Where Can a Nonprofit Get Funding
Everyday, you strive to get closer to the goals and mission of your nonprofit. To do so, you may need to know how your nonprofit can get funding.
The main task for the leader of a nonprofit is to get your organization what it needs in order to do the most good. This often takes nonprofit funding, but where can you go? Thankfully, you do have options.
Is it Possible to Get Nonprofit Funding from a Bank?
Many believe that a bank is the only place to go for a nonprofit loan. However, you will likely leave that bank frustrated, confused and empty-handed.
Banks require collateral to back up the nonprofit business loan. You may also be forced to work with a banker that has no experience dealing with the nonprofit sector. This means that he or she will not understand issues such as how you manage cash flow or why you can’t borrow money from your board.
The Best Place to Go for Nonprofit Funding
Financing Solutions (www.financingsolutionsnow.com) is one of the only companies that provide lines of credit and cash advances to non profits. You must have at least $300,000 per year in yearly revenue to qualify.
These products come in handy as emergency business funding, to handle cash shortages or to tide you over until a government grant or donation comes through. More importantly, there is no long term commitment. You can repay the money in a few weeks or months, when your cash flow improves.
Best of all, they work with nonprofits on a daily basis. Many nonprofits turn to them again and again because they understand your unique needs and challenges.
How to Get the Most Advantages for your Nonprofit
A majority of nonprofit organizations start out with a great idea and a mission to solve problems. In addition, they know they need to grow to keep that mission alive. Unfortunately, many don’t have a clue about how to make this happen. With the right tips and best lenders, you can get a head start.
One way to get more for your nonprofit is to seek corporate sponsorship. Large companies are typically looking to nonprofits for corporate social responsibility efforts. The benefits for them are increased visibility, building credibility and attracting like-minded consumers. For you, the advantages include financial gains and a higher public profile. Do your research, search for companies that are looking for nonprofit partnerships and approach them. You can do this by cold calling, developing proposals or tapping into a staff or board member for connections.
You should also look into using your nonprofit status to reduce your expenses. Many vendors, locations and service providers will offer special deals and pricing to nonprofits. All that is usually required is a copy of your 501c3 determination letter. Sometimes, you simply have to ask, especially if your name is not instantly recognizable or it’s not immediately apparent that you are a nonprofit. The cash you save can be used for other programs and initiatives.
The biggest advantage you have is the ability to get finance for your nonprofit from Financing Solutions. They have the products you need to advance your cause and increase your success.