Open Discussion Forum

  • 1.  Applying for a Loan

    Posted 09-20-2018 08:29 AM
    Our preschool is considering making improvements to our space. We do not own our space, but the church (from whom we rent) is willing for us to make these improvements but won't pay for them. 

    I've approached a Teacher's Credit Union and a bank but am wondering if anyone is aware of any other organizations who might offer a good rate  one a $30,000 loan to a non-profit preschool. 

    Thank you!

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    Beth Durant
    Milwaukee WI
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  • 2.  RE: Applying for a Loan

    Posted 09-21-2018 07:05 AM
    I would Google Small Business Development Center to find one for near year.  I used them when purchasing my center.  They were most helpful from making a business plan to walking me through the process of business loans.  I have been operating for 5 years now!!  They continue to keep in contact with me and follow up to make sure I'm on course to be successful.  They even helped me to create a logo and brand.

    I hope this helps!

    Regards,

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    Shawn Wagner
    Owner/Director
    Kids' Campus Child Care
    Texas
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  • 3.  RE: Applying for a Loan

    Posted 09-21-2018 11:54 AM
    Since you're working out of a church you might consider looking for grant money.  The larger church might offer facility improvement grants or there could be other things available to you.  I know that Thrivent makes investments in Lutheran churches for facility improvement.  I don't know if they do the same for other denominations.  The downside to a grant is that it sometimes takes longer and has other specific requirements that may be an inconvenience.  Good luck to you!

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    Chris Schmidt
    Special Instructor
    MO First Steps
    St Louis, MO
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  • 4.  RE: Applying for a Loan

    Posted 09-22-2018 05:15 AM
    I suggest you Google, Community Development Financial Institution (CDFI) and contact one of them in your community. These are local banks that invest in the community and not only provide low cost loans but also provide technical assistance. I have also found SCORE mentors to be very helpful. 

    SCORE is a nonprofit association dedicated to helping small businesses get off the ground, grow and achieve their goals through education and mentorship. We have been doing this for over fifty years.

    Because the work is supported by the U.S. Small Business Administration (SBA), they are able to deliver our services at no charge or at very low cost.




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    Robert Gundling, Ed.D.
    Better Futures LLC
    Senior Consultant
    Washington, DC
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  • 5.  RE: Applying for a Loan

    Posted 09-25-2018 09:24 AM
    Also check out First Children's Finance to see if they might be an option for your program: http://www.firstchildrensfinance.org/what-we-do/ 

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    Beth Menninga
    St. Paul, MN
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