Eligible uses include but are not limited to improvements to the childcare space, equipment and supplies.
To find out more, contact Murray County EDA Coordinator Justine Wettschreck at 507-836-6023 or email email@example.com.
Additional information and the loan application can be found here!