When you run a nonprofit organization, the ability to obtain financing is often what separates a successful company from those that don’t survive. If you are looking for assistance from the Nonprofit Finance Fund (NFF) to make payroll, you may find it helpful to learn that there are other options.
Due to numerous rules and regulations regarding nonprofits, your choices for getting fast business funding are often limited. As a result, many think that the Nonprofit Finance Fund is the only place to go for help in making payroll but it is important to know that they are not.
The Pros and Cons of the Nonprofit Finance Fund
The Nonprofit Finance Fund can provide quick business loans to not for profit organizations. The money can be used to manage growth, help with government shortcomings and build facilities. They also provide online tools to help you improve your nonprofit business.
As a large institution, they are able to offer grants, tax credits and nonprofit loans to help not for profit businesses achieve their mission. However, for some they might be too large.
In order to be eligible for their assistance, you have to have been in existence for at least three years with more than one million dollars in unrestricted revenue. If your business cannot meet their criteria, it may be difficult to receive their help.
What Other Organizations Can Help a Nonprofit Make Payroll
For many nonprofit organizations, the goals are not as lofty. You may only need short term business funding to tide you over until you receive the government funding you were expecting.
If this is the case for you, a smarter option would be turning to a cash advance company, like Financing Solutions (www.fundmypayroll.com), for help. They can help existing non profits make payroll. This is done by providing a cash advance when you are short simply because you are waiting on a check from the government.
To qualify, you only need to have a budget of at least $350,000 per year. Also, the fast business funding provided by Financing Solutions must be used for payroll. Nonetheless, they offer a quick and easy application process and super fast approvals.
Best of all, there is no long term commitment. You can repay the money in a few weeks or months, as soon as your check comes in, without penalty.
Financial Management Tips for Nonprofits
One of the most crucial tasks for any business, both for profit and not for profit, is to gain a solid handle on cash flow. Looking at cash flow projections and your cash flow statements regularly will help to avoid surprises and emergencies.
You should also look at ways to save money. For example, it might be cheaper to lease equipment or facilities instead of purchasing them.
Another piece of vital financial management information is to remember to contact Financing Solutions for help in making payroll. They can provide emergency business funding to help your nonprofit make payroll so you can focus on achieving your mission.