Borrower Story — The Wright Spot Childcare Inc.

There’s no place like home for young children. But when they can’t be at home, the next best place is The Wright Spot Childcare Inc. Their mission is as follows,  “provide the highest quality of care with dedicated individual attention given to all children that are second only to your home environment.” The class sizes are small and the teachers are highly qualified. They’re committed to developing and fostering children in a warm and welcoming environment.

A babysitter and nanny by trade, Hannah Wright received her ECE in 2014, with the goal of owning and operating her own studio. She was successful in opening up her first studio two years later and has since become a sort of a celebrity among families within the Leslieville community.

We had a chance to have a quick chat with Hannah, learn about how she started her business, how Lending Loop helped its continued growth, and what’s next for the Wright Spot Childcare Inc.

What is the origin story of the business? How did you start it?

I was a nanny for 7 years. I had just finished my ECE and was at the top of my nanny game. But I wanted to know what’s next and wanted a new challenge. I saw a need for childcare. I was looking at starting a licensed daycare, but the hoops to jump through were so great, so I decided to explore other ways to address parents’ needs in the neighbourhood. That’s when I  settled on children’s aftercare, which I knew parents really needed. I rented studio space and started with 4 kids.

And how did your business grow from there?

In January of 2017, I really got the word out about my business and managed to have 30 kids signed up for the following September. I was 25 at the time and doing it all on my own. I was having a really hard year because pouring everything into my business and staff meant that I had to give up some basic aspects of my life – like repaying OSAP – and that really affected my credit, which meant that I couldn’t get access to financing from a bank for a renovation that we needed to do.

The business was growing significantly, and we had great demand but nowhere to grow. So, we focused on how we were going to expand to accommodate more kids.

How did Lending Loop help you with your business growth?

I had the business and the monthly income, but my credit was always getting in the way. With the Lending Loop funding, we were able to do the renovation, focus on marketing and prepare to open two new locations. This September, we’ll have 90 kids starting! The other two locations are actually on the same block, in the same community. Thanks to Lending Loop, I was able to get on top of things and grow my business even more.

How does Wright Childcare fit the local community?

Everyone knows us and relies on us. We are giving the parents the flexibility they need, so we’ve become a real staple in the community. We do space rentals on weekends, we do pizza + movie nights every Friday so parents can have affordable babysitting options or access to family-friendly activities.

We also now run a preschool that is for stay-at-home moms who want to help their children socialize and learn some basics before going into school.  So Wright Childcare is actually recognizable in the community now and all the parents know me.

Need a loan to start or expand your business? We can help! Apply today.