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New partnership helps provide financial support for child care industry
New partnership helps provide financial support for child care industry By Bernadette Heier | April 5, 2021 at 8:37 PM CDT - Updated April 5 at 8:37 PM
MANKATO, Minn. (KEYC) â In response to the child care shortage in Minnesota, a new partnership provides support for the stateâs child care industry.
Minnesota Small Business Development Center and the nonprofit First Childrenâs Finance partnership provides specialized business and financial assistance to child care businesses at no cost.
âThis is a really good opportunity for those considering opening a child care center or those that might be looking to pivot their current centers to get some free, technical support which then will make them eligible for potential financial assistance programs,â said Mike Hahn, regional director at the Small Business Development Center at Minnesota State University, Mankato.
A new partnership between the Minnesota Department of Employment and Economic Development and the nonprofit First Children’s Finance will help child care businesses navigate the industry, with hopes of alleviating a major workforce barrier in the state.
The partnership establishes a new satellite center within DEED’s Minnesota Small Business Development Centers (SBDC) network. It will aid child care businesses statewide with their finances and operations, as well as help businesses open their doors for the first time, according to a release from DEED.
The initiative comes in response to a growing shortage of child care spaces in Minnesota, said Bruce Strong, director of SBDC.