A Line of Credit... Just in Case

Line of credit program

Line of Credit for a Nonprofit Business: Personal Guarantees

Line of Credit for a Nonprofit Business Personal Guarantee

Personal guarantees are a financing tool designed to reduce the risk to a lender if a borrower defaults on a loan or line of credit. As with all things related to risk, personal guarantees don’t eliminate it. They merely shift it from one party to another. In this case, the risk shifts from the lender to the person signing the guarantee.

The crux of the agreement is that the person signing the guarantee, called the guarantor, will pay the lender an agreed-upon amount no greater than the outstanding amount of the loan or line of credit if the borrower defaults.

For various reasons, people tend not to want to be guarantors for a business loan or line of credit. Continue reading to see some of the risks involved in signing as a personal guarantor.

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Business Line of Credit: When to Start Planning for One

Business Line of Credit When to Start Planning for One

Many businesses without lines of credit don’t think about obtaining one until it’s almost or already too late. They wait until they’re short on payday, their creditors are calling, or they’re unable to meet their obligations due to not enough revenue or a lack of cash flow.
So how does having a business line of credit avoid getting into this situation? The keyword when it comes to planning for a credit line is “prepare.” Be ready before you get into trouble, before you have cash flow and funding problems, and before you run into a shortfall. All of these are great times to consider getting a business line of credit. Because, when the time comes, you might not be able to arrange a credit line to get you out of a jam and cover necessary business expenses.

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Non-Profit Line of Credit: Why Banks Turn You Down

Non-Profit Line of Credit Why Banks Turn You Down

So you’ve gone to one bank and credit union after another looking for a line of credit for your nonprofit and they’ve all turned you down. You don’t understand why. Your financials are in great shape. Your board is responsible and qualified. Your management is top-notch. Plus, you’ve been around for forever and a day.

The truth is that it probably isn’t your fault. Banks and credit unions are extremely hesitant to extend lines of credit or loans to nonprofits for a number of reasons. Keep reading to find out why and what you can do about it.

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Line of Credit for Non-Profits: Your Financial WD-40

Nonprofit Business Line of Credit

Lines of credit for non-profits are useful in an astounding variety of situations. Whether you’re hoping to free up more cash to distribute to the communities you serve or pay your expenses in a month where all of your revenue seems to be coming in late, a good line of credit can meet your needs.

But a line of credit for non-profits can be hard to obtain. Many banks and credit unions won’t even consider extending credit to non-profits. For those that do, most require personal guarantees or collateral.

So how does a non profit go about finding a financing product that works for them? Read on to find out what a credit line can do for your non profit and where to go about finding a lender that will work with you.

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When To Start Looking for a New Business

Why the New Ways of Getting a Small Business Line of Credit is better

When is the best time to actually start looking for a new business? The answer always comes down to one answer: NOW. Author, Stephen Halasnik is a serial entrepreneur having built 7 successful businesses in the $5-$20 million revenue per year range over the last 25 years.

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What Happens When A Serial Entrepreneur Starts His 7th company

Does a Bank Have the Best Business Loans for Small Businesses?

Here are the top 7 recommendations for business owners trying to build a $5-$20 million company based on the business experiences of a 25-year veteran serial entrepreneur.

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How to Get an Open Line of Credit for a Business or Nonprofit

When you open your eyes to new business possibilities, it will lead to opportunity just as an open line of credit can lead to success. See everything, even setbacks, as a new chance for profitability and your business can only move forward. As a small business owner, finding financial freedom may seem like a pipe […]

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Why Every Company Should Have a Line of Credit

Every business owner must decide his or her own fate. Making the right choices about fast business financing will determine whether your company succeeds or fails. That’s why every company should have a line of credit. You face important decisions every day. Operational decisions like selecting the right suppliers and manpower choices such as what […]

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An Online Line of Credit with No Paperwork to Get Offer

Online business is no longer the next big thing…it’s the big thing. Therefore, it seems like it will be easy to find an online line of credit with no paperwork. On the contrary, this is easier said than done. These days, our entire lives are online. You use the Internet to advertise, connect with customers […]

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