Finance N Illinois

HomeStar Bank supplies SBA financing for Primrose School of Carol Stream

HomeStar Bank supplies SBA financing for Primrose School of Carol Stream,ph1

The SBA lending division of HomeStar Bank has provided financing for Primrose School of Carol Stream. The $5.5 million loan provides for land and construction costs on the school, which will serve communities that include Carol Stream, Bartlett, West Chicago, Glendale Heights and Bloomingdale, Illinois.

Construction has already begun on the new, 12,000-square-foot school, which will be owned and operated as a woman-owned business by a private investor, Vibhuti Vaghani and her husband. The new school is being built on an approximately two-acre parcel of land at 1271 N. County Farm Road in Carol Stream.

The construction team includes ECA Architects and Level Construction Chicago. Entero Energy is completing the renewable energy program for the school, which has been designed to incorporate energy efficient technologies. Construction will take approximately 10 months and a target opening is tentatively scheduled for late fall 2019.

“This is an exciting development for Carol Stream, and an exciting opportunity for the Vaghanis,” said Gabe Beukinga, president of the SBA lending division at HomeStar Bank. “Based on their previous success in business, their personal experiences and their vision for Primrose School in Carol Stream, they were great candidates for an SBA loan.”  

Primrose School of Carol Stream is licensed for an enrollment capacity of 184 students. The school will enhance education for children between the ages of six weeks to five years old and there will also be before and after school programs. Features will include 11 classrooms, a fully operational kitchen facility, administrative offices and an outdoor area with a playground and a “Primrose Patch” where children can experience gardening and nature study.

“I am thrilled to bring The Primrose Experience to the community of Carol Stream,” says Vaghani. “Our goal is to provide the right foundation and spark light bulb moments so children can grow their active minds, healthy bodies and happy hearts while providing peace of mind for the parents.”