There are many sources of motivation for the nonprofit business owner. Building better communities, helping those in need, and saving the planet can be strong driving forces. When it comes to funding sources for nonprofits, the options aren’t so abundant.
The difficulties for nonprofits often fall into one of three categories: a halfhearted mission, the global economy and lack of funding sources for nonprofits. Thankfully, there is help available, if you know where to look.
Why Are Funding Sources for Nonprofits So Hard to Find
Money for your nonprofit is out there, but there are numerous roadblocks on the way. Overcoming them is not easy.
You can find many banks which offer nonprofit business loans. However, when you apply, you will be met with mountains of paperwork and countless restrictions.
Banks expect you to have excellent credit and millions of dollars in collateral. In addition, even if you do qualify, you must have the skills and systems to manage the loan for your nonprofit.
A few alternative lenders offer to help nonprofits, but beware. Often, there is danger in the fine print, like expensive fees and long term repayment schedules.
Some nonprofits raise income by selling goods and services, such as tickets to events. If you choose this route, be very careful. You don’t want to get on the wrong side of the IRS.
What Are Some of the Best Funding Sources for Nonprofits?
For the best alternative, look for a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com). They offer cash advances and nonprofit lines of credit at competitive rates.
With Financing Solutions, you can apply in about 15 minutes. Once approved, you can have the instant business financing in your account is less than 48 hours.
Best of all, the money can be used for any business purpose. You can use it to help your nonprofit make payroll, purchase supplies or tide you over until government grants come in.
Sources of Information for Your Nonprofit
A nonprofit is the same as every other business; you need lots of help to achieve your goals. In the midst of challenges and stresses, knowing where to turn quickly for any type of problem can save you time and money.
For strategic planning assistance, you can look to books for advice and inspiration. This can help you make fundamental decisions about the future of your nonprofit. Resources such as Strategic Planning in Public and Nonprofit Organizations and Play to Win: The Nonprofit Guide to Competitive Strategy may be good places to start.
Using technology effectively can also be an issue for many not for profit businesses. Some have only mastered the basics, like raising money through text messages. Others are more advanced, using tools such as geographic information systems to map areas of need. No matter where you fall, you will need to know your options. You can access websites like Tech Soup, which provides information about donations and discounts of software, and IdealWear, which offers product comparisons.
To get help with funding sources for nonprofits, turn to Financing Solutions. They will give you the nonprofit business funding you need to achieve success.
If your nonprofit would like a line of credit that you can use when cash flow is down please visit www.fscreditline.com/np to learn more, to apply and to receive a written offer. A Line of Credit for your nonprofit costs zero to set up and zero until you use it, making it an excellent backup plan.