The bill amends the Child Care Facility Revolving Loan Fund to enhance economic development by allowing the Early Childhood Education and Care Department and the New Mexico Finance Authority to contract with providers or employers aiming to create or expand child care programs for their employees. Key definitions are updated, including the introduction of terms such as "authority," "department," "facility," "fund," "operating capital," and "provider." The fund is established to provide low-interest, long-term loans for health and safety improvements, facility expansions, and operating capital, with a focus on supporting providers that serve low-income families and those located in high-poverty areas.

Additionally, the bill outlines specific conditions under which loans can be made, including requirements for providers to demonstrate the need for operating capital and to show that they serve a significant number of children eligible for child care assistance. The legislation emphasizes prioritizing loans for providers that cater to high numbers of state-subsidized clients and those offering care during non-traditional hours. The department and authority are tasked with adopting rules to implement the act, ensuring that the funds are utilized effectively to support child care services in New Mexico.

Statutes affected:
introduced version: 24-24-4
CT substitute: 24-24-3, 24-24-4