WEDA Success Stories
WEDA Success Stories
Category: 2015 Success Stories
The Child Care Loan Program was a result of a Community Development Block Grant through the Wyoming Business Council. The program is intended for non-profit and for-profit child care operators to improve their facilities, increase their capacities and create jobs.
Montessori School of Casperis a Preschool through Kindergarten 501 (c)(3) non-profit corporation, and a private, parent cooperative in Casper. The school was originally located in a less desirable section of Casper, and MSC wished to move their location while also increasing space, and improving the facility and quality of the education experience.
During the construction of the new facility, MSC faced some cash flow challenges. MSC received a $50,000 loan through the Wyoming Women’s Business Center Childcare Loan Program with a low interest rate payable over six years. The loan was interest-only for 6 months during the school’s construction period, allowing the remodel to continue while waiting for other committed funds to be received. MSC was required to maintain and/or create jobs, make timely payments, and provide the WWBC with annual financial information. Requirements were met at the end of three years, and half of the original loan amount was forgiven as a grant. The loan was used to complete the new school remodel project that allowed them to move from the old school to the expanded facility, a rehabilitated warehouse in the Old Yellowstone District of downtown Casper.
The school was able to improve facilities, double the number of children that receive a high-quality educational experience in the Casper community, and revitalize its Old Yellowstone District. MSC has received five Certification of Recognition awards from the Old Yellowstone District, City of Casper, and South Poplar Street Advisory Committee for the revitalization work to the Downtown Casper Community, and an award from the Wyoming Chapter of the American Institute of Architecture for the design of the facility. The expansion resulted in three additional full time positions.