In the nonprofit world, your business survives because of what you get but is defined by what you give. Consequently, in order for your business to keep giving, you may need to get small business loans for nonprofits.
Anne Frank said, “Nobody need wait a single moment before starting to improve the world.” Unfortunately, you sometimes do have to wait for small business loans for nonprofits to be approved. Still, you do have other options.
Who Offers Small Business Loans for Nonprofits
Getting a nonprofit business loan is no easy task. Knowing where to go is half the battle.
Traditional banks offer 501c3 business loans. However, they make you complete tons of paperwork and expect you to have excellent credit.
You will also need to have enough collateral to cover the cost of the loan. Since most nonprofits have funding constraints, what they are able to consider as collateral might be limited. This makes it difficult to qualify for a not for profit loan.
In addition, many banks only want to work with nonprofits needing $400,000 or more in nonprofit financing. Most small nonprofits are looking for $100,000 or less.
There are also some nontraditional lenders willing to help nonprofits, like Nonprofit Finance Fund. You should be aware that they are typically used to dealing with million dollar nonprofit operations.
Are There Alternatives to Small Business Loans for Nonprofits
When applying for small nonprofit business funding, the most crucial aspect is how you will pay the money back. You need an alternative lender that makes it easy. Look no further than Financing Solutions (www.financingsolutionsnow.com).
At Financing Solutions, they can give you the fast cash you need to make payroll and handle other daily operating expenses. Their help is also ideal to even out cash flow while waiting for a government grant or donation to come in.
Many nonprofits also turn to them again and again to start programs on time or for debt management help. They offer cash advances and nonprofit lines of credit with a simple process and quick decisions.
How to Make Your Small Nonprofit a Big Deal
Every business wants to be more successful. This is especially true for nonprofits. To raise money, you must raise your status and increase your visibility. These tips could help.
1. Make your mission the focal point of everything you do, not a postscript. Everyone in your organization must live and breathe the mission. This can guide your decision making and make everyone passionate about what you are doing. Some groups even read their mission aloud before every meeting or event.
2. View everything as an opportunity. Whether its daily tasks like answering the phone or long term planning activities for special events, you must see it as a chance to make a difference. All board and staff members should be trained and reminded that they are representatives for your organization. You never know when a big smile or talking to the right person will lead to greater things for your business.
3. Contact Financing Solutions for nonprofit business funding. They will help your business go from small to immeasurable.
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.