The Rural Child Care Facility Expansion Act would create a low-interest loan program through the Department of Agriculture to help child care providers in rural areas renovate, expand, or adapt buildings to increase child care capacity. The loans would be available to licensed child care providers serving children from birth through school age in rural communities with populations under 20,000 that have been identified as child care deserts, meaning they lack sufficient licensed child care slots relative to the number of children in the area. The interest rate would be set at the Treasury constant maturity rate plus one-eighth of one percent, with loan terms of up to 25 years. The program would begin accepting applications one year after the bill's enactment, with the Agriculture Department required to process applications within 30 days for completeness and 90 days for approval or denial. The department would need to submit annual reports to Congress detailing the number of loans awarded, child care slots created, jobs supported, and demographic information about the communities served.
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