New child-care center brings up to 40 new jobs to Springfield
Treasurer’s office program helps cut loan rate

November 7, 2009

During a time when many businesses are announcing cutbacks and layoffs, a new 16,600 square-foot child-care center celebrated its Grand Opening today, becoming the first newly built day-care facility in Springfield in nearly 10 years.

My Friends Discovery Center, located at 3301 Conifer Drive, has enough space to accommodate 240 children. It was partially funded through Illinois State Treasurer Alexi Giannoulias’ Employ Illinois program and will create up 40 new jobs in the area.

“Our goal was to create a state-of-the art facility that is safe and offers a top-notch learning environment where children can have fun while they develop and blossom,” said Jyl Waller, who with her husband, Bob, own and run My Friends, which opened its doors in August. “Despite the tough economy, we developed a successful business plan that allowed us to construct and open this facility.”

My Friends will save more than $122,000 in interest over the next five years thanks to
Employ Illinois, Giannoulias said.

“When our economy is shrinking and access to credit remains difficult, government must look for creative ways to partner with small business owners to grow their businesses, expand services and create jobs,” Giannoulias said. “I’m proud that the Treasurer’s Office could play a role in making it possible for Jyl and Bob to open and operate My Friends.”

Under Employ Illinois, the state deposited $1.4 million at Illinois National Bank in Springfield as an incentive for the bank to lend the same amount to My Friends at a discounted rate of 5 percent.

“The recession has impacted all of us, but by using an innovative program like Employ Illinois, we were able to cut the interest rate so the Wallers ended up paying less compared to a conventional rate loan,” said John Maxfield, a Vice President with Illinois National Bank. “This is critical, especially for start ups. The Wallers recognized the advantage of the program early on.”

According to the Wallers, My Friends stresses education excellence, creates a comfortable and safe kid-friendly environment and maintains a low teacher-to-child ratio. The state-of-the art building is equipped with a tornado safe room, the first of its kind in Illinois, and also has sprinkler system, security cameras and monitored entrances.

My Friends now serves infants to pre-school age children. It will offer after school care for children up to 12 years old beginning next year.

“The Chamber is very happy that the State’s program Employ Illinois was able to help this organization open its doors and employ up to 40 people,” said Erich Bloxdorf, Executive Vice President of the Greater Springfield Chamber of Commerce. “This is a great opportunity for all of Sangamon County.”

Employ Illinois is a program that deposits state money into banks, provided the money gets loaned out to businesses at reduced rates. The businesses must commit to creating jobs with annual salaries and benefits equal to the state deposit. Giannoulias’ administration has made almost $17 million in Employ Illinois deposits which created more than 500 jobs across the state.