How a Line of Credit Can Assist Nonprofit Fundraising
As a nonprofit organization, you assist thousands of people every day. However, who can you count on to assist you with nonprofit fundraising? You may find that a line of credit is the solution.
In any business or field, asking the right questions can be the key to improving your nonprofit fundraising efforts. For example, wondering how a line of credit can assist your 501c3 organization is the beginning of a successful future.
The Challenges of Nonprofit Fundraising
Fund raising is an important part of all nonprofit organizations. It often is combined with state and federal reimbursements. Still, there are times throughout the year when cash flow is down but the services you provide and the salaries of your staff stay constant. You certainly cannot stop your services and it is illegal for a not for profit to have your staff work without pay.
In addition, many nonprofit organizations suffer from high turnover rates and extended vacancies in the development director position. This can serve to threaten your ability to conduct fundraising activities effectively.
There is also the problem of inadequate technology to make your nonprofit fundraising pursuits easier. As a result, there are often high levels of burnout and the vicious cycle of having to continuously find qualified candidates for essential appointments.
What a Line of Credit Can Do to Help with Nonprofit Fundraising
Financing Solutions (www.financingsolutionsnow.com) is the leading company in the US for providing nonprofit lines of credit that help cover these expenses when your nonprofit is between fundraising dollars. They understand your unique situation and business model and can help you get the nonprofit business funding you need to grow.
At Financing Solutions, they are accustomed to working within your fiscal year and, unlike traditional banks, a lack of collateral doesn’t scare them. Their nonprofit line of credit product costs nothing to put in place and you are only charged once you withdraw funds from the line.
Best of all, you can get a line in place in less than 48 hours. Every nonprofit should get a line of credit, just in case.
Ways your Board of Directors Can Assist with Nonprofit Fundraising
It’s a common grievance in nonprofits everywhere: that the board doesn’t do enough to assist with nonprofit fundraising. On the contrary, board members often feel like they are being pressured to harass friends, family and contacts for donations. This can lead to animosity on both sides and missed prospects. You may be pleased to know there is a middle ground.
Since fundraising is at the heart of your organization, board members must take the lead. One way to do this is to host an event. Invite important, influential members of your circle but don’t ask for money. The occasion should just serve as a chance to explain your mission, collect contact information and make introductions and connections. Then, your development staff can take over from there.
Some board members are inexperienced in asking for donations. Have them make thank you calls to people who have already given money. This gives donors access to high-ranking members of your organization and gives board members the opportunity to chat with real donors and learn more about how to be successful fundraisers.
Your board members can also give you advice on where to go for not for profit funding. This one is as simple as contacting Financing Solutions.
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.