Why Nonprofit 501C3 Businesses Have a Hard Time Getting a Bank Loan
No one ever said life would be easy but you probably weren’t expecting it to be quite this hard. The same can be said for the nonprofit business world. Starting your business was surely not simple but you didn’t know that nonprofit 501c3 businesses would have such a hard time getting a bank loan.
As a nonprofit, you may feel as if the deck is stacked against you, especially since nonprofit 501c3 businesses have a difficult time getting a loan from a bank. Fortunately, there are ways to get nonprofit business funding that are easier and more straightforward.
What Can Nonprofit 501C3 Businesses Expect from a Bank?
When seeking a nonprofit business loan from a bank, you should be prepared for headaches and long waits. While you may have believed that banks are friends to nonprofits, this is simply not true.
For one thing, banks typically will only give you money if you have collateral to back up the not for profit loan. In addition, they usually ask for both business and personal information from all key management.
Banks also take a long time to approve an application for a nonprofit 501c3 loan. It can take days to complete an application, weeks before you receive an answer and months to get any money.
Where Can Nonprofit 501C3 Businesses Go When the Banks Turn You Down
Financing Solutions (www.financingsolutionsnow.com) is one of the leading providers of financing to non profits looking for an alternative to a bank loan. Their line of credit and cash advance products are ideal specifically because they don’t require collateral.
They understand that delayed government checks and donations are a way of life for nonprofit organizations. Therefore, they get you cash fast, often the same day you apply.
Best of all, more than 90 percent of the businesses that apply for nonprofit financing from Financing Solutions are approved. Additionally, you can repay the money in a few weeks or months without penalty.
Business Growth doesn’t have to be Hard
You work hard just to keep your business open and successful. Trying to also focus on growth may seem impossible. However, you should know that growing your business doesn’t have to be hard. Helpful advice can make things easier.
One of the most important aspects in running your business is the ability to listen. It’s vital to find out what donors are saying, whether your employees are happy and where you stand in your industry. You can’t fix problems if you don’t know they exist. As you rush to speak, post, blog and share, remember to stop and listen, first.
You must also work to get donors to come to you. Spinning your wheels trying to chase down every prospect and lead will leave you tired and burned out. When you share your expertise and show how you add value, people will come looking for you. This can be done through public speaking opportunities, social media posts and writing articles for key publications.
The best and easiest way to build your company is to contact Financing Solutions. They will give you the nonprofit business funding your business needs to rise to the top.