Michigan child care owner gets funding for business, minority entrepreneurs encouraged to apply
(CBS DETROIT) - Opening a business comes with its challenges, but a group of organizations are coming together to provide capital for entrepreneurs who may not qualify for traditional loans.
Capri Scott knows that struggle all too well, but it did not stop her from pursuing her goal to educate kids and provide childcare.
"I quit my job as a teacher, so I didn't have any other income coming in," Scott said.
"I had tunnel vision. I knew this is what I wanted. I knew the community could benefit from it and so because I knew it was grounded in literacy, I knew that most parents would appreciate that."
Scott dipped in her savings and put her faith forward to create a space where children can thrive. And the Foundation First Childcare Development Center launched.
"You need everything to be successful and a lot goes into a childcare center," Scott said.
"Not only the licensing, but you know your staffing, what does that look like? Interviewing, paying for background checks and you know CPR training. All of that is a cost."
With help from Michigan Women Forward (MWF), Scott applied for a micro-business loan, saving her both time and money.
"They were very helpful walking us through the process, my husband and myself, looking over our business plan," Scott said.
"The business plan was a great business plan. They did the research and thought about the need in the area."
The Michigan Economic Opportunity Fund is lending $10 million to minority business owners.
MWF is partnering with Huntington National Bank, the Ballmer Group and the Michigan Economic Development Corporation for the investment.
"The Michigan Economic Opportunity Fund is a fund to help diversify the economy and create opportunity for entrepreneurs of color and women that historically been underserved," said chief loan officer Alexis Dishman.
"The loan program are loans up to $50,000 with a minimum of $2,500 and we are looking to reach entrepreneurs that have historically not been able to access capital through traditional financing."
Applicants must submit a business plan, financial projections, and demographics for consideration.
"We absolutely hope to have all of this money deployed over the next three- to- five years, but I would say that we have entrepreneurs coming to us all the time," Dishman said.
"We have a healthy pipeline, so of course we want to make sure that if you're ready then you come and apply right now, but if you're not, it's ok because we do have a window of time to provide the support that's needed."
For more information click here.
