Really interesting news from our portfolio company Beam, Formerly Edquity as it seeks to demonstrate the impact of direct cash to reform childcare payment policies and influence future decisions around compensation for home-based childcare providers. This work helps fulfill the company's original mission to promote family economic mobility. #closingequitygaps
We’re excited to announce our partnership with Home Grown and Thriving Providers Project to administer $4M in direct cash payments to over 600 Family, Friend and Neighbor (FFN) caregivers and newly licensed Family Child Care (FCC) home-based providers. Home-based child care providers care for approximately 11.5 million children, with 60% of them aged 0-5 years old. Home-based child care providers are also the preferred child care provider for a variety of families, including Black and Latinx families, rural families, families with nontraditional or unpredictable work schedules, and those with low incomes. Despite their essential role, home-based child care providers often face significant financial hardships, with 30-40% needing a second job to achieve financial stability. This financial insecurity impacts both caregiver and child well-being, as material hardships can reduce emotional well-being and undermine the quality of care. This initiative seeks to demonstrate the impact of direct cash to reform child care payment policies and influence future decisions around compensation for home-based child care providers. Beam is proud to continue to support transformative more initiatives in the care economy and to work with wonderful partners like Home Grown. Link to learn more: https://lnkd.in/eURVdREM #Childcare #Caregivers #FamilyChildCare #CashAssistance