Where to Find Emergency Funding for Your Nonprofit Organization
When you are faced with an emergency, all you want are clear, simple answers. For example, you may need to know where to find emergency funding for your nonprofit organization.
In an emergency, there tends to be chaos all around and everyone trying to pull you in multiple directions. It’s vital to stay calm, focused and to act quickly. This is easier to do when you have already found a source of emergency funding for your nonprofit organization. If you haven’t, you will have no choice but to give in to the turmoil, which can put your entire business in jeopardy.
Why Finding Emergency Funding for Your Nonprofit Organization is Critical
Every nonprofit has been there. You have staff that needs to be paid and you are waiting on that funding check from the government or your constituency.
What most nonprofit directors don’t know is that it’s actually illegal to delay paying your employees. In fact, your nonprofit could get in a ton of legal and financial trouble as a result of missing payroll.
In addition, reacting to constant emergencies is stressful. It puts your 501c3 organization in a steady state of flux, always unsure of how you will fulfill your mission or keep your doors open. That’s no way to run a business.
Who Offers Emergency Funding for Your Nonprofit Organization
Financing Solutions (www.financingsolutionsnow.com) has been the leader in dealing with nonprofits that have at least $350,000 in yearly revenue. They can provide a nonprofit line of credit or other financing assistance.
At Financing Solutions, their application is less then two minutes long and the process is simple and straightforward. They will begin by providing you with an easy to understand offer letter. If you decide to move forward, they will ask for some readily available documentation like bank statements, etc. Once approved, you can have your line of credit or financing in place in as little as 24-48 hours.
The additional benefit of a line of credit is that when you don’t use it, it doesn’t cost you anything. You can use it as emergency business financing, to start programs while you are waiting for other funding, or to make payroll.
How to Prepare Your Nonprofit Organization for Any Emergency
An emergency is defined as a serious, unexpected situation requiring immediate action. While no one really anticipates or welcomes an emergency, you can still prepare so that you will be better equipped to handle one.
One thing to do is to make effective use of technology. Even during a crisis, your business must still operate. Use backup files and cloud storage to ensure that, if you can’t get to your computers, you can continue to run your business.
It’s also essential to develop an emergency management plan. Use it to answer questions such as “If something happens to the executive director, who would be in charge?” and “In the event of a natural disaster, where should the team gather?”
Of course, the best way to handle emergencies is to reduce your exposure in the first place. With 501c3 funding from Financing Solutions, you will have the financial stability to handle whatever life throws at your business.