POWAY, Calif., Dec. 21, 2020 /PRNewswire-PRWeb/ -- Following successful implementation of their program to provide needed financial relief to families throughout California and Colorado, Jump Start Finance (JSF), creator of the KidVantage Loan specifically for child care, has announced a phased nationwide expansion beginning in early 2021. The KidVantage loan is the only focused financing option that allows families to lower their monthly child care payment and pay over a longer period of time, expanding the range of child care options and providing long term financial benefits.
After a successful proof of concept, KidVantage Loans officially launched in California and Colorado earlier this year, allowing parents to make the best possible care decisions for their children with a significantly decreased monthly financial burden and positive long-term impact. The rollout of the program nationwide is driven by the documented need for financial options for families and the ongoing growth of JSF's child care center partners JSF to include national chains and independent operators in all 50 states.
"Many of our care center partners have locations in several states, which coupled with the exponential increase in need driven by the pandemic, makes getting to market in as many states as possible, as quickly as possible, is crucial." said JSF CEO Brian Enneking, "The need for lower monthly child care payments is really a national problem, evidenced by the fact child care costs are now higher that college costs in more than 32 states."
The cost of care and education is one of the top five expenses for families. To address the challenge, one in three families take on credit card debt, are forced or choose to have one parent leave the workforce and provide child care at home, or opt for a lower quality of care due specifically to cost.
The national rollout will be phased approach, with loans expected to be available in more than 20 states in early 2021, another large group in Q2 and the balance before the end of 2021.
"The KidVantage Loan is a great product that is very timely and fills a crucial void for families," said Sheetal Peter-Korah, owner of three The Learning Experience locations in the Denver area. "We are particularly excited about how this loan has led to positive outcomes for families in our centers, and strongly believe it will be well received throughout the country. There is nothing more important than ensuring families have access to quality child care and allowing parents to continue to grow their careers and incomes."
While the KidVantage Loan is available to any family and care center/provider through a free application process, the partnerships with centers facilitate the process for families and take a significant administrative and budgeting burden off the center.
Financing child care in a similar manner to a home or car purchase or college education reduces the monthly burden of a full payment. It allows families to explore more options and make the right decision by reducing the influence of the care expense on their monthly budget.
The mechanics are simple. Parents apply online with no fee. When approved, they select a minimum payment of as little as 40% of their monthly expenses (up to $2,000/month.) JSF pays their child care provider of choice on the first of the month, and their minimum payment is due to JSF on the 27th. If they choose, parents can pay the total amount and not be subject to any interest.
About Jump Start Finance
Jump Start Finance and the KidVantage loan program address the critical issue of child care and early childhood education finances for families. Using a tried and true model that has been used for major life purchases such as a home, car and college education for decades, the Jump Start team created a loan program with low monthly payments for families that eliminates many long-term issues other payment options present. Faced with steep monthly payments, many leave the workforce to provide care at home, pay for care with a credit card, or settle for a lower quality / less expensive care provider. By reducing payments to as little as 40% of monthly child care costs, KidVantage loans deliver more options, flexibility and choice. Based in Poway, California, Jump Start was founded by a team with over 60 years of experience in financial services, credit and loans. The program is currently available in California and Colorado, with expansion to 20 or more additional states expected in early 2021. Learn more at http://www.jumpstart-finance.com.
Kevin Mortesen, Jump Start Finance, +1 310-850-3244, [email protected]
SOURCE Jump Start Finance