BALTIMORE, MD (October 30, 2023) – The Maryland Department of Commerce today announced that applications are open for the second year of the Child Care Capital Support Revolving Loan Fund. The fund operates in partnership with the Maryland State Department of Education (MSDE) and provides no-interest loans for capital expenses to child care providers who are licensed and participate in MSDE’s Child Care Scholarship Program.
“Our child care loan fund is a great example of how we are bringing equitable opportunity to residents and businesses throughout the state,” said Maryland Commerce Secretary Kevin Anderson. “With help from our partners at MSDE, we can ensure children in Maryland have accessible care no matter what region they live in. This program will help support businesses in need, whether it be with new or existing facilities, while taking care of the next generation of Marylanders.”
Earlier this year, Governor Wes Moore announced the first 67 child care facilities to receive loans from the program, spanning 16 jurisdictions throughout Maryland. Priority is given to eligible child care providers that are located in underserved communities or rural communities; serve primarily low-income populations in areas of high poverty; serve children with special needs, as well as children aged two and younger. A total of $10 million is available through this second round of funding and applications are being accepted until December 15, 2023.
Funding may only be used for capital expenses related to a child care facility and includes the purchase of an existing facility or construction of a new facility, as well as expansion or renovation of an existing facility. The loan cannot be used for working capital or operational expenses. For more information and to apply online, click here. Questions can be directed to childcare.commerce@maryland.gov.
About Maryland Commerce
The Maryland Department of Commerce stimulates private investment and creates jobs by attracting new businesses, encouraging the expansion and retention of existing companies, and providing financial assistance to Maryland companies. The Department promotes the State’s many economic advantages and markets local products and services at home and abroad to spur economic development and international investment, trade and tourism. Because they are major economic generators, the Department also supports the arts, film production, sports and other special events. For more information, visit https://commerce.maryland.gov.