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FARGO, ND – Gate City Bank has saved regional daycare providers $1.2 million in interest to date, thanks to a unique loan program.
Since launching its one-of-a-kind BetterLife™ Child Care Business Loan in 2022, Gate City Bank has invested $10 million to help address the critical need for daycare availability across North Dakota and central Minnesota, helping local child care providers save big on interest. The program makes it significantly easier for providers to hire extra help, make upgrades and expand operations in the midst of complex economic circumstances.
Gate City Bank’s BetterLife™ Child Care Business Loan allows daycares to enjoy reduced monthly payments, thanks to below-market interest rates. It also comes with no origination fees for enhanced affordability, as well as extended terms for greater flexibility. After initially putting $5 million on the table to kick off the program, the bank quickly experienced spiking demand, prompting its recent announcement of an additional $5 million investment for 2025.
“At Gate City Bank, we recognize the vital role that child care providers play in our communities, and they truly deserve our celebration and support,” said Kevin Hanson, President & CEO. “That’s why we were happy to expand our investment with this unique program, which continues to give local daycare professionals the opportunity they’ve been looking for to experience growth.”
Providing ‘a Godsend’ for Local Businesses.
One example is Fargo, ND-based St. Monica’s Montessori, a faith-oriented nonprofit that encourages students to grow at their own pace through hands-on learning, mixed age groups and self-directed activity. Gate City Bank’s low interest rate was instrumental in helping the 501(c)(3) purchase a new building and expand its impact.
“The BetterLife™ Child Care Business Loan has been a Godsend for our mission,” said Bryan Wilburn, President of St. Monica’s Montessori. “Its low rate was a game-changer, allowing us to open a new space at a time when we never dreamt it could be possible. Gate City Bank’s first-class service and cost savings have been key to making our tuition-free model a reality, and we’re more excited about the future than ever.”
At the end of the day, child care availability is essential for fostering strong communities. It assists working families, enhances healthy development, stimulates local economies and equips the next generation with the skills and confidence they need to thrive. It’s a service that creates a ripple effect across multiple areas of life, and Gate City Bank has been proud and honored to address the need head on.
“This initiative is more than just a financing option – it’s a solution to an issue affecting both local economies and the quality of life for families,” Hanson added.
To learn more about Gate City Bank’s BetterLife™ Child Care Business Loan, please visit GateCity.Bank/Daycare.
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