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First Children's Finance to
Receive a $1 million Financial Assistance Grant from the
U.S. Department of the Treasury
First
Children's Finance learned this week that it will
receive $1 million from the Community Development
Financial Institutions Fund Program of the U.S.
Department of the Treasury. First Children's
Finance will use these funds to support work in
financial and development services over the next four
years.
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The First Children's Finance
Loan Fund: Modest investment, significant
impact
Jerry Cutts,
President and CEO
Think about paying 18 percent
on a loan to start or grow a child care business. It's
frightening to consider how many child care
professionals have done just that. I remember reading
about family providers who were borrowing money at 18
percent, using their credit cards. That shouldn't happen
to those caring individuals who want to make certain
children have safe, quality educational environments.
Using high interest loans increases the risk of their
financial failure, closing the doors to families who
need them. Knowing that this situation happens too
frequently, we decided to do something about it - asking
the legislature and Minnesota financial institutions to
invest in our children.
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Facts about First
Children's Finance Loan
Fund
- Over $7 million loaned to 250 small businesses
- This created or preserved 7800 child care slots
and 1050 jobs
- Leveraged $16.1 million in other financing
- On average in FY 2009, every $1 of First
Children's funding leverages another $4.18 from other
sources.
- 29 banks and other organization are financial
partners with First
Children's
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Need financing for working capital, expansion
or facilities?
Call First Children's Finance today!
First Children's Finance has
funds available for loans to child care and early
education businesses in Iowa, Kansas, Michigan,
Minnesota, Missouri, North Dakota, South Dakota and
Texas. We are especially interested in centers
serving lower income families and communities. First
Children's finances family child care homes and schools,
supporting expansion, facilities and
operations.
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First Children's loan fund succes
stories:
Neustro Mundo Bilingual Daycare, Minneapolis, MN
and Urban Sprouts Child Development Center,
University City, MO
After years in the retail
business, Luciana Carballo-Pierre decided it was the
right time to open a child care. According to
Carballo-Pierre, "I always wanted to be a kindergarten
teacher, and a change seemed to be a good idea. I'd been
thinking about doing child care forever, and I always
had wanted to be home with my kids."
Read
more...
Urban Sprouts in University City, MO, is another
example of how First Children's can help stimulate
successful child care businesses. Located six miles west
of St. Louis, Urban Sprouts opened this year with the
belief that the "purpose of early childhood education is
to nurture children's curiosity and encourage them to
realize their power." Urban Sprouts needed start-up
funds to launch its center, and executive director
Ellicia Qualls wasted no time contacting First
Children's Finance. Read more... Read more...
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Meet First Children's Finance
Directors and Staff
In each issue
of The Advisor we profile two members of the First
Children's Finance Board of Directors and two staff
members. This month we are highlighting directors and
staff who are key to the success of the First Children's
Finance Loan
Fund.
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 Edith Johnson,
director
Edith Johnson, a
graduate of the University of Minnesota, is a senior
project coordinator for the City of Minneapolis,
coordinating community planning and development
activities. She has also served as housing manager for
the City of Hopkins, Minnesota, and in the Redevelopment
Authority where she managed public housing and Section 8
housing developments. Edith has a long history of
community leadership on nonprofit boards of directors
and as a volunteer for the Minneapolis Business Partners
program where she mentors youth. Edith serves as chair
of the First Children's Finance loan
committee.
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more... |
 Jay Hammond,
director
Jay Hammond is CEO of Anchor Bank and
Anchor Bank Heritage. He has extensive experience as a
commercial lender to small businesses and nonprofits.
Hammond earned a bachelor of science degree in business
administration from San Jose State University
(California) and an M.B.A in management from the
University of St. Thomas (Minnesota).
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 Mara O'Neill, director of
capital investments
Mara O'Neill has nearly 30
years of experience in community economic development.
Prior to joining First Children's Finance in 2007, Mara
was chief operating officer at Neighborhood Development
Center (NDC), a nonprofit organization providing
training, business financing and technical assistance to
start-up and young micro-businesses in targeted
neighborhoods in St. Paul and Minneapolis. In 2006 Mara
received a Top Women in Finance award from Finance and
Commerce magazine. In 2001 Ventures magazine
selected Mara for a Minority Business Advocate Award for
her work helping minority and new entrepreneurs. Prior
to joining NDC Mara worked for the St. Paul Department
of Planning and Economic Development. She has a bachelor
of science degree in economics from the University of
Wisconsin-Madison.
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 Jim Dickinson, loan fund
director
Jim Dickinson has helped lend
more than $2.6 million to family and center child care
businesses sense he joined First Children's Finance in
July 2002. Over 2700 child care spaces have been created
or preserved thanks to those loans. Most recently Jim
was certified as an Economic Development Finance
Professional through the National Development Council.
Before joining First Children's, Jim was a lender at
Wells Fargo and Norwest Mortgage and has also held
positions with Catholic Charities, the Benedictine
Sisters and the American Heart Association. He has
served as the president of the board of directors for a
regional library and for Camp Fire Girls
Council.
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Comments from loan fund
recipients
"Not only did I need
financial help, but I needed reassurance about my
endeavor. They understand that you are putting
everything on a ledge and hoping it will turn out
positive. They helped me do it. They believed in me.
That's what I needed."
"I have much more
confidence because of my facility and the availability
of training and supplies that will help my business
thrive. I can't sing your praises loud enough. We
truly appreciate all the help you've given us to help
build our business to the level it is."
"
Not only did they loan us money, they helped answer many
questions helping us open."
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Supporting the business of child
care
