The Maryland Department of Commerce announced that applications are now open for the Child Care Capital Support Revolving Loan Fund, which was passed during the most recent General Assembly session. The fund will operate in partnership with the Maryland State Department of Education (MSDE) and provide no-interest loans for capital expenses to child care providers who are licensed and participate in MSDE’s Child Care Scholarship Program. Applications will be accepted through October 31, 2022. For more information and to apply online, click here.
“We are very pleased to work with our partners at MSDE to offer this program, which will help many of our state’s child care providers be able to build a new facility, or make improvements or expand their existing facilities,” said Maryland Commerce Secretary Mike Gill. “This program is especially critical in our rural communities where there is a significant need for additional child care resources.”
“In conjunction with the Maryland Rebuilds grant program and child care stabilization grants, the Child Care Capital Support Loan fund will help strengthen and expand child care throughout the State, especially in under-served communities,” said State Superintendent of Schools Mohammed Choudhury. “Our goal is that every family across the State, no matter zip code or income, has access to high-quality early childhood education programs, so that all children can experience excellent learning opportunities and the best possible outcomes.”
In addition to being licensed by MSDE and participating in the Child Care Scholarship Program, priority is given to eligible child care providers that meet the following criteria:
- Located in underserved communities or areas designated by MSDE as lacking available childcare slots;
- Located in rural communities;
- Serving primarily low-income populations in areas of high poverty;
- Serving children with special needs; and
- Serving children ages 2 and younger.
Funding may only be used for capital expenses related to a child care facility and includes the purchase of an existing facility or construction of a new facility, as well as expansion or renovation of an existing facility. The loan cannot be used for working capital or operational expenses.
Questions can be directed to Caroline Kimani at firstname.lastname@example.org or 410-767-0939.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the arts, film production, sports and other special events. For more information, visit commerce.maryland.gov.