More Questions and Answers about the Children's Investment Fund

9. If I borrow from the FUND, how much will my monthly payments be?

At 7.5% interest over 10 years, each $1000 borrowed will require monthly payments of approximately $11.87

Examples:

A provider might borrow $30,000 to add a new classroom in their existing facility.  At 7.5% over 10 years, the provider would be making monthly payments of approximately $356.10.

A provider might take out a term loan of $100,000 to make major renovations to the facility.  At 7.5% over 10 years, the provider would be making monthly payments of approximately $1,187.00.

A provider might take out a term loan of $300,000 to build out a new floor at their facility.  At 7.5% over 10 years, the provider would be making monthly payments of approximately $3,561.05.

Use our Loan Calculator to see if you qualify for a loan from the FUND and what your monthly payments would be.

10. My center has a project in mind, but we haven't yet figured out all the details.  Where do we go from here?

You do not need to have your project and/or your financing request clearly defined in order to approach the FUND for assistance.  We are available, if you would like, to play a role early on in helping you to shape a project that responds to the capital needs of your child care program.   Please feel free to call and talk with the FUND's Program Manager about your potential request.

The FUND encourages providers to submit an application early on in the development of a capital project.   You do not need to have complete and/or final answers to the questions in the application about your project in order to apply to the FUND for assistance.

Applications are accepted on a rolling basis.  Once your application has been received and reviewed, FUND staff will contact you to schedule a site visit.  The purpose of the site visit is to provide FUND staff with an opportunity to:

• see the child care program in operation; and
  
  
• visit the project site, identify project needs and begin to put together an appropriate package of services and financing that will enable you to complete needed capital improvements
  
  
• review the next steps in the process

11. How long does it take to process my loan application?

The majority of FUND loans can be processed within an 8 to 12 week period of time.  The length of time that it takes to review and decide on a completed application can, however, vary greatly from situation to situation.  The factors which influence the amount of time required for review include: the ability of applicants to provide required information within a specified period of time, external factors related to the project itself, the number of loans under review at the time, and the Investment Committee meeting schedule. (The Investment Committee meets every 6 weeks.) In emergency situations, staff will make every effort to expedite this schedule as needed.

You can download an application for support on-line by clicking here.

More Questions and Answers about the Children's Investment Fund:

1. What is the Children's Investment Fund?

2.  What kinds of projects does the FUND support?

3. Who's eligible for assistance from the FUND?

4. What are the FUND's requirements with regard to targeting low-income children?

5. Are centers which rent rather than own their space eligible for assistance?

6. What are the FUND's priorities in reviewing applications for support?

7. What kind of assistance can my organization get from the FUND?

8. What are the loan terms which the FUND offers?

9. If I borrow from the FUND, how much will my monthly payments be?

10. My center has a project in mind, but we haven't yet figured out all the details.  Where do we go from here?

11. How long does it take to process my loan application?