The Biden-Harris Administration Announces Month of Action on Care with New Actions to Support Small Businesses
Today, the White House and Small Business Administration (SBA) announced new actions to support small businesses that offer child care for millions of working families. These announcements were made at a roundtable discussion with small business owners, lenders, and resource partners hosted at the White House by Director of the Gender Policy Council Jennifer Klein, Domestic Policy Advisor Neera Tanden, and Small Business Administrator Isabel Guzman. The new actions include:
- Funding Opportunities to Support Small Businesses in the Child Care Sector. In the coming months, SBA will make available new funding opportunities to support small businesses in the child care sector through SBA’s Women Business Center (WBC) program. WBCs are a part of a national network of entrepreneurship centers designed to assist women in starting and growing small businesses. The additional funds will support the expansion of child care delivery systems, increase child care slots, and improve child care access, affordability, and quality.
- Development of a Child Care Guide. SBA announced it will make funding available to create a child care business development guide, which would provide resources on starting and running a business throughout the child care business life cycle, including information on accessing capital, licensing requirements, and tax considerations.
- Lender Campaign. SBA is launching a lender campaign to highlight the resources SBA has available to support small, minority-owned, and women-owned businesses, including child care businesses. As part of this campaign, SBA will discuss with stakeholders the potential for additional reforms to support the growth of child care capacity across the country, including the expansion of eligibility to nonprofit child care providers under the signature 7(a) loan program, which supports financing to small businesses for working capital and a range of other uses, and the 504 loan program, which provides financing for major fixed asset purchases.