YaSheka Taylor, A+ Nursery and Daycare >
Childcare Business Loan
If you are a licensed childcare provider of more than 3 years and are only require a loan of no more than $25,000, take advantage of our Fast Track process (specific requirements below).
requirements for the Childcare Fast Track Business Loan:
- Access up to $25,000 in fast track financing at a fixed interest rate (9.99%-15.99%) within 48 hours if you have been operating for more than 3 years. No paperwork required to apply!
- Must be a licensed family childcare provider
- Licensed for 3+ years*
- May have ‘0’ credit score (for those with no credit), or a minimum of 575 FICO score
- Other requirements may apply
Learn more in our FAQs.
*If you’ve been licensed for less than 3 years, apply for a Business Term Loan.
the impact of access to childcare
Childcare is one of the most important investments we can make in the future. Access to affordable, quality childcare provides a triple bottom line to communities: children who benefit from early education; parents who benefit from participation in the workforce; and childcare providers who create jobs and income for themselves and their employees. Daycares provide over 4 million children and parents with opportunity every day, but access and affordability are still challenges – half of American families don’t have access to affordable childcare. Investing in the growth and strength of the small businesses who provide childcare is more important than ever.
“Since my first loan with Ascendus, I have increased my staff, the number of children I can serve, and raised my credit score by 90 points.” — Ybelia Almonte, DCAG Daycare, Bronx NY
Since my first loan with Ascendus, I have increased my staff, the number of children I can serve, and raised my credit score by 90 points.
The Ascendus loan kept me from going bankrupt. Through the loan I paid my employees, my rent, my bills, and bought the inventory to keep my restaurant open.
Through the Ascendus loan, I became the owner of my own clinic. Now I can treat whoever I want, whenever I want, in a space that is my own.
become our partner in childcare
Ensuring that every parent has access to affordable, quality childcare requires a coalition: a network of clients, partners and donors working together to provide every childcare business with the needed resources to serve both themselves and their communities.
Ascendus is working to build that coalition: to connect the individuals and organizations that together, can bring security and opportunity to our country’s children and parents. Partner with us today and help us in bringing this mission to life.
frequently asked questions
Questions? We’re here to help. We want to make getting a loan from Ascendus as easy as possible. So, we want to share the top questions we get asked and answer them for you.
Ascendus is a CDFI. What does this mean?
Community development financial institutions (CDFIs) are lenders with a mission to provide fair, responsible financing to rural, urban, native, and other communities that mainstream finance doesn’t traditionally reach. Where others see risk, we see opportunity.
Unlike traditional banks, we specialize in lending to individuals, organizations, and businesses in under-resourced communities, offering clients financial education, business coaching, and low-interest rate loans that increase economic potential and help build wealth.
What are the requirements to apply?
- Must be a licensed home-based childcare provider for at least 3 years.
- Must be able to provide childcare license, photo ID, and voided check.
- Must meet minimum credit requirements – See below
What are the credit requirements to be eligible for the Childcare Fast Track Program?
- Credit score of 575 or higher
- Any past due amounts including collections, charge offs, liens must be under $3,000 (when combined)
- Bankruptcies must be at least 12 months discharged and no foreclosures in the last 24 months
- Mortgage/Rent payments must be on-time in the last 12 months
Is this a loan or a grant?
The Childcare Fast Track Program is a term micro-loan, going up to $25,000.
What are the terms and interest rate?
The loan can be paid back in a maximum term of five years, it has a 9.99% to 15.99% fixed annual interest rate, and monthly payments.
Can I pay back the loan early?
Yes, you can payback the loan earlier. We do not have pre-payment penalties.
Can I use the loan to pay other debts?
No, you may not use the loan to pay for existing debts. The loan funds must be used towards business needs.
Do you speak Spanish?
Sí, hablamos Español.
Have a question not addressed in our FAQ? Speak to our chatbot on the right or Contact Us for more information.