Apply Federal Loans for Single Mothers to Start Small Business

Federal Loans for Single Mothers

The countless dreams of single mothers have been turned into reality with the innumerable grants offered by the federal government, public or private organizations, state and local authorities and nonprofit organizations. With the upsurge in the economy, women have set milestones by starting business at an accelerated pace. The National Women’s Business Council states that in 2014 at least one of four companies were owned by women entrepreneurs thus, attaining the title of “fastest growing sector in the small business community.

In U.S. more than 9.1 million businesses are women owned. If you too wish to establish your own business venture for an independent and secured profession then start today. For a single mother the decision can be challenging along with home, family, children and job to manage. The government has thus, contrived several grant for single mothers for small business, offering financial assistance to cover the establishment, growth and development costs. Apply for the grants today for a prospective business.

Federal Loans That Single Mothers Can Apply to Start Business

Small Business Administration (SBA)

Find how can i get free money to pay my bills. SBA offers several loan programs serving varied purpose through the banks, authorized lenders and credit unions partnered with the SBA. Each state in U.S. has SBA branch for assistance for the loan programs that include:

•  Loan Program: This loan program offers financial aid to businesses with particular requirements. The loan is given with consideration to the special aspects and principals of the business. Eligibility factors include business activities, ownership type and the location of the business.

• Microloan Program: Under this program loan amount up to $50,000 is offered for small business and nonprofit child care initiation and growth, the average being $13,000. Intermediary lenders are given the fund for allocating to eligible applicants. Usually each intermediary has its own eligibility criteria but a collateral and personal guarantee is essential.

• The CDC Loan Program: Financing for main assets like real estate or equipment are offered by this loan program. The eligibility criteria include---

 The business must be a non-profit company

 Must be U.S. based

 Must have less than $15 million tangible net worth and less than $5.0 million average net income after paying taxes for the last two years

• Disaster Loans: loans with low interest are available to businesses, renters, homeowners and private non-profit organizations to recover from the damages caused by a declared disaster. The following are the loan types under this:

 Home and Personal Property Loans

 Business Physical Disaster Loans

 Economic Injury Disaster Loans

 Military Reservists Economic Injury Loans

• Research Grants for Small Businesses: federal grants such as Small Business Technology Transfer (STTR) programs and Small Business Innovation Research (SBIR) are reserved for you if your small business is involved with scientific research and development (R&D).

Small Business Innovation Research Program

Initiated by Congress, this program persuades domestic small businesses for Federal Research/Research and Development (R/R&D) that assist in commercialization. An approximate amount of $2 billion is offered to small businesses every year to boost high tech innovation for the development of the country.

State Funding

Your state also offers many loan programs and supplemental grants to single mom for the starting and development of your business. Keep in touch with your state economic development office for the latest funding opportunities in your locality.

There is more for you! Special contests or events are conducted to offer financial funding to businesses of single mothers. For example $130,000 was offered by Charter One Bank in Ohio in 2011. Besides, Grants.gov and many other private organizations, nonprofit foundations and agencies like Women’s Financial Fund, Amber Foundation Grant, Financial Women International, American Association of University Women, Business and Professional Women’s Foundation etc extend helping hands through monetary aid to help striving women accomplish their dreams of staring a successful undertaking.