Later this year, entrepreneur Gloria Freeman will fulfill a dream when she opens Olu’s Center, a multi-generational daycare center in north Minneapolis. Getting the loans needed to finance it required two years worth of networking, negotiations, and paperwork — and plenty of moving parts.
Since 1999, Freeman, a former insurance underwriter, has headed Olu’s Home, a licensed care organization that provides residential and in-home services to the elderly and persons with developmental disabilities or mental illness. The company operates nine group homes in the Minneapolis area.
About five or six years ago, Freeman started thinking about expanding her business by opening a multi-generational daycare center to serve infants to school-age children, and also seniors.
To do that, Freeman needed to find and acquire — and renovate and equip — a suitable building. In 2012, she began seeking a loan that would help her accomplish that. Read full article here (MBCC Board Member, Gloria Freeman)