White House Announces New Resources for Small Child Care Businesses
Posted by Spotlight on Poverty and Opportunity on April 2, 2024
The White House and the Small Business Administration have announced new initiatives to assist small businesses in the child care sector. Under President Biden’s direction, the SBA will introduce new funding later this year aimed at supporting entrepreneurs in child care. These funds will be channeled through educational programs such as intensive trainings and boot camps, with the goal of enhancing child care access and affordability. Additionally, the SBA’s Women’s Business Center program will provide support to female founders in the child care industry, offering counseling services, access to capital, and assistance with federal contracting. Despite these efforts, challenges persist in the child care sector, including low wages and narrow profit margins, leading to concerns about recruitment, retention, and potential closures of child care programs. The SBA is also planning to release a child care business development guide and launch a lender campaign to promote its resources and expand lending programs for nonprofits in the child care space.
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