Is There a Not for Profit Bank
As a nonprofit, you know that just being there to provide services can make a big difference in your community. But is there a not for profit bank to help you with the funds it takes to fulfill your mission?
When you are the executive director of a nonprofit, you understand the importance of not giving up. There is too much at stake. Therefore, whether or not you can find a not for profit bank, you realize that the show still must go on.
How Can a Not for Profit Bank Help Your Organization
Nonprofits have a unique place in our society. They provide services to improve the lives of everyone. In addition, people expect them to perform the same as for profit businesses. Regrettably, they don’t have access to the same quick business financing.
This is because commercial banks don’t understand 501c3 organizations. They use the same criteria, like collateral and profit margins, to determine whether to grant a nonprofit organization loan.
Some commercial banks do work with not for profit organizations. However, if you don’t have millions of dollars in yearly revenue, they will not even consider helping you.
You should also be aware that if you are lucky enough to get help from a traditional bank, it comes at a steep cost. They will likely dictate your business practices and lock you into some long term repayment schedule.
If there was a not for profit bank, these roadblocks might not be an issue. They may realize that while nonprofits must still make payroll and pay bills, they are different.
A not for profit bank might offer banking solutions to help you manage uneven cash flow and operate more efficiently while still achieving your goals. Unfortunately, there is no such institution as a not for profit bank.
Do You Really Need a Not for Profit Bank
No, because there is a financing company that provides an inexpensive line of credit. It is ideal for nonprofits to help get through times when cash flow is down. To get it, turn to Financing Solutions (www.financingsolutionsnow.com).
They work exclusively with small and medium size nonprofits. As long as you have at least $300,000 in yearly revenue, you are eligible for their not for profit funding.
At Financing Solutions, they are one of the nation’s leading providers of funding for nonprofits. They understand your various challenges and stresses, like your need for short term emergency nonprofit financing. As such, they make their nonprofit line of credit easy to get and effortless to repay.
Ways to Ensure Your Nonprofit is there for the Long Term
Make it easy to donate – this seems like a no-brainer but so many organizations get this wrong. Use technology to accept money in any form your donors want to give. Optimize your website for mobile devices and empower your employees to respond on the go.
Connect personally with your donors – communicate on social media and create inspiring videos. The more they connect with you the more likely they will give.
Get the best source of funds for your nonprofit – this takes finding an alternative financing company you can trust. At Financing Solutions, they will always be there for their clients.