For Existing Nonprofits Waiting on NIH Grant Money, A Line of Credit Makes Perfect Sense
Author Willie Cheng wrote, “Charity is no longer simply about just doing good, but doing good well.” That means your nonprofit should thrive in addition to helping others. For example, if your existing nonprofit is waiting on NIH grant money, getting a line of credit will help you continue to develop programs and do good things.
When running a nonprofit today, it no longer makes sense for your organization and those you help to go without just because you are waiting on NIH grant money. There is nonprofit financing available, such as a line of credit. You just have to know where to look.
The Advantages and Disadvantages of NIH Grant Money
The National Institutes of Health (NIH) supports hundreds of types of grants. Receiving NIH grant money can feel like verification that your organization is doing good work and gives you the ability to help even more people.
This can be especially helpful since banks are reluctant to provide nonprofit business loans. Getting a grant allows you to continue operating even if donations are low.
On the contrary, you should be aware that they have a lengthy application process and there is lots of competition in each award category. Additionally, you will have to wait weeks or even months before the money actually comes in. As a result, you might have to delay programs or limit the number of people you serve.
Where Can Your Nonprofit Get a Line of Credit
A line of credit makes perfect sense to tide you over until your NIH grant money comes in. Many nonprofits have found success with a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com).
To be eligible for nonprofit financing from Financing Solutions, you need to be an existing non profit with at least $350,000 in revenue per year. You can get a line of credit up to $150,000, it’s easy to put in place, and it will be available for 12 months.
Unlike other alternative funding sources, they do not make you sign long term contracts. They work with nonprofits all the time and understand that your time is valuable. With their help, you can have the quick business funding you need in about 48 hours.
Stop Waiting for Miracles for your Nonprofit and Make Opportunities Happen
It has never made good fiscal sense to put all your eggs and hopes in one basket. Still, many nonprofit organizations make the mistake of relying on just one source for nonprofit funding or assistance.
One thing you can do is to give donors numerous opportunities to help. Not everyone can physically come to your location to work the phones or make yearly donations. However, they may be able to mentor one of your clients, solicit businesses for matching gifts or complete tasks for you online. Make it fun and interesting and you are sure to attract more help.
You can also look for better ways to tell your story and measure your impact. For instance, there are websites that allow you to test landing pages, track audience engagement and improve your conversation rates, all of which can lead to increased funding.
The most important thing you must do is to get up, take action and contact Financing Solutions. They can give you the nonprofit line of credit you need to go from good to great.