Bright Starts Daycare & Learning Center

The Opportunity

After successfully weathering COVID-19, Frank and Veronica Payne saw the demand for their daycare business was greater than ever. The second daycare location that they bought and renovated in 2018 was at capacity with 105 children enrolled. To keep up with demand, they needed to expand, and fast.  

In April 2021, they came across the perfect property — an underperforming Montessori school licensed for 120 students. Now, all they needed was the financing to purchase the property.  

The Challenge

Despite having a terrible experience with the bank that financed their second location, Frank and Veronica gave it a second chance and applied for financing. They were told — despite having sufficient capital and two successful locations — that financing their daycare was too risky.  

Frank and Veronica then began a search for a lender who could see beyond COVID-19 and finance them based on their business performance. They came across Celtic via an internet search and were quickly paired with the loan officer, Adrien Drake.  

Adrien believed in their business from day one. He saw the value of what Frank and Veronica brought to the table and worked hard to get them funded in 65 days. Frank and Veronica were amazed by Adrien’s responsiveness and how quickly the loan closed. It took their previous lender over a year to close the loan for their second location.  

Because of their proven industry experience, strong management plan and post-closing liquidity, Celtic was able to provide when their other lender couldn’t. 

The Solution

Six months after the loan closed in October 2021, Frank and Veronica successfully renovated and opened the third daycare location. Four months after opening, it was already at 50% capacity with over 70 children enrolled.