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Child care providers use the Employ Illinois interest rate reduction for real estate acquisition, construction or to purchase equipment that will lead to the creation of more spaces to enroll additional children.
Amounts and Terms:
- Loans are issued for up to $10 million and the amount of the loan is set at $10,000 per child care slot created.
- The below-market interest rate is available for two years with the possibility of a three-year extension.
- The Treasurer's Office may require a site visit prior to approval.
Interest Rates:
Interest rates are listed daily here or you may contact our office at
(217) 782-2072. The listed rates are posted to give potential borrowers an indication of current rate figures. The final deposit rate is determined on the business day prior to issuing the loan.
Program Eligibility:
Applicants must submit the following to the Treasurer's Office:
- Proof of an application pending or a valid child care license from the Illinois Department of Children and Family Services.
The number of additional child care slots created as a result of the expansion or new facility.
- The number of employees the applicant is expected to hire as a result of the expansion or new facility.
How to Apply:
If you have questions or need more information, e-mail employillinois@treasurer.state.il.us or call (312) 814-8953.
Program History:
The Treasurer’s Office began offering loans to child care providers in 1998. Almost $25 million has been deposited in child care programs, reflecting 73 providers and almost 5,000 child care slots.
Personal Experience:
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| Debbie Louise |
When Debbie Louise became a mother, she was horrified by the lack of good child care options for her daughter. So she went into the child care business herself.
Louise drew up a business plan with her husband, mortgaged their home and rented a 3,600 square foot facility in Woodstock.
Between the lease, overhead and cost of educating her staff, House of Children was barely in the black. Louise knew she would have to build her own site to be successful.
Enter the Treasurer’s Office child care loan program. Louise took the program information to her bank and received a $622,000 low-interest loan for construction.
House of Children grew to 6,400 square feet, doubled its infant to kindergarten enrollment to 100 children and is now positioned to build a franchise.
“Working with the Treasurer’s Office was absolutely the easiest part of the process,” Louise said.
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