The Springfield Economic Development Authority (EDA) is dedicated to supporting local daycare providers through a revolving loan/grant program aimed at enhancing childcare services in Springfield, MN.
This program offers financial assistance to help providers cover startup or expansion costs, fostering a robust childcare network in the community.
Loan Details Maximum Loan Amount: Up to $10,000.
- Forgiveness Structure: 50% of the loan will be forgiven after three years of continuous licensure with the state of MN so long as the provider has maintained the eligibility requirements listed below.
- Loan Repayments: Monthly payments of 1/60 of the non-forgivable portion will be due on the first of each month, beginning ninety (90) days after the loan is advanced. Payments shall be sent to the Springfield EDA, 2 E Central St, Springfield, MN 56087. There will be no penalties for early repayment.
- Interest Rate: A low interest rate of 2% per annum on the loan balance beginning upon distribution of funds.
- Collateral: Applicant will provide collateral to cover the amount of the loan.
- Expenses: Applicants must prove expenses totaling the loan amount within 1 year of receiving the loan. Any remaining portion in excess of expenses must be returned to the city.
Below you find more information about the program and the application process.