Worcester Business Journal

wbjournal.com | February 20, 2023 | Worcester Business Journal 15 B A N K I N G & F I N A N C E F O C U S the children served to keep high-quality teachers in front of young children. Its advocacy work, too, is centered around the pipeline of educators entering the field of early childhood. e poor wages for early childhood educators represent an equity issue, considering the demographics of the workers. Nationally, 97% of early childhood educators are women, and 38% are women of color, according to a 2022 report from the Center for American Progress, an independent, nonpartisan policy institute based in Washington, D.C. e problems in the child care industry contribute to gender inequalities, as more and more parents, specifically mothers, are leaving the workforce to avoid costly child care, according to CAP. e results are felt by employers in addition to individuals. "e system is broken for educators and broken for employers, who are losing billions of dollars because of employees leaving jobs due to worries about care," said Gilmore. "A lot of the work we do is bringing the right people around the table to develop the issues facing early childhood." Child care's cost in Massachusetts Service Per household cost College $12,778 Housing $14,419 Child care for 4 year old $15,095 Infant care $20,913 Source: Economic Policy Institute 2020 is issue is only just coming to the forefront of the minds of employers and funders, said Gilmore. Raising the profile of the issue is a large but not insurmountable step for early childhood organizations. Corporations are finally recognizing what early childhood advocates have known for years, said Farantino. "ese issues are holding back the whole economy," he said. A gift to the Worcester community Edward Street received the third largest grant from the GWCF in its January funding round. e nonprofit was chosen because of its track record in hands-on work and legislative efforts, said Jonathan Cohen, vice president for programs and strategy at the foundation. "ey are raising the bar across the board," he said. "In Worcester in particular, it's a gi to this community that they exist and are doing the work that they are." e foundation recognizes the precarious place early childhood has in the public view and as a result has put an emphasis on providing funding for early childhood education organizations. "e foundation over the last few years, even before pandemic, we had prioritized early childhood," said Cohen, acknowledging the issues existed before the pandemic drastically altered the landscape for at-home child care. Getting funding is becoming increasingly challenging as more organizations vie for the limited funds. e 2022 grant cycle was one of the most competitive in the GWCF's history, said Cohen. "ere's more need than ever before," he said. "It's not unexpected, but there is tremendous demand and supply hovers around the same number." In previous years, GWCF gave Edward Street funding mostly for the master teacher program, but now the larger portion is for operational support. is was an intentional shi, said Cohen. General operational support means they don't have to contort to a funder to fulfill a specific project, he said. "It's a recognition that they are doing important, meaningful work," said Cohen. "ey are the experts of what the need is in the community." For Edward Street, the funding helps a small organization of five employees sustain their work. Gilmore sits on a City of Worcester governance council focused on early childhood education, which is overseeing the work the City is doing to develop its platform and commitment to families and children. "ere is tremendous work that has occurred around the broken economic model of early education," said Gilmore. "ere's more to do." Infant care costs as percent of income in Massachusetts Median family 22.7% Minimum wage worker 78.9% Individual earning the median income in the child care industry 75.6% Source: Economic Policy Institute 2020 CEO Eva Gilmore has led Edward Street to pursue early childhood advocacy beyond the local level. W a local bank. Additionally, Country Bank's focus on accommodating developers and finding the best deal for both sides, even during the uncertainty of the pandemic, held great appeal. "You need a lender that understands changes in the market and can be flexible," he said. Norton appreciated the Bank's aggressive but smart, professional, and honest approach. "ey didn't waste time. It was clear on the front end what to expect. ey were helpful all the way and have been a joy to work with," he said. "Country Bank's tagline – Made to Make a Difference – can be applied to our philanthropy as well as to our ability to finance projects of all sizes," Scully said. "Moreover, by supporting and building relationships with the great companies in Worcester, we are able to provide employment, thus enhancing the local economy." "We do what we say we'll do, and we deliver on time and as promised," Scully said. "e integrity of every transaction is reflective of the integrity of Country Bank." n continued from page 13

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