CLEAR LAKE, S.D. (KELO) — It is a big financial boost for small businesses in rural South Dakota.
On Thursday, the federal program, USDA Rural Development, announced a $750,000 loan to the non-profit, GROW South Dakota. That money, will in turn, be loaned out to qualifying businesses across the state.
This low-interest loan program has helped the new owner of a day care in Clear Lake.
Hailey Freeman is used to giving tours of her Clear Lake day care to parents. But it’s a little intimidating when the visitor is from the federal government.
“Nerve wracking! A little nervous. I’m like okay, I hope I show everything that they need to see,” Freeman said.
The USDA is showcasing Ages and Stages day care as a success story in securing a $105,000 low-interest loan through GROW South Dakota.
“Having them be able to get the loan at a lower interest rate helps the day care do better cash-flow and meet their everyday expenses,” GROW South Dakota CEO Lori Finnesand said.
Freeman bought Ages and Stages earlier this month. She says she never would have been able to close the sale without the loan.
“It’s a huge, huge accomplishment for me because without it, I would not be able to take over, I wouldn’t have the income to pay for it,” Freeman said.
Accessing quality day care is a challenge in rural areas of South Dakota. Ages and Stages is not just the only day care center in Clear Lake, it’s also the only registered center in all of Deuel County.
“And we’re in this tiny, little town and that’s hard itself in finding a good, decent job around here and to pay for it. But we are very grateful that we can have this center in Clear Lake,” Freeman said.
The building has room for up to 110 kids. But a staffing shortage is keeping enrollment much lower. Yet, Freeman is committed to hiring more workers and helping more parents with their day care needs.
“And we want them to be comfortable with their children to be here and they know that they’re getting loved,” Freeman said.
The building has served as a day care for thirty years. Now that she’s the new owner, Freeman is planning upgrades, including new paint in all the rooms.
