“St. Michael’s stands out because of the deep investments they are making in their staffing at a time where work force is a huge challenge for the child care sector. Their strong commitment to training and professional development will ensure they have qualified staff to serve the increased number of children,” said Karen Bustard, Reinvestment Fund Senior Program Manager, Early Childhood Education. “At the same time, their leadership team is advocating for staffing resources and needs at the state level, and are important voices in a critical conversation about how to better support the profession.”
Reinvestment Fund’s Lending and Programs departments jointly worked on underwriting this transaction, leveraging expertise both in assessing quality ECE programs and systems with their ability to assess the feasibility of the project, including the capital campaign and loan repayment aspects. “This lending opportunity has several strategic benefits: it expands care for infants and toddlers which have a greater shortage of available seats; it is our first ECE loan in Delaware, extending our services; and the $2.9M loan reflects St. Michael’s School and Nursery’s size, strong management team, and financial capacity to manage this project and expansion,” said Bridget Wiedeman, Senior Director, Lending and Investment.
A Delaware 5-Star center (the highest rating in the state’s Quality Improvement System), the school prides itself on fostering a safe, nurturing, inclusive environment for children and families starting out their educational journey. St. Michael’s School and Nursery offers developmentally appropriate curriculums that practice a “whole child” approach and strive to ensure that each child’s unique and individual physical, emotional, social and intellectual needs are met and optimized. The students and staff reflects the community’s rich diversity, and the school maintains a firm commitment to supporting working families, just as it did 130 years ago.
Photo credits: St. Michael’s School and Nursery