Alternative Loan Options for Nonprofit Organizations
Nonprofit organizations seem to always run into situations where they need money now, but can’t always receive grants or loans in a timely fashion. Some might say that the answer for a nonprofit lies in bank loans. However, there are faster and better alternative loan options for nonprofit organizations.
One alternative is called short term bridge financing. This type of financing should be done with a company you can trust. For example, a company that is a member of the Better Business Bureau like Financing Solutions (www.fundmypayroll.com).
Why Bank Loans Are Usually Not the Answer
As many people who are involved with nonprofit organizations realize, traditional business bank loans are hard to get. This is especially true when you have a quick time table.
Banks require organizations to put collateral on the line. If a few things go wrong the livelihood of your whole business could be in jeopardy.
Also, to get a loan with a bank you need to have an outstanding credit score. Banks do not realize the difficulties for a business to be on time with all of your payments.
Another problem with bank loans is getting the money when you actually need it. If money is needed for a program in a few days it doesn’t make any sense to spend weeks or months trying to get a fast business loan from a bank. In short, bank loans for a nonprofit are not the answer.
The Superior Option to Bank Loans
One of the best options for a nonprofit is short term bridge financing from Financing Solutions. Since Financing Solutions has an approval rating that exceeds 90%, it is likely that you will get the fast business funding you need.
This is a faster and easier alternative than going to a bank. It will take only 15 minutes to apply and you will hear a response from Financing Solutions quickly, often on the same day. Also, within just 48 hours you can have the cash you need in your account.
There are no long term commitments when using this short term bridge financing service. Financing Solutions is very flexible. There are no hidden fees and there are no early repayment fees. This is the perfect option for trying to put on that program that you just don’t have the money for right now.
Additional Ways to Improve a Nonprofit Organization
It is one thing to just run a program. It is another thing to have great equipment and be able to have a program everyone will remember and appreciate.
One way to get additional funding is trying to create relationships with businesses in the community. Many companies will want to give back to the community in some shape or form to create a good image. So try to reach out to those people in the area.
Financing Solutions can help if you need some extra money to close the gap in getting the new equipments or improvements to increase your success. Examples of this could be replacing old vehicles, air conditioning units, kitchen appliances, and any other business expense.
One thing is for certain: there are alternative loan options for nonprofit organizations.