I Pay Childcare Launches First Childcare Financing Initiative for Families

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Program helps families pay for quality childcare.

Our Texas rollout will begin in Dallas/Fort Worth and will be followed by Houston, Austin and San Antonio in 2008. We’re currently evaluating several funding initiatives within the private equity and venture capital markets to support our national rollout plans slated for the second half of 2008.

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I Pay Childcare™ has launched the country’s first childcare financing initiative for families with children enrolled in childcare and preschool programs. I Pay Child Care and Citibank are working together in a pilot program for I Pay Childcare’s Educate Early™ loan program, which is designed to help parents afford quality childcare and preschool programs for their children.

“Families are likely to spend more on child care then they do for health care and food combined,” according to Linda Smith, Executive Director of The National Association of Child Care Resource and Referral Agencies (NACCRRA). “With child care costs as high, or higher, than housing costs in most states, middle income families struggle to afford any child care, much less high quality child care.”

I Pay Childcare’s Educate Early loan program is designed to solve this common dilemma. Now, parents can increase their disposable income by accessing competitive interest rate loans and lines of credit to pay for quality childcare. While Citibank will be funding all approved loans for the pilot program, in early 2008 I Pay Childcare will be able to match a parent’s loan parameters to various loan or credit line products to find the best lender for their individual needs.

The process is simple. Parents can apply for the Educate Early loan program at participating childcare centers or directly through http://www.ipaychildcare.com. Once parents are approved for the amount they’d like to borrow, they will make monthly payments towards their loan. I Pay Childcare then debits the loan account every month and pays the childcare center, therefore, ensuring the center is paid promptly and the loan is used solely for childcare purposes. This creates a win-win scenario for both the parents and childcare centers.

I Pay Childcare’s pilot program was launched on November 28 at one of the most prestigious private preschools in the Dallas area – Carpe Diem Private Preschool. The pilot was launched at Carpe Diem’s two locations in Frisco and Richardson and will continue through 2008.

Carpe Diem Private Preschool Owner and Operator, Ashley Murphree says, “I Pay Childcare meets a significant industry need. Now all families can afford the BEST education possible for their children.”

“These (I Pay Childcare’s) services and our products can provide parents and families more options in selecting the best childcare possible in the market. Community initiatives such as I Pay Childcare’s are reflective of the commitment Citibank has to education,” said Keith D. Murray, Senior Vice President, Texas Consumer Credit Director for Citibank – Texas (http://www.citibank.com).

According to Ben Robinson, CEO of I Pay Childcare, “Our Texas rollout will begin in Dallas/Fort Worth and will be followed by Houston, Austin and San Antonio in 2008. We’re currently evaluating several funding initiatives within the private equity and venture capital markets to support our national rollout plans slated for the second half of 2008.”

I Pay Childcare is currently in discussions with childcare centers and preschools throughout the state of Texas and nationally to offer the Educate Early loan program to their clients. Interested schools should contact Ben Robinson at 1.866.543.7427. Through June 30, 2008, parents can sign-up for an Educate Early loan program for only $99 annually – a $50 annual savings.

About I Pay Childcare, LLC
Dallas-based I Pay Childcare™ was founded in 2006 to make quality childcare accessible to parents by lowering monthly childcare payments and allowing repayment over several years. The company’s Educate Early™ loan program offers both secured and unsecured loan products at lower interest rates than many consumer credit cards. The program also offers significant benefits to childcare centers and preschools by ensuring prompt tuition payments and reducing enrollment turnover. For more information, visit http://www.ipaychildcare.com or call 1.866.543.7427.

About Citibank
Citibank is a member of Citi, the leading global financial services company. Citi has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at http://www.citigroup.com or http://www.citi.com.

For More Information, Contact:
Veronica Thomison
MPR Source for I Pay Childcare
vthomison @ mprsource.com
972.801.2555 ext. 111

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Veronica Thomison
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