Attaining Loans for Solitary Caregivers

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. Among those that can help are single-parent support groups and organizations, as well as 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. Many practical tips are contained in this guide. Among these is how to best approach a foundation. One advice is giving priority on those foundations specifically addressing single parents. Calling by phone is an ideal way to initiate quick contact and get information on loans from these foundations. There are even loans for single mothers available specifically for single women raising kids.

The guide suggests that single parents must carefully follow the foundation’s application process. Some foundations require detailed proposals, containing such information as references and proof of income. They should submit a letter if it is required. Individual letters should be written and sent to each foundation or organization. Positive results are unlikely if form letters are used. Single parent college money are very competitive so you want to make sure you put your best foot forward.

There are foundations, which do not give loans for single parents directly. They course these loans to non-profit groups. Hence, single parents will need to first work with these organizations. These groups and agencies are usually listed under the “social service” category of the telephone directory’s yellow pages. 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.

Loans for single parents could likewise be secured in underserved communities’ outreach programs. Some banks now want to tap lending opportunities among those with limited access to financing and are using outreach programs as loan conduits. These big lenders now want to tap this growth market.

Statistics show that there is really a market for such type of loans. A 20% annual growth in small business owned by minorities has been noted by the Census Bureau. This increase is also an indicator that more business loans for single parents need to come from the government. This demand growth is being addressed at the Small Business Administration. The agency’s financing guarantee program is now extending 25% more assistance to women compared to the past years.

Coping with single parenthood should also extend beyond seeking loans. There are many federal and state government programs to help needy single parents. They could turn to the TANF (Temporary Assistance for Needy Families). This agency can help in skills training and job placement, and getting food stamps as well as financial assistance. For help with heating bills, the government body to go to is the LIHEAP (Low Income Housing Energy Program). Many practical solutions are available to make a decent living, provided a single parent is resourceful enough.