Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
Eagle Lake approves $20,000 forgivable childcare loan program awards
Summary
Council approved distributing a one-time $20,000 forgivable childcare loan pool—funded by a $10,000 Taylor Family Farms Foundation grant and a $10,000 EDA match—to five local providers after independent review and scoring.
The Eagle Lake City Council approved awards from a one-time, $20,000 forgivable childcare loan program at its April 6 meeting.
City Administrator Jennifer Bromeland said five applications requested a total of $31,729. The city secured a $10,000 grant from the Taylor Family Farms Foundation and the Economic Development Authority provided the required $10,000 match, creating a $20,000 pool. The Southern Minnesota Initiative Foundation assisted by providing two independent reviewers and a scoring sheet to evaluate applications on criteria including capacity expansion, maintaining existing services, safety/quality improvements, and provider viability.
Based on the scoring recommendations, council approved the following awards: Cheryl’s Daycare — $2,549.00; Little Eagles Preschool — $4,500.00; Kassy’s Daycare — $4,000.00; Little Sprouts — $4,475.50; and Lul Omar’s Daycare — $4,475.50. Bromeland described the loan terms as five-year loans with semiannual interest-only payments and 20% of the original amount forgiven each year if the business remains in operation and meets payment requirements, with full forgiveness after five years of compliance.
Council Member Nick Lewis moved to approve the recommended loan amounts; Beth Rohrich seconded and the motion passed unanimously.
