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Your tax deductible donations will strengthen our local economy. |
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Check Out Our Annual Report Online! |
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The True Access Capital (TAC) 2021 Annual Report, Investing In People, Impacting Communities, is available online. The report shows how several clients have used TAC loans and grants to build thriving businesses in underserved communities in Delaware and southeastern Pennsylvania. Read the annual report here.
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Vandell Hampton, Jr., President & CEO,
True Access Capital
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Lenwood Long, Sr., President & CEO,
African American Alliance of CDFI CEO’s
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We released the report at our recent annual celebration, attended by more than 175 people including corporate representatives and small business owners, non-profit executives, civic leaders, elected officials, TAC Board members, friends and family. |
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Special thanks to our keynote speaker, Lenwood Long, Sr., President & CEO of the African American Alliance of CDFI CEOs, guest speaker Derrick Robinson of JP Morgan Chase, our Mistress of Ceremonies, India Sage, and entertainment by the John G. Coley Quartet.
The celebration would not have been possible without the support of our generous sponsors, including: JP Morgan Chase, Wells Fargo, WSFS, City of Wilmington, Bank of America, PNC Bank, M&T Bank, Discover Bank, Shore United Bank, Married to the Ring, Losco and Marconi, TD Bank, The Prime Group, and Brandywine Information Group.
Thank you for your support,
Van Hampton, President and CEO, True Access Capital
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Our mission at True Access Capital is to build a thriving community by empowering a diverse base of entrepreneurs and businesses through access to capital, education, advocacy and opportunity.
Below are a few success stories focusing on childcare centers that received training, loans, or grants from True Access Capital. We hope you will enjoy these.
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Nurturing Delaware’s Future |
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The human brain develops rapidly between birth and three. If children are to thrive, early childhood development is a must. That’s why high-quality child care in our communities is an imperative. But not every community has access to these services.
According to a report from the Rodel Foundation*, there are about 35,480 childcare openings in Delaware, yet 54,260 children under the age of five. If we add to that, the thousands of children who need after-school care, Delaware falls far behind the childcare demand curve. And since labor force participation is directly related to the availability of childcare (48 percent of Delaware’s labor force has children), this shortage is concerning. An accessible, affordable, high-quality early childhood education (ECE) sector is a critical component of Delaware’s economic infrastructure.
At True Access Capital (TAC), we understand the hurdles facing people who want to open childcare centers. We work with childcare providers, to help them qualify for, and open centers. We offer training, tailored to the unique needs and requirements of childcare centers, and we guide would-be owners through the state regulatory and licensing procedures.
“Many childcare providers that come to us, are startup businesses,” said Clinton Tymes, TAC’s Technical Assistance Coordinator. “Our applicants normally start as home daycare providers, and then decide to open a center because they have a passion for the work. But they are often unable to meet the criteria of traditional lenders, such as collateral, experience, equity and capital.”
These individuals often need training on how to operate a center; assistance with the details around state licensing and inspection; and tips on how to develop or purchase a curriculum. They get business training from the Women’s Business Center, where they develop their business plan and receive technical support. When they have that firm footing, the clients work with our Lending Officers to make sure they have what they need to qualify for a loan with TAC.
But that’s not where the mentoring ends. TAC’s childcare consultant, Thelma Jamison, uses her significant experience in business, and deep knowledge of the childcare industry, to coach and assist providers once their loans are approved.
“I help them get open,” said Thelma. “I help them with licensing and all the requirements of the Department of Education. We talk about the barriers and challenges of being in the business. If they need additional funding, I help them find grants and review their grant applications. I’m with them all the way up to opening the center.
“One client I worked with, had not worked in the childcare field previously”, said Thelma. “So, we worked together to show her how to run a program. We had weekly meetings, where we discussed issues from contracts and records, to food programs and parent pickup rules. Some clients need more help than others, so I’m available to them, even after our weekly meetings end. They know they can always call me.”
We’re pleased to introduce you to three of the owners of childcare centers that TAC helped with business loans and technical assistance.
*“Child Care is Everyone’s Business: Why Delaware Should Care About Early Childhood Education”
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“True Access Capital helped me with the start of my first center in Elsmere, Delaware, in 2017, and then again when I opened my second in Wilmington, in 2021. I had been to several traditional banks, but True Access Capital was the only one that would make a loan to me,” said Tazeema Loatman, owner of Precious Little Hands (PLH).
Tazeema’s business philosophy is to provide a safe, nurturing environment that encourages educational growth and social skills and that focuses on each child, as an individual. Children at Precious Little Hands, range from infants and toddlers, to preschoolers.
The Center has a detailed program of age appropriate development milestones and goals. Parents receive an electronic daily report that they’re asked to read each day to stay up-to-date on the child’s progress. PLH also offers before and after school programs as well as summer camp programs.
Tazeema has in-depth knowledge, of the challenges that crop up, as people go through the steps, to open a childcare center. True Access Capital thanks Tazeema for her valuable assistance in helping us create our childcare center training program.
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“True Access Capital has taught me a lot,” said Markita Stevens, owner of All About Kidz Daycare. They have supported me since day one.”
Markita sought traditional bank funding before finding True Access Capital. “Phyllis McCollum (a TAC senior lending officer) helped me so much and worked so hard for me,” Markita says.
The center, located in Bear, Delaware, is a family business. Markita’s husband and adult son, both work in the administration area. The Center has the capacity to enroll up to 120 children, has 18 staff members, and accepts children from 8 weeks, to 12 years of age.
“Our center is of the highest quality,” Markita said. “We want the students to feel they’re in a home away from home, and we communicate closely with the parents in person and by email. Feedback is important to us, and as a child moves on, to school or another center, the parents are asked to participate in an exit interview, so we can get candid comments and opinions about our center.”
Excellent teachers are integral to All About Kidz. Markita delves deeply into the experience and background of candidates, and those brought on the team must take two weeks of additional training before taking on the responsibilities of a classroom.
Markita recently purchased a facility to open a second location. Her goal is to operate six facilities in Delaware, one in Philadelphia, and one in New Jersey.
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The name says it all – JJ’s Learning Experience cares about teaching and learning and making it fun. “We are not babysitters; we’re educators,” said Shawanda Johnson, owner.
Shawanda knows that learning begins in infancy, and that working with kids beginning at eight weeks of age will better prepare the child for kindergarten. A complete age-appropriate curriculum helps each child achieve milestones through learning by play.
Located in Harrington, Delaware, JJ’s Learning Experience is licensed to care for 102 children, ranging from age 3 weeks to 12 years. A second location in Dover is scheduled to open later this year.
Shawanda chooses her staff carefully, and trains them in the JJ’s way. “Each staff member strives to offer an environment that is high in quality and stimulates the child’s senses,” states Shawanda. “Our staff members are partners with our parents, all working together, to meet the needs of the children.”
“Working with True Access Capital made the process much easier than I thought it would be,” said Shawanda. “Working with the Women’s Business Center, I learned how to do my business plan and we worked together to get everything ready for my application to the state. The process was very smooth, and Clinton (Tymes) was always there to answer my questions or help in any way he could.”
Shawanda now pays it forward by volunteering to help others open centers. TAC is grateful to Shawanda for her significant input to our childcare center training program.
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Check Out What's Coming Up |
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DON'T MISS OUR NEXT TAC-TALK
FRIDAY, MARCH 31 2023 – 5:30 - 8:00 PM
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How to Start and Grow Your Business
(This event will be presented in Spanish)
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Florangel De La Cruz
Lis FLor Creations
Philadelphia, PA
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Jose P. Camargo-Rodriguez
Camargo Enterprise LLC
Nite & Day Laundry
Wilmington, DE
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Jimmy Duran
Community Business Lender
Impact Loan Fund
Philadelphia, PA
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1801 Lancaster Avenue Wilmington, DE 19805
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Do You Know About the Empowerment Fund? |
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The Empowerment Fund is designed specifically to aid Wilmington-based businesses led by People of Color.
You can apply for a grant for up to 20% of your loan request. Grants are capped at $20,000 and funds can be used for working capital, purchasing inventory and equipment, leasehold improvements and more.
For more information, contact:
Atoya Leatherbury
Community Lending Officer
302-229-6342
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100 W. 10th Street, Suite 300
Wilmington, DE 19801
302-652-6774
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True Access Capital is the most successful Community Development Financial Institution, serving all of Delaware and southeastern Pennsylvania. Our mission is building a thriving community by empowering a diverse base of entrepreneurs and businesses through access to capital, education, advocacy and opportunity. Through our various lending programs, we have empowered countless individuals to begin and sustain successful businesses, which have in turn contributed to the revitalization of communities throughout our service area. To learn more, visit trueaccesscapital.org.
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