How Can a Nonprofit Organization Get a Line of Credit
Every nonprofit business owner, at some point, sees a need and decides she can be the one to solve it. Financing Solutions has done the same thing. When asked can a nonprofit organization get a line of credit, they realized they could provide a positive answer.
With all the good you do for the community and the world, it is vital that your nonprofit organization get a line of credit (LOC) to help you in your time of need. Today, more and more non profits are turning to Financing Solutions (www.financingsolutionsnow.com), instead of banks, for assistance.
Should Your Nonprofit Organization Get a Line of Credit?
A line of credit is a valuable financial tool for many types of businesses. It gives you a supply of cash for emergency business funding, daily operations and taking advantage of new opportunities. But is it right for your nonprofit?
If your nonprofit business experiences frequent cash flow problems because you are waiting for grants or donations to come in, a line of credit can help. Still, it is important to remember that a LOC is just a different kind of quick business loan, so it must be repaid.
You should also keep in mind that there will be interest and fees that need to be repaid as well. A LOC is fine as a temporary fix but should not be used as a substitute for managing a perpetual operating deficit.
How Financing Solutions Helps Nonprofits Get a Line of Credit
Funding options can be limited for not for profits and all choices may not prove to be beneficial for your business. Existing nonprofit organizations can get a line of credit from Financing Solutions that is fast and uncomplicated.
As long as you have at least $350,000 in revenue each year, Financing Solutions can help. They offer short term business financing with an easy application process and friendly terms.
What Nonprofit Organizations Can Learn from For Profit Businesses
Since nonprofits have a mission to help others without making a profit, many of these organizations separate themselves from big businesses, believing they have nothing in common. However, there are several aspects of for profit businesses that can be advantageous for not for profit companies.
For one thing, not for profit organizations should focus more on management. To many, the word management conjures up images of commercialism and productivity indicators. On the contrary, management helps an organization stay on task with disciplined organization and making sure objectives are met. A great mission and good intentions are no substitute for leadership, accountability and results.
Another lesson nonprofits can take from big businesses is attention to the fiscal bottom line. Some nonprofit businesses get so caught up in fulfilling the mission, that they are unwilling or unable to make tough financial decisions and reduce spending. It would be terrific to develop programs just because they’re interesting, but you must relate everything you do to your financial limits.
The best thing for profit businesses can teach their nonprofit sisters is to take advantage of quick business funding from Financing Solutions. They will help you take your business to the next level of growth.