Helping Families Access Reliable Childcare
Since its inception in December 2016, the Capital Access Fund of Greater Cleveland has financed 15 businesses for a total of $2.3 million. The Urban League of Greater Cleveland Entrepreneurship Center identifies and readies businesses for the credit process and provides post-loan counseling and guidance. Shonneta Hill, owner of two Learning to Grow Inc. childcare centers for the last 17 years, was unsuccessful in refinancing a line of credit. This and other events led to Hill facing possible bankruptcy. After months of researching different organizations, she came across the Greater Cleveland Urban League's Capital Access Fund, which provided her with $1.2 million dollars to consolidate 5 loans and saved her $28,000 a year.
Result"It saved 40 jobs because I have 40 employees between both locations, and it saved 174 child care slots for low-income families," said Hill. "If it weren’t for the Capital Access Fund, we would be out of business. Those jobs would be lost and families would be without reliable childcare."