Getting Loans for Solo Parents

By • Aug 23rd, 2009 • Category: Loans

The life of a single parent is difficult and has many challenges. However, great personal satisfaction could be felt after these difficulties are hurdled. Many support mechanism are in place to assist single parents in successfully meeting the challenges of raising a family. Assistance may be sought from single-parent organizations, support groups, and church networks. For financial assistance, many foundations offer grants and loans for single parents.

Much information on these support mechanisms for the single parent could be found in the Single Parents’ Cash and Sources Guide. Available online, this information source can be accessed for free. This e-book is rich with practical tips. One is in getting the best results from a foundation. One advice is giving priority on those foundations specifically addressing single parents. Phone calls to these foundations are ideal in order to get a faster response regarding loan information. There are even loans for single mothers available specifically for single women raising kids.

Under the guide, single parents are urged to strictly conform with the foundation’s application procedure. They should be prepared to submit references and proof of income if the foundations require such documentation. They should submit a letter if it is required. Individual letters should be written and sent to each foundation or organization. Form letters sent to multiple foundations are ineffective. Single parent grants are very competitive so you want to make sure you put your best foot forward.

Some foundations grant loans for single parents indirectly. They course these loans to non-profit groups. Hence, single parents will need to first work with these organizations. Their contact details be accessed by checking the “social service” heading in the yellow pages of a telephone directory. A church group which may be familiar with a single parent’s case is another source of potential assistance. Single mother college money are often available through women’s groups or women owned businesses.

Outreach programs in underserved communities are also potential sources of loans for single parents. Some banks now want to tap lending opportunities among those with limited access to financing and are using outreach programs as loan conduits. These banks believe that they can benefit from this market.

Statistical data support this growth trend. The latest Census Bureau statistics show that small businesses owned by minorities are increasing by 20% annually. This increase is also an indicator that more business loans for single parents need to come from the government. The Small Business Administration is helping meet this rising demand. At present, 25% additional assistance has been extended to women under the agency’s financing guarantee program.

Other methods are available besides taking loans to help single parents. There are many federal and state government programs to help needy single parents. They could turn to the TANF (Temporary Assistance for Needy Families). Skills training and job placement, and securing food stamps as well as financial help are the benefits that could be sought from this agency. LIHEAP (Low Income Housing Energy Program) can provide help with heating bill payments. The resourceful single parents will not be wanting in practical solutions to meet their families needs.

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