Small Business Startup Grants And Loans For Single Moms

Small business startup grants for single moms: get free assistance for moms for starting up new business-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 11.1 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 single mother grants today for a prospective business.

You may opt for-Personal Grants For Single Moms To Pay Utility Bills

Federal Loans That Single Mothers Can Apply to Start Business

Small Business Administration (SBA)

SBA offers several single mother small business startup 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:

7(a) 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 $70,000 is offered for small business and nonprofit child care initiation and growth, the average being $25,000. 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/504 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 moms for startup small 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 $370,000 was offered by Charter One Bank in Ohio in 2018. 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.

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