13th District Congressman Rodney Davis and Illinois Senator Tammy Duckworth are co-sponsoring legislation that would make non-profit child care providers eligible to participate in all small business loan programs available from the government.
The Small Business Child Care Investment Act would make non-profit child care providers that are small businesses eligible to participate in all loan programs available through the Small Business Administration. The bill would allow the nonprofit providers to pay bills and possibly expand their operations to more people.
Non-profit providers can only apply for the SBA’s microloan program, which is capped at $50,000 and cannot be used to purchase real estate or for existing debts. The bill would grant access to the SBAs larger and more flexible loan programs that range up to $5.5 million.
The bi-partisan, bicameral legislation has widespread national support from various childcare organizations. The bill was introduced to both chambers last Wednesday.