July 10, 2013

Kre-8-tive Kidz

Burien, Washington

Kre-8-tive Kidz

Unable to secure a loan from traditional banks, startup Kre-8-tive Kidz turned to MercyCorps and Craft3 to finance owner Carla Cabiya's vision of a bilingual childcare center in King County.
Puerto Rican native Carla Cabiya spent two years working for Head Start as a Bilingual Teaching Assistant. She loved working with the kids and appreciated their excitement at learning new things. After talking with friend and fellow childcare professional, Graciela Ruiz Aquino, Carla decided to open her own bilingual childcare center, Kre-8-tive Kidz.

Graciela agreed to become Kre-8-tive Kidz Director. She helped Carla locate a facility and secure licensing. Carla pursued the training required to become a full-time Lead Teacher. The next step was to find start-up capital.

As a new business, Carla was unable to secure traditional financing for Kre-8-tive Kids. Carla was referred to Craft3 partner micro-lender MercyCorps. When Carla's capital needs exceeded MercyCorps lending limits, staff referred her to Craft3.

Craft3 provided Carla with financing for the equipment, leasehold improvements and working capital necessary to open Kre-8-tive Kidz. Our investment in Kre-8-tive Kidz strengthens economic and family resilience
by increasing entrepreneurship, supporting economic growth and opportunity, and strengthening access to essential services.

Kre-8-tive Kidz, a minority- woman-owned start-up business, leveraged $5,000 in additional equity, created four full-time jobs and assisted five low-income families.
Carla and Graciela provide a curriculum that emphasizes English and Spanish. As enrollment increases, teachers fluent in Italian and Mandarin will be added.

This loan was made possible through the SBA Intermediary Lending Pilot Program.