Building a group home for children requires a lot of passion and selflessness. It also demands a lot of your time, energy, and money. Your foster home needs to have the right resources to provide sufficient services that meet the physical and emotional needs of the children you take in.
The good news is you have multiple sources for funding. For starters, you can find a bank offering financing for group homes. Group home lending can give you a good start. And if you require further financing, you can access funds through these three sources:
1. Public Foster Care Organizations
State and local organizations can assist foster homes through its network of contacts. These organizations can put you in touch with business groups and private individuals who may be willing to become donors.
2. Transitional Living Programs
Public and private groups provide grants to help children in group homes offering transition to adult life programs. The Administration for Children and Families, for example, provides up to $200,000 in grants to non-profit groups and Native American tribal organizations to help homeless youth transition to independence.
3. Private Foundations
Groups such as the Dr. Phil Foundation and Andrus Family Fund have issued grants ranging from $10,000 to $200,000 to organizations devoted to the welfare of children.
You can apply for different types of grants, such as block grants, project grants, and competitive grants, among others. You will also find opportunities from federal youth funding agencies, including the Office of Juvenile Justice and Delinquency Prevention and the U.S. Department of Housing and Urban Development.
You may have to apply for several of these grants to sustain your group home. But whichever source of funding you apply for, make sure to have a clear business plan to secure sufficient financing.