A year and a half ago, Catherine was out of work and faced a lot of financial trouble. She decided to take a huge risk and use all of her savings to open up a daycare. She went from being unemployed to being a successful entrepreneur. She currently watches eight children from two to six years old. Two of the children are after school, but Catherine is able to charge the same for their care. There are also kids that don’t come in daily, but Catherine watches them occasionally. She is waiting for a new license which will allow her to have 16 children in her daycare at one time; five are currently on a waiting list.
Catherine has been spending more money each month to enlarge her daycare space which allowed her to qualify for the license. Her husband is acting as her assistant and will help her with the larger group of children.
Catherine is using this loan to buy additional chairs, tables, mats, paint supplies and other materials needed for the larger daycare center.