With the popularity of the Internet and the abundance of information, you’d think that finding what you need is easier than ever, but this is not the case. For instance, it can be hard to locate sources of grants for existing nonprofits.
When seeking sources of grants for nonprofits, you can’t just get a big list. It must be narrowed down to the types of grants you need, which is a complicated, time-consuming task. That’s why you must have a variety of nonprofit funding options.
Alternatives to Sources of Grants for Existing Nonprofits
Relying only on nonprofit grants can be a dangerous way to run your business. Grants are very competitive and applying seems to take forever. Even if you are awarded a grant, it can take months to see any money. Additionally, grants are quite restrictive in how the money can be used.
Non profits are always looking for new grants and funds in a never-ending cycle of not for profit financing. If you are an existing non profit with at least $350,000 in revenue then it’s also important is to have a line of credit (LOC) that you can turn to. This is an ideal way to even out cash flow while waiting for grants and funds come in.
Payroll is often the biggest and most important expense for a non profit and it is actually illegal to not pay your people on time. A LOC is an inexpensive method to ensure this doesn’t happen to you.
Where to Go for Nonprofit Business Financing
When you want to know about nonprofit funding, you should go straight to the source. For many years, Financing Solutions (www.financingsolutionsnow.com) has been the go-to source for hundreds of nonprofits in need of fast business funding.
Getting a nonprofit line of credit from Financing Solutions can be very beneficial. Having a supply of cash you can draw from when you need it allows you to start programs on time and maintain normal operations.
You pay nothing until you actually withdraw money. They offer flexible repayment options so you can pay it back in a few weeks or months if you like. More importantly, the line can stay available for 12 months, so you don’t have to worry about low donations or emergency situations.
Tips and Resources for Nonprofits
Every nonprofit organization is different. Still, there are some basic tools and sources that can be helpful to anyone running a not for profit.
One aspect you must pay attention to are ethical standards. These days, donors can find lots of information about your organization on the web. Your processes must be transparent and your accounting methods above reproach as they will be holding you accountable. Only well-run and effective nonprofits stay successful. Most states have resources for following best practices. You may wish to seek voluntary accreditation if your industry does not already do that or look for grant-making organizations to vouch for you.
You must also make sure your systems are secure. Cyber crimes happen in all industries and disciplines, including nonprofits. It does no good to raise all that money only to have it stolen from right under your nose. Take note of all the data and funds you collect electronically, where it is stored and put up the appropriate firewalls. You may even want to invest in cyber liability insurance.
The most important tip is to get your financial house in order with instant business funding from Financing Solutions. This way, you can just focus on your success.
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.