Where to Get Loans for Nonprofit Organizations
They say you should always live within your means but there are times when one needs to borrow money to get over a hump. That is where a Line of Credit or a loan for a nonprofit organization can be important. Indeed, getting a loan for a not-for-profit can help you pay bills, start programs and make payroll. The most important aspect is where you go to get that loan.
Why is It So Difficult to Get Loans for Nonprofit Organizations?
Unfortunately, delays in payments, reimbursements or grants happen all the time yet there are certain expenses (like payroll) that must get paid on time. The problem is that commercial banks consistently deny nonprofits for 501c3 business loans.
The reasons typically fall under three common categories:
1) Banks don’t understand nonprofits
2) Nonprofits don’t have the proper collateral and
3) No one at a nonprofit wants to be personally responsible.
Is There an Alternative to a Bank for Loans for Nonprofit Organizations?
The line of credit program from Financing Solutions is one of the first lines of credit programs specifically designed for nonprofit organizations.
1) Financing Solutions understands how nonprofits organizations work and your unique cash flow problems
2) There is no collateral required
3) There is no personal guarantees. Consequently, you are not personally responsible for paying the loan back. The LOC is easy to setup. There are no charges until you use the line. When you do use your line, it is inexpensive and you can pay the line of credit back at any time.
Financing Solutions is the Best Place to Get Loans for Nonprofit Organizations
“Thank you for providing loans for nonprofit organizations and understanding our business.” Essentially, this phrase is heard all the time at Financing Solutions when speaking to nonprofit executive directors.
And the people at Financing Solutions appreciate the compliment. “It makes us happy to be in this business,” said owner Stephen Halasnik, “and we believe in what we do”.
The nonprofit executive directors say what Financing Solutions has known for a long time. They know that nonprofits have the same type of problems that for-profit businesses do in regards to cash flow.
That’s why they make it easy to get the nonprofit business financing you need. Thankfully, their application takes only minutes to complete. Then, within hours, you will get an offer letter telling you how much you are eligible for and your assigned account manager will call to answer any questions you have.
Financing Solutions is also A+ rated by the Better Business Bureau and rated 5 stars by google reviews.
How to Make the Most of Loans for Nonprofit Organizations
Most nonprofit lines of credit are used to make payroll: When getting a nonprofit line of credit or loan, you mostly will use it for cash hiccups like when a payment you were expecting was delayed and you have to make payroll but the line can be used for whatever you need. Most nonprofits are unaware that it is actually illegal to miss or delay payroll and all states have large fines for delaying payroll. Some states can even close down your nonprofit for delaying payroll.
Don’t wait: The best time to apply for a nonprofit line of credit is before you need it. Often, when a nonprofit has an issue with cash flow, it takes its toll on everyone. Financing Solution’s line of credit costs nothing to get in place and nothing when it isn’t being used. Think of it as a backup plan. Plus, lending approval requirements are always changing so it is always a good idea to get your line of credit when things are going well instead of when cash flow is tight.
Get it from Financing Solutions. Financing Solutions is the largest provider of lines of credit to nonprofits in the United States and within hours you will know if you are approved or not. The online application takes 2 minutes to fill out and you will have your line of credit set up in 48-72 hours.