REPEAT/FEATURE/Business in the Barrio: For SBA Award Winner, Arduous Journey From Welfare to Work is Child's Play.REPEATING AND ADDING... This news release replaces BW0036 (CA-BANK-OF-AMERICA) issued earlier Wednesday. Please note that the woman profiled, Gale Walker, was just announced as SBA's Welfare to Work Entrepreneur of the Year. Please note changes in headline and second graf. SAN DIEGO--(BUSINESS WIRE FEATURES)--April 28, 1999-- Just eight years ago, Gale Walker spent her days trying to make ends meet. A single mother of two, she reluctantly turned to welfare after forfeiting a job to take care of her ailing mother. With limited resources, Walker started a home day-care business to stay home with her kids. Today Walker, winner of this year's U.S. Small Business Administration Welfare-to-Work Entrepreneur of the Year award, owns Children of the Rainbow, a thriving home day-care center day-care center: see day nursery. in San Diego's inner-city neighborhood of Logan Heights. Walker just expanded her business with the help of the local offices of Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , the SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government and the Small Business Development & International Trade Center. Just this month, Children of the Rainbow added a 7,000-square-foot child-care center at 3078 L St. It's open from 5 a.m. to 1 a.m., hours that make it easier for working parents. "I wouldn't have been able to get this far had it not been for the assistance of these partners," Walker said. Bank of America, the largest SBA lender in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , provided a $200,000 SBA loan to facilitate the expansion. "Our commitment is to make a difference in the community, and providing loans to people with Gale's vision and initiative does just that," said Doug Sawyer, head of small business banking for Bank of America in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Children of the Rainbow's expanded facility is the only licensed child-care center for infants and toddlers in the Logan Heights/Grant Hill area. The center is critical, since federal law requires parents of infants older than 12 weeks to immediately seek work if they are receiving public assistance. "We designed our new facility to embrace welfare-to-work and to free parents up to find jobs," Walker said. Bank of America has established several initiatives to assist those moving from welfare to work. The bank's Childcare Lending Investment Initiative provides construction, acquisition and rehabilitation rehabilitation: see physical therapy. loans to child-care providers. In California, Bank of America helped write and sponsor the CALWORKS CALWORKS California Work Opportunities and Responsibility for Kids program, which provides state-guaranteed loans for child-care facilities. Also, Bank of America has participated in a partnership with the David and Lucille Packard Foundation Packard Foundation: see David and Lucile Packard Foundation. , which will provide more than $15 million in loans to nonprofit child-care operators. "Gale's is the ultimate welfare-to-work success story," said Sawyer. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion