A Line of Credit... Just in Case

Quick Line of Credit Quote

  • Thousands of organizations are already PRE-APPROVED!
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How Are Nonprofits Using Their Line of Credit

How Do Nonprofits Use Their Line of Credit

  • Mostly used for payroll
    • #1 reason: funding is delayed and you have to make payroll
    • Your employees count on each paycheck
  • Illegal to miss payroll
    • You risk fines
    • You risk an audit
    • Your risk employees leaving
  • Line used for unexpected expenses
    • Line is inexpensive
    • Not fun asking a board member for a loan
    • Their are IRS restrictions if you get loan from board member
  • Can start programs early when you know funding will be coming
  • You can take advantage of buying opportunities. i.e. great price on a used truck
  • A Line of Credit Solves cash flow problems that are short term

Financing Solution created a Line of Credit specifically for Nonprofits and Nonprofits are our largest segment of clients we serve so we know you well.

  • Easy to get in place
    • Fill out a simple online 2-minute application or call us at 862-207-4118
    • We will provide a written quote that is easy to understand.
    • We will go over the quote with you live
    • Line costs nothing until it is used
  • If you decide to move forward we will ask for:
    • Board resolution saying they are aware with line being put in place
    • Most recent 990
    • 4 months of bank statements
    • few other simple documents
  • Your Nonprofit must have $400,000 per year in revenue to qualify
  • Person signing contract must have 650 or better credit score
    • They are not personally liable for line of credit
      • except if they commit fraud
  • Line will be set up in 48-72 hours
  • Line is renewed yearly at no cost.
  • The Line is a perfect backup plan
    • We have clients that use the line often and some who rarely use it
  • When you need to request funds:
    • Log into your portal and request funds
    • Payoff line at any time
  • Financing Solutions
    • has been in business since 2012
    • is A+ rated by the Better Business Bureau
    • Is 5 star rated on google reviews
    • Owners of the company are actively involved and you can speak with them at any time.

 

 

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