Government Loans For A Single Parent

Government business loans for a single parent and for other minorities are available, but not widely publicized. Lending organizations are finding that groups that traditionally had limited access to financing are a growing market and lenders are stepping up to meet the need. If in need of single parent assistance, do some research starting with the New and Improved Single Parents Cash and Resources Guide. This publication is produced with the awareness of the need for financial assistance for various minorities and can offer some helpful details and tips.

While the number of small businesses in the United States is growing at 8% a year, minority owned small businesses are growing at 20% a year, according to the latest Census Bureau data. The need for government business loans for a single parent is definitely growing, and to meet the growing need, the Small Business Administration, with it's 7 (a) financing guarantee program is providing 25% more to women than in previous years. This program can be compared to the early church as it created the means to take care of the widows of that time. "Pure religion and undefiled before God and the Father is this, to visit the fatherless and widows in their affliction" (James 1:27).

The snag in trying to obtain such a specific financing agreement is that the Federal Anti-discrimination laws prevent banks from targeting specific minority groups such as those seeking government business loans for a single parent. Because they are insured by the FDIC, they must observe the equal and fair lending laws, thereby making it difficult to obtain. However, because the market is growing and in order to be able to supply the growing minority market, some of the major banks are targeting women and minorities by offering outreach programs in under served communities. When it comes down to approval for such a specific type loan, all applicants must be treated on an equal basis.

While this type of financing isn't as popular as the grant programs for singles and minorities, money is available. If having difficulty in finding government business loans for a single parent, look to the foundations and such that offer grants to these specific groups. The government offers many different finance agreements in general, and this one falls into the category mentioned above. However, if in need of financing assistance, don't let the need for a little research stop in seeking government loans.

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