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Primrose School opens "educated childcare" in Westfield
with SBA financing from Salin Bank and Indiana Statewide CDC
Julia Bowman's first Primrose School in Hamilton County was so successful she is opening a second school Monday (August 31) at 146th Street and Gray Road in Westfield.
Eighty students enrolled before the Primrose School at Bridgewater's first day. Bowman does not know when the school will reach its full capacity of 185 students. But she decided to open the new school after her Primrose School at West Clay reached capacity and potential students started joining a wait list.
A new 11,000 square-foot building was constructed to house Primrose School at Bridgewater. Bowman says 18 employees have been hired and the staff will expand to 35 when full enrollment is reached.
Prior to its opening Monday, Primrose School at Bridgewater will celebrate this Saturday with a community open house from 10 a.m. – 2 p.m. The open house will be at the school, located at 14711 N. Gray Rd.
Salin Bank and the Indiana Statewide Certified Development Corporation are providing financing for the Primrose School at Bridgewater from the U.S. Small Business Administration 504 loan program for small expanding businesses.
Indiana Statewide CDC works with local lenders to provide SBA 54 loans. Congress created the SBA 504 program to help small businesses gain favorable financing terms and retain operating cash while expanding. Indiana Statewide CDC has helped create or save more than 26,000 jobs in Indiana with SBA 504 loans since 1983.
Jean Wojtowicz says that the Indiana Statewide CDC has invested $311 million in 849 Indiana companies since 1983.
The Primrose School schedules a full day of educational and enrichment activities for children from six weeks old until they go to kindergarten. Before and after school care is also offered to children up to 12 years old.
Bowman says, "Our curriculum is based on a balanced approach between child initiated and teacher directed activities. Our primary focus is to offer a safe, educational and fun environment for children, thus giving parents who work outside the home the peace of mind that their children are being educated and well cared for."
Bowman adds, "Our curriculum is accredited by the NCA (North Central Accreditation) just like our local public schools and universities."
Bowman was principal of Sand Creek Intermediate School in the Hamilton Southeastern School Corporation for three years before opening Primrose School at West Clay. She has also been an assistant principal in Hamilton Southeastern for three years and a special education teacher for five years.
SBA 504 loans fill a special niche in business financing.
"The SBA guarantees a portion of the loans so lenders can offer a fixed-rate loan for as long as twenty years, and also accept a lower down payment than conventional loans may offer," says Wojtowicz.
"Schools such as the Primrose School are businesses that enrich their communities in addition to their students," Wojtowicz says. "These quality of life improvements are an excellent product of the SBA 504 program."
Bowman says, "The SBA 504 loans are great for helping small businesses receive the necessary funding to start or expand. We are very grateful."
Tim Schlichte, vice president for Salin Bank, says, "The SBA program allowed the borrower to retain precious working capital for the start-up of the school."
Primrose School at Bridgewater is the fifth Primrose School in the Indianapolis area. According to a press release from Primrose Schools, the four schools already open created 25 to 30 new jobs, equaling at least $400,000 in payroll. More than $2.2 million in construction contracts were awarded to build the schools. Founded in 1982, Primrose Schools currently operates 200 schools in 16 states.
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