When you are looking for a fundraising event for your nonprofit, you simply get your staff or directors together to brainstorm ideas and create a plan. If you are looking for a loan for your nonprofit, the process is not always so easy. However, you may not know that Financing Solutions can give you a cash advance.
A nonprofit business is, first and foremost, a business. Like any other business, there may come a time when you need a short term business loan for your nonprofit. It is vital that you weigh all the pros and cons and chose the best lender.
Where Can You Go for a Loan for Your Nonprofit?
You probably already know that banks are not the place to go when you need a loan for your nonprofit. They have strict criteria about collateral and credit scores and they offer no special considerations for nonprofit businesses. In addition, your organization may have its own rules about where you are allowed to go for a nonprofit loan.
There are numerous alternative lenders who promise help for nonprofits but these businesses are often questionable. Also, they often include confusing terms and shady tactics. At best, this may mean that it could take you forever to repay the money or worse, you can get ripped off.
In addition, you may be ineligible for many of these lenders. Some have firm conditions which require you to be in business for more than three years or will only help nonprofits that need hundreds of thousands of dollars.
Are There Alternatives to a Loan for Your Nonprofit?
When you need business funding for your nonprofit, you are typically looking for a financial institution that provides quick, easy help and won’t compromise your mission. For many nonprofits, the answer is Financing Solutions (www.fundmypayroll.com). They can give you a cash advance to help keep your business running smoothly.
Financing Solutions offers a simple process that can give you cash now in as little as two days. This can help in many ways, such as when you need to make payroll when a government or grant check is late.
Best of all, there is no long term commitment. You can repay the quick business funding you receive in a few short weeks or months, when your check comes in, with no penalties. Many nonprofits return to them over and over again when faced with a similar cash shortage.
How to Deal with the Unique Challenges of Nonprofit Businesses
Nonprofits have to manage challenges that most other businesses don’t have, such as applying for grants and dealing with bureaucratic red tape. There are ways to better handle these issues so you can give more focus to your mission.
One thing to do is to hire an accountant who specializes in nonprofits. He or she will help you navigate around areas such as maintaining your tax exempt standing and maximizing your 501c3 status.
You will also need to find creative ways to raise money. This can be done by increasing your visibility within the community and by seeking endorsements from influential leaders in your industry.
Perhaps the best thing to do to meet your unique challenges is to contact Financing Solutions. They can give you the business cash advance you need to continue the good works you do.
