Financing
CIF understands the financial challenges of the non-profit ECE and OST sector and is often the first lender willing to invest in a project. We cover up to 100% of certain projects – most lenders will cover only 80% and require more collateral. CIF is able to provide a wide range of services regarding facilities planning, project design, construction and financing.
We lend to center-based programs serving children from birth to age 14. Eligible borrowers include:
- Non-profit early childhood education (ECE) and out-of-school time (OST) programs in Massachusetts
- Programs with a significant enrollment of children on public subsidies or private scholarships
- EEC-licensed programs
- Programs operating in a community setting, either owned by the program sponsor or secured with a long term lease
For more than twenty-five years, CIF has provided predevelopment loans up to $350,000 to help providers shape feasible projects. The funds are used to hire qualified development teams, secure a site, develop architectural plans, and put together a realistic financing plan and fundraising campaign. CIF also offers Acquisition Loan Financing to help an organization purchase a site and Term Loans to finance the construction and renovation of a site.
CIF works closely with CEDAC and the Massachusetts Department of Early Education and Care (EEC) to administer the Early Education and Out of School Time (EEOST) Capital Fund, which was established in 2014. EEOST provides grant awards of up to $1 million to large group early education and out of school time programs for major capital building projects.
