How Your Existing Nonprofit Can Get a Micro Loan
Many people have come to believe that anything macro is huge and momentous and all things labeled micro are small and insignificant. However, if you are wondering how your existing nonprofit can get a micro loan, it’s a very big, important deal.
There are few resources where a nonprofit can get a micro loan. Making the right choice may mean the difference between advancing your cause and being unsuccessful.
What Are the Benefits and Disadvantages of a Nonprofit Micro Loan?
Often, you only need a little to take you a long way. That’s where getting a micro loan for your nonprofit can help. Typically offered by community-based, not for profit organizations, a nonprofit micro loan can offer a great opportunity for your organization to get the small business loan you may need to survive and grow. You also get the benefit of the training and technical assistance they offer as well as getting to work with a lender in your community.
Still, micro loans are not ideal for all nonprofit organizations. For one thing, the amount you can obtain might be too small for your needs. In addition, micro lenders usually require you to put up collateral.
Are There Alternatives to a Nonprofit Micro Loan?
Financing Solutions (www.financingsolutionsnow.com) helps existing non profits who have $350,000 of revenue per year and are looking for a micro loan with financing or a line of credit. They are one of the only companies in the US that works specifically with non-profits, providing alternatives to bank financing. As a result, they completely understand the challenges faced by existing non profit organizations, such as the need to continue providing services while having to wait for grants or funding to come in later.
At Financing Solutions, they offer a fast application process and minimal paperwork. Best of all, there is no long term commitment. You can repay the not for profit funding you receive in a few weeks or months, when your government grant or donation comes in, with no early repayment penalties.
How Not to Micro Manage Your Business
As a small business owner, it’s easy to become a micro manager; so concerned with the day-to-day minutia of your company that you harass and pester your employees relentlessly. Nevertheless, this tactic rarely serves anyone well. To keep your employees happy and allow yourself to sleep better at night, you may want to develop more macro managing habits.
One of the first things you must do is to hire the right employees at the start. Determine what it will take to perform at an exceptional level in the position. Then, hire someone with matching skill levels. It seems like a no-brainer but so many companies get it wrong. Finally, explain what you expect, give them the needed tools, and allow them to get the job done. This way, you shouldn’t have to sweat the details.
It is also important to think towards the future. Even as you are working to meet daily quotas and weekly projects, always keep an eye on how these objectives help your employees reach their best potential and what role these tasks play in your nonprofit organization’s growth.
The best way to macro manage and stay focused on the big picture is to get funding from Financing Solutions. They provide finance for nonprofits to fulfill your mission and thrive.
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. This makes it an excellent backup plan.