Earlier this year, we hosted a Critical Issues Luncheon to discuss childcare in Rapid City. Attendees were able to learn firsthand the ramifications the childcare situation is having on the economic development of the community.
A study by ReadyNation concluded that the lack of reliable childcare could come to an estimated $146 million in annual costs in South Dakota. Insufficient childcare results in reduced revenue and increased hiring costs. Parents worrying about their children because they are unable to afford a quality childcare setting are likely less engaged and productive.
There is no one-size-fits-all solution. In fact, it is our belief that the issue needs to involve solutions at the state and national level. But at Elevate Rapid City, we don't sit back and wait for someone else to solve an issue. We get to work and find a way to contribute to the solution.
Our team members, Larissa Hespen and Samantha McGrath did just that.
After months of meetings, examining the issue, and trying to find a way Elevate can play a role, we are excited to launch two Daycare Assistance Programs.
“The goal is to create more quality childcare openings for our kids,” said Larissa Hespen, business retention and expansion manager. “With this program, we can reduce some of the barriers to expanding and starting childcare businesses. This is just one small step to help with the childcare and workforce struggle our community is facing.”
- The Down Payment Assistance Program funds can be used to expand, build, or buy a daycare center or building.
- The In-Home Daycare Grant will provide funds to purchase furniture or equipment for an in-home daycare start-up or expansion.
Samantha McGrath, workforce development and talent attraction director added, “We know this program doesn’t solve some of the larger issues facing our childcare providers, such as staffing and wages. Our hope is this allows additional providers to fulfill some of the immediate needs while we continue to work with community partners to advocate for long-term solutions at the state and national level.”