 | First Children’s Growth Fund: Growing successful child care businesses
2/16/2010 1:03 PMIn 2006 First Children’s Finance launched a game changing strategy to sustain and grow the number of spaces for children in high quality early care and education centers. The idea was a simple one: when you combine the talent and expertise of providers and business people, you get the best results for children from lower income families. First Children's Growth Fund program is currently serving Minnesota, Iowa, Michigan, North Dakota and South Dakota.
Who is participating? Who are the advisors?
First Children's Finance selects early care and education centers to participate in the Growth Fund through a competitive process. Applicants are evaluated on their service to children from lower income families, stable operations, a commitment to quality care and fulltime programming. Both center directors and their board chairs are involved.
First Children’s Finance Growth Fund advisors are volunteers from business and early care and education. They are bankers, corporate executives, small business people, child care experts and others committed to quality care. Growth Fund advisors review applications and recommend the level of grants for each participant. Advisors also share their knowledge and expertise throughout the three-year program cycle.
Programs have recently been launched in Michigan and Iowa. We are proud to announce the participants and advisors in Michigan and Iowa.
How do Growth Fund participants benefit?
During the first year, Growth Fund participants receive grants to develop business plans that identify critical challenges in financial systems, marketing, human resources, strategic planning, leadership and facilities development. Participants who successfully complete plans receive two-year funding to implement their plans.
In addition to business planning, the Growth Fund works to enhance the leadership skills of center directors and their board chairs. The engagement of each center’s board in business planning helps board members appreciate and support the work of management staff. Furthermore, board members begin to think of themselves as leaders who -- in partnership with center directors -- can advance their organizations.
Center directors also enjoy networking opportunities to exchange ideas with their peers through training and gatherings that focus on business topics. Resource experts through our consulting pool are available to help build the center’s capacity.
How is the Growth Fund financed?
The Growth Fund is made possible through the generosity of our funders, including, but not limited to: Otto Bremer Foundation, Iowa Department of Human Services, W.K. Kellogg Foundation, Kresge Foundation, McKnight Foundation, Minnesota Department of Human Services, Principal Financial Group Foundation, R. J. McElroy Trust, Sioux Empire United Way, Skillman Foundation, Travelers Foundation, U.S. Department of the Treasury, Citi Foundation and Northwest Area Foundation.
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