In times of crisis, nonprofit organizations are there. No matter what problems are being faced in the world or right in your community, chances are there is a nonprofit to help deal with it. Yet, where do these organizations go when they need help, such as finding nonprofit loans and grants?
The difficulties of running a nonprofit are numerous. In addition to a tight economy and shrinking government resources, you must also contend with the complexities of finding nonprofit grants. Fortunately, you do have options.
What Are the Pros and Cons of Nonprofit Loans and Grants?
Some people may mistakenly believe that nonprofits have it easy when it comes to raising money. They think that all you have to do is put on a few programs or have a fund drive and the donations start pouring in. Not so.
Still, one big advantage for not for profits is the ability to obtain government and private-sector grants. Nevertheless, these funding sources can be very restrictive and competitive. Failure to meet even one of their standards will make you ineligible for their nonprofit funding.
Getting a nonprofit business bank loan is another way to acquire financing for growth. However, banks have strict criteria and an extensive application process. Additionally, even if you are one of the lucky few to receive approval, it will take months before you receive any money.
Are There Alternatives to Nonprofit Loans and Grants
If your non-profit organization has at least $350,000 in yearly revenue then you should know about Financing Solutions (www.financingsolutionsnow.com). They are one of the only companies in the US that works specifically with non-profits, providing alternatives to bank financing.
Most of their non-profit clients have situations where they know the money will be coming in but the funds are either delayed or scheduled to arrive later. Financing Solutions is willing to provide a cash advance up front for the future receivable coming in and will arrange a payment schedule that is flexible and can be paid back painlessly.
Finding Ways to Take Your Nonprofit to the Next Level
Every day can be a constant struggle to keep your nonprofit afloat, but it doesn’t have to be. There are several things you can do to promote growth while still advancing your mission.
For one thing, it’s vital to improve communication throughout all areas of your organization. You should always keep employees informed about your financial situation, especially during rough patches. Most importantly, your donors should be given information about how their contributions help real people. This can be done with personalized testimonials and opportunities to meet recipients.
You can also think outside the box when it comes to fundraising programs. For example, instead of the usual dinner or 5K run, you can try a golf tournament, casino night or art auction. This can help you attract different donors and breathe new life into your organization.
One of the best ways to help your nonprofit is to contact Financing Solutions. They really understand the cash flow challenges of non profits and will give you the not for profit financing it takes to grow and thrive.
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. This makes it an excellent backup plan.
