Financing Solutions Announces a Line of Credit Program
Nonprofit organizations do amazing work for communities and the planet. Of course, this work takes money, which can be hard to come by. Thankfully, Financing Solutions has developed a line of credit program to help.
What Can You Expect from a Line of Credit Program at a Bank?
A line of credit is a funding option that works similar to a credit card. The lender approves your business for a set amount of money, which you can draw from as needed. Any funds you use from the account must be replaced. If you don’t draw any money from it, there is nothing to repay. It’s like having a supply of emergency business funding.
As a nonprofit organization, when you go to a traditional bank for a line of credit, it can be almost impossible to qualify. Just like with any other business, banks expect you to have operating surpluses, a solid, long-standing board and some form of collateral. If you don’t have all these boxes checked, you may be denied.
It typically takes several months to complete this process at a bank. Therefore, going to a bank for a line of credit is not ideal if you need business funding fast.
How Does the Financing Solutions Line of Credit Program Work?
Financing Solutions (https://financingsolutionsnow.com/campaign/npq/) has announced a line of credit program for non profit organizations that they can use whenever cash is down. It is a great resource in the case of an emergency and there is only a charge when you use the money.
When you get a line of credit from Financing Solutions, it stays available for 12 months. In addition, the application process is fast and easy. If your existing nonprofit organization has been in operation for more than two years and you have a budget of at least $350,000 a year, you are eligible for the program.
The nonprofit business funding you receive can be used to start programs, make payroll and grow your business. This can be especially helpful to tide you over while waiting for a 501c3 grant or government check to arrive.
How to Make the Most of Your Nonprofit Programs
Nonprofit organizations benefit the public with a clear mission to serve communities and help solve problems. Much of this work is done through fundraising and programs. As a result, it is vital that your organization make the most out of these programming opportunities and raise as much capital as possible.
One thing you can do is to use social media to its full advantage. For example, you can start a blog to chart your progress, share success stories and engage your target audiences. This should include tools like a “share this” button to make it easy for readers to spread your information and mission. You can make it really special by incorporating plenty of photos, videos and personal narratives.
You can also make the most out of the data you collect. There are customer relationship management programs that allow you to input information and integrate it with other key areas. For instance, you can take the information from an application, share it with different departments and develop a comprehensive report on the best way to get a specific prospect involved with your program. This leaves your staff free to perform other crucial tasks.
Of course, the best way to make the most of programs is to get not for profit funding from Financing Solutions. Their new line of credit program offers an ideal way to grow your business.