06/25/25
FSWB helped the Boys and Girls Club of the San Luis Valley navigate a complex NMTC deal and was instrumental in bringing together the various funding sources to ensure the project’s success.
The San Luis Valley in Colorado faces a critical childcare shortage, officially designated as a Child Care Desert. With approximately 4,000 eligible young children needing care across six rural counties, families struggled to find quality childcare options that would allow parents to participate fully in the workforce. This barrier significantly limited economic development opportunities in the region.
The Boys and Girls Clubs of the San Luis Valley (BGCSLV) needed an innovative financing solution to construct a state-of-the-art 17,566 square foot Early Childhood Learning Center in Alamosa. FSWB helped navigate the complex $10.7 million project utilizing a New Markets Tax Credit (NMTC) deal that brought together multiple funding sources.
The Early Childhood Learning Center is set to deliver transformative results for the San Luis Valley. Immediate benefits include: 160 additional licensed childcare spots for children ages 6 weeks to 6 years, 23 new full-time jobs for early childhood educators and an additional 8 for cooks, grounds maintenance and administration with living wages, and 10 modern classrooms with specialized learning environments. (Set with MIT living wage calculator for the area)
This financing is more than just numbers on paper — it’s going to change lives here in the San Luis Valley. Because of the support of First Southwest Bank, we’re now able to bring the Early Childhood and Learning Center from vision to reality. That means kids have a safe, enriching place to grow and learn, families have support, and our community gains a new cornerstone for opportunity. - Aaron Miltenberger, President, Boys and Girls Club of the San Luis Valley
The long term community impact will enable parents to work and participate in the economy, better prepare children for kindergarten and lifelong educational success, create career pathways in early childhood education, and serve as a model for similar projects across rural Colorado.
This project demonstrates how innovative financing can address critical community needs while strengthening economic development in low-income, rural areas.
To learn more about New Markets Tax Credits, contact Corey Jimerson, Director of Tax Credit Lending, SVP at 866-641-3792 or corey.jimerson@fswb.com