Why a Line of Credit Helps Nonprofit Organizations Waiting for Grants
Former President Barack Obama said “We are the ones we’ve been waiting for. We are the change we seek.” Therefore, if you are one of the nonprofit organizations waiting for grants, you don’t have to sit around twiddling your thumbs. You can do something about it, with a line of credit.
Nonprofit organizations waiting for grants often feel stuck. You might not be able to make payroll, pay bills or start programs on time. However, with a line of credit, you can get on with your business and advance your mission.
Why Nonprofit Organizations Waiting for Grants Need a Line of Credit
Getting government grants is tough. Research shows that there are approximately two million nonprofit organizations and only about 80,000 funding organizations.
Even when you are successful in making your company stand out from the rest and winning a grant, the money does not come in right away. On the other hand, employees, vendors and creditors are not sympathetic to this situation and will be unwilling to wait for their money.
A nonprofit line of credit is like a supply of money you can draw from as you need it. You can use it to close financial gaps and tide you over until your grant check arrives.
It’s important to remember that this is still a type of nonprofit business loan. As such, you must develop a plan to pay the money back.
How Nonprofit Organizations Waiting for Grants Can Get a Line of Credit
Banks are not the place to go for fast nonprofit funding. They expect you to have an excellent credit score and tons of collateral to cover the cost. Your best option is a business cash advance company, like Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, they work with nonprofits all the time and have developed a fast and easy application process. Most importantly, you can get your nonprofit financing in less than 48 hours.
They are one of the only companies in the country that work specifically with not for profits. To qualify for a LOC your nonprofit must have $350,000 in sales. Also, they offer a simple repayment schedule, allowing you to repay the money as soon as your grant comes in.
What Your Nonprofit Should Do While Waiting for Grants
Just because you are waiting for grant money to come in doesn’t mean the world stops. People still need your help and your mission goes on. Instead of sitting on your hands, use the time wisely.
For example, you can improve your website. Your website is like keeping your organization open 24/7. Make sure it is easy to find and access. Also, it should be user friendly so people can locate the information they need and give donations without hassle.
You can also seek corporate sponsorship. Many companies are looking to partner with nonprofits in order to increase their corporate social responsibility efforts. Reach out to these companies with the right messages to build relationships beneficial to you both.
The most important action to take while waiting for grant money is to get not for profit funding from Financing Solutions. With their help, the wait will not seem so bad.
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.