Most people make their contributions to their favorite charities during the holiday season and, of course, nonprofit organizations accept those gifts graciously. What many donors don’t know is that most nonprofits really struggle with cash flow throughout the year.
Executive Directors of nonprofits are now turning to a Line of Credit from Financing Solutions, which are specifically designed for nonprofits to help even out cash flow so that their organizations can run smoothly throughout the year. In the past, nonprofits found it challenging to get a Line of Credit from a commercial or local bank because of the numerous rules and restrictions.
Financing Solutions Managing Partner Stephen Halasnik commented, “Banks require collateral for a line of credit and honestly, banks just don’t want to work with nonprofit organizations. Banks don’t really understand nonprofits and their underwriting requirements are designed based on for profit businesses.” Halasnik added, “We designed our line of credit specifically for nonprofits. Unlike a bank, we require no collateral, there are no costs to get the line in place and you are not charged a penny until you actually use the line. We will approve your line of credit based on only a recent 990 forms, the board approval, and a few other simple to get documents.” He also commented, “The line is not expensive if used for the short term. All the nonprofits we have worked with just love how they can use the line when there is a delay in funds or reimbursements that they know are coming, making the line a great backup plan.”
Financing Solutions, a company given an A+ rating by the Better Business Bureau, has been working with nonprofits for over 5 years and is one of the leading financing companies for nonprofits.
Halasnik remarked” We really like working with nonprofits, we find them to be extremely genuine and we always feel like we are helping them solve one of the major problems they face. In many cases, the nonprofit’s board has been wanting to get a line set up for years, but they were either already turned down by a bank or just didn’t want to go through the long drawn out process only to be told no.”
If your nonprofit has a yearly income of over $300,000 then you would qualify. Please visit www.fscreditline.com/np to learn more and to apply.