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Nonprofit Financing, Fundraising, Grants & Loans Articles & Information

Best Banks for Nonprofits: Bank Accounts, Credit Lines, Loans, Mortgages

Loan for nonprofit

Over the last decade, the same financing tools that small businesses have used are now commonly used at nonprofit organizations. Let’s talk about how nonprofits are using various types of financing and what are the best banks for nonprofit organizations overall when considering bank accounts and loans. It all comes down to what your banking […]

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Top Nonprofit Lenders Your Nonprofit Needs to Know

lender for nonprofits

There are nonprofits lenders who provide loans specifically to nonprofit organizations.  This article will serve as a guide to help you save time and money. Let’s put your nonprofit organization in a better position to get the desired business loan, mortgage, or Line of credit. Nonprofit Financing Options: business loans, lines of credit or mortgages As a nonprofit grows, it is […]

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Winning federal government contracts – An Insider’s advice: Entrepreneur MBA Podcast 2.5

Eric Coffie has seen it all when it comes to bidding and winning government contracts. Whether those bids are with the state or federal government, Eric shares his insider’s knowledge from his vast experience running his own steel structure construction business to his current company, Govcon Giants, that helps companies win government bids. On today’s […]

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Line of Credit for a Nonprofit Business: Personal Guarantees

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

Business line of credit from a bank

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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