“Emerging from the pandemic, it became clear there were significant obstacles for parents either returning to work or entering the workforce for the first time,” Andy Fish, Senior Director at the Office of Finance Programs within the Maryland Department of Commerce, explains. “One major hurdle was the lack of trustworthy and accessible childcare facilities. We saw that ensuring such facilities were available and appealing was a way to alleviate some of these challenges.” Fish elaborates on the Child Care Support Fund: “The fund is a simple revolving loan program.As payments are returned to the fund, we can re-loan those to other childcare providers, ensuring the program’s sustainability. These loans are unsecured and interest-free, making them very borrower-friendly.” This approach is especially beneficial since many childcare providers struggle to secure financing from traditional commercial banks or other sources at reasonable rates and terms. THE IMPACT OF THE PANDEMIC ON PROGRAM GENESIS The Child Care Support Fund’s roots can be traced back to the period following the COVID-19 pandemic. The global crisis emphasized the need for robust childcare solutions, catalyzing the creation of this vital program. “We’re in the second year of the program right now,” Fish states, reflecting on its relatively recent inception. In its first year, 67 childcare providers qualified for a loan from across the state.” “This year, 2024, is the second year for it,” Fish continues, “and the applications have been very robust, with over 106 complete applications and $10 million of funding available.” The program’s design is inherently sustainable; as Fish explains,“With the payments that come back into the fund over time, we hope to continue this resource and be able to loan those funds to additional projects that providers might have in the future.” The popularity of the Child Care Support Fund has been overwhelmingly positive. “It’s been mostly on the existing facilities, particularly those that needed to renovate and maybe freshen up to ensure their facility was vibrant,” Fish notes. Many of these 33 CIVIL AND MUNICIPAL VOLUME 05, ISSUE 07 MARYLAND DEPT. OF COMMERCE - CHI LD CARE SUPPORT FUND
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