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10 Creative Financing Ideas

Posted September 15, 2010 by Shannon Suda

Categories: International Adoption, Domestic Adoption

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                             10 Creative Financing Ideas for Adoption

An adoption can be a very expensive process.  Coming up with the financing may not be easy for every adoptive parent, though. Sometimes it takes a little creativity and the generosity of others to come up with the funding needed. 

• 1) Loans - There are many different ways that adoptive parents can get creative with their adoption financing. One of the most popular options is to get loans. This may not be the most creative option, but it is one of the more successful ways to assist with the costs. Loans can come from traditional lenders or from friends and family. If you are adopting you might want to draw up a simple loan agreement that states the repayment terms and other conditions of the loan. Having this agreement to show your family and friends will let them know you are taking the loan seriously and may end up helping them decide to give you a hand. Let them decide how much to loan you so they do not feel pressured to loan you a certain amount.
   
• 2) Adoption Baby Shower - An adoption baby shower has been popular. One family gave the each person a baby bottle and asked to bring the bottle to the shower filled with change. This option is fun for everyone and loved ones enjoy being able to assist. 
   
• 3) Fundraising - A more creative option that is also quite popular involves fundraising. People look upon adoption favorably, so when they hear a family needs helps with financing they are willing to help. Some of the best ideas for raising money for an adoption are those that are completely outside the box, meaning they are super creative and something that people will see as clever and unique. Examples - car wash, yard sale, bake sale. TIP- Don't set a fee. Ask for donations instead because this gives you the best chance of raising the most money.
   
• 4) Benefit - People would be likely to attend a benefit dinner or dance where all the proceeds go to the adoptive family.
   
• 5) Church - Your church might be able to assist with the fundraiser and other opportunities. Call your church to ask how they can encourage the congregation and/or provide the facility.
   
• 6) Hostess Party - Many people know someone who sells Tastefully Simple, Mary Kay, Pampered Chef, etc.; ask them if they could sponsor a fundraiser for adoption. Think of fundraisers that you have been a part of before to come up with good ideas.
   
• 7) Website or blog - Many of your loved ones want to hear about your adoption process. Set up a website or blog about your adoption journey. A blog is an easy way for others to stay connected to you and the process. On your website, ask for donations
   
• 8) Paypal Account - Set up a Paypal account for donations and place it on your website and email signature. You will be surprised by how many donations you will receive. 
   
• 9) LSS Grant - LSS believes every family should have the opportunity to adopt regardless of finances and every child deserves a forever family. LSS has a grant available to families adopting through LSS. For more information contact your local office, click here.
  
• 10) Other Grants - Many grants are available and each has their own qualifications. Grants can be a lot of work since each has their own application process, but they are worth the time and effort.
   
• 11) Scholarships - One adoptive family has created a scholarship for families adopting from Russia. The donation has made adoption a reality for many families adopting from the LSS Russia program. If you are able to provide a scholarship for families, contact Meg Groves at Meg.Groves@lsswis.org .

 Do not limit yourself when it comes to creative financing options for adoption.  Adopting a child is something wonderful. You are opening your heart and home to welcome a new person into your family. It is a fun and joyous time.  Many adoptive parents face the same financial challenges. People will understand and most of them will be more than willing to contribute and help you with the adoption.