A group of organizations with a vested interest in ensuring that quality child care remains available – and increasingly so – for Delaware residents joined forces to sponsor a state-wide Business Plan Competition for eligible home-based child care providers. Winners will receive one
of three (3) grants ($3,500.00, $2,500.00 and $1,500.00) that can be used to improve
their business operations or enhance
the quality of child care they provide.
Providers are encouraged to contact one of the technical assistance (TA) partners outlined below. All of the TA partners have agreed to provide technical assistance*(training courses and/or one-on-one consulting) to the providers in order to help them complete their business plans and prepare for the competition.
Delaware Center for
Enterprise Development
(DE St. Univ.)
Ilona Figat
(302) 857-6953 www.desu.edu/dced
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Delaware Small Business Development Center Network
Carla Wither
(302) 831-0778 www.delawaresbdc.org
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Sussex Technical High School
Sabrina Neal
(302) 856-0961
www.sussexvt.k12.de.us/web |
YWCA of Delaware
Delaware Women’s Business Center
Olakunle S. Oludina
(302) 224-4060, x209
www.ywcade.org |
How would you use up to $3,500 for your child care business? With the help of the TA providers, it’s easy to participate in the com-petition. All applicants must possess a valid State of Delaware business license as well as a valid State of Delaware
Child Care license. Eligible providers need to submit the following materials:
• accurately completed Business Plan Competition Application
• year-to-date financial statements (balance sheet, income)
• any supplemental infor-mation (pictures, graphs, charts, etc.) |
• thoroughly written Business Plan
• one-year projected cash flow statement with assumptions |
To be eligible, applicants must be:
• a DE-licensed Family (level 2) or Large Family Child Care provider
• licensed to do business in the State of Delaware and have been in operation for at least 6 months prior to date of business plan competition application
• current on all local, state and federal taxes or have satisfactory payment arrangements in place at the time of application
• for-profit business enterprise
• 18 years of age or older
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The Home-Based Child Care Provider Business Plan Competition will be judged and scored under established criteria and guidelines. Each section listed below contains specific individual elements. A scoring tabulation is attached to each section. The scoring will depend upon the thoroughness and completeness of each element. The individual sections and their scoring are as follows:
Executive Summary
(10 points)
• Contact Info
• Business Description
• Ownership
• Loan Request
Operations/
Management
(20 Points)
• Service Provided
• Internal Controls
• Management’s related skills/experience
Financials (20 Points)
• One-year projected Cash Flow Statement
• Year-to-Date Financial Statements (balance sheet, income)
• Sources & Uses (the business plan award must be used to improve the operations and/or enhance the quality of care that the child care provider offers) |
Marketing (20 Points)
• Target Market
• Competition
• Industry analysis
• Marketing Strategy (advertising, sales strategy, PR)
Overall Business Plan
(20 Points)
• Organization/Format of written Plan
• Clarity
• Creativity
• Impact of contest award on business
Supplemental Information
(10 Points)
• Pictures, Graphs, Charts |
All applicants will receive complimentary membership in the Delaware Child Care Alliance.
*Some training courses may require a small fee.
Participants must register for the information session by phone at (302) 652-6774 or toll-free (800) 652-4779 or by e-mail to BizPlanCompetition@firststateloan.org.
New Castle County Info Session
March 1, 2008 @ 12 p.m.
Community Service Building
100 W. 10th Street
Wilmington, DE 19801
Kent County Info Session
March 8, 2008 @ 10 a.m.
Delaware State University, MBNA Building
1200 N. Dupont Highway
Dover, DE 19901
Sussex County Info Session
March 1, 2008 @ 12 p.m.
Retha’s Kitchen
13203 Seashore Highway
Georgetown, DE 19947
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Technical Assistance Partners
Delaware Small Business Development Center, Delaware Center for Enterprise Development,
YWCA of Delaware and
Sussex Technical High School |
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On January 31, 2008, First State Community Loan Fund kicked off its 2nd Home-Based Child Care Provider Business Plan Competition. The purpose of the competition is to increase capacity for home-based child care providers, which ultimately increases the quality of care that the providers offer.
This competition would not be possible without the generous support of the Citi Foundation.
Other important competition dates to remember are as follows:
Applications Due
April 11, 2008 – 11:59 PM EST
Business Plans Due
May 16, 2008 – 11:59 PM EST
Awards Ceremony
Will be held during on June 26, 2008 at Delaware State University – more information will be made available as the date approaches
Competition application downloaded here.
Applications must be sent electronically (via e-mail) to: BizPlanCompetition@firststateloan.org.
Business Plans may be submitted either electronically to: BizPlanCompetition@firststateloan.org or on a CD and mailed to:
First State Community Loan Fund
100 W. 10th Street, Suite 1005 Wilmington, DE 19801
Attn: Van Hampton
CD submittals must be received by 5:00 PM Eastern Standard Time on May 16, 2008.
Acceptable software programs include Microsoft Word, Excel and/or Adobe Acrobat (PDF). The Business Plan submittal (narrative, financial section & supplemental information) should be no more than 20 pages.
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