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NEW YORK CHILD CARE SEED FUND LOANS
The New York Child Care Seed Fund (Seed Fund) provides an array of financing products and development support to licensed child care center providers and community developers.
CHILD CARE LOANS IN NEW YORK
Pre-development Loans and Lines of Credit
- Maximum loan of $500,000 unsecured; $3.5 million secured
- Term of three years, more in some instances
Acquisition, Bridge, Construction, Mini-perm Loans
- Maximum loan of $500,000 unsecured; $3.5 million secured
- Term of two years for acquisition, construction and bridge loans
- Term of 10 years for mini-permanent loans, with longer amortization as needed
Permanent Loans
- Minimum loan of $500,000 and a maximum of $7 million
- Term of up to 30 years, fully amortizing
SUPPORT AND REFERRAL PROCESS
The Seed Fund guides licensed child care center providers through various stages of development and meets with them as needed to provide expertise and problem solve. Seed Fund staff also work with these providers to identify sources of additional funding if it is needed and will make appropriate referrals for other services.
As the child care providers complete their facility planning and construction, the Seed Fund will continue to stay in touch and offer support. Once the new center is open, the Seed Fund can link it to ongoing support services such as child care resource and referral agencies, business assistance providers and legal assistance providers.
Applications are accepted year round.
FOR MORE INFORMATION, PLEASE CONTACT:
Claudia Siegman
Program Manager, New York Child
Care Seed Fund
350 Broadway, Suite 701
New York, NY 10013
Tel (212) 509-5509, ext. 16
Fax (212) 509-5593
csiegman@liifund.org