Financing Solutions Says it's New Line of Credit Program for Nonprofit Organizations Reaches its 1,000th Customer
(PRWEB) October 26, 2018 -- Financing Solutions has announced it has reached its 1,000th nonprofit customer for its nonprofit line of credit program. This is a game changer as it represents a whole new way of doing business for the nonprofit world.
Those who are not involved with a nonprofit rarely understand that a nonprofit is run like a for profit business. You have revenue coming in and expenses going out. You have leaders and you have employees. You have a product, service, customers and a mission.
For far too long, the financial tools that are accessible to for profit businesses haven’t been available for nonprofit organizations and one of the most important tools is a business line of credit.
That is until Financing Solutions designed in 2016 a line of credit program specifically designed for nonprofits. Managing Partner Stephen Halasnik commented, “We had a few nonprofit customers in 2015 that told us how hard it was for them to get a line of credit from a commercial bank. What we did was design our line of credit program to take down those barriers, so nonprofits could easily qualify for our line of credit program. Among the barriers that we eliminated was the need for collateral, no personal guarantees (except in the instance of fraud), and zero costs until the line is actually used.”
The qualifications are that the nonprofit must have at least $300,000 in yearly revenue and the person signing the contract (Executive Director, Officer or Board Member) must have a 650 or greater credit score.
Financing Solutions, which is 5 star and A+ rated by the BBB, is now one of the largest financing companies to provide a nonprofit line of credit. For those who do not know what a line of credit is, it is a set amount of money that is available to be used if needed. The line of credit costs nothing to set up and there are no charges until the line is used. Lastly, there are no restrictions on what one uses the funds for.
A nonprofit can apply online to get a free quote only having to answer a few simple questions. Lastly, the documents required to set the lineup, are readily available (bank statements, 990, etc.), allowing the line to be set up in as little as 24-48 hours.
When Mr. Halasnik asked what makes a good client he responded, “Nonprofits make the best clients because 99 percent of these organizations use their line wisely meaning they will not default. Many will not use their line unless they know that the funds are coming in. Our line of credit really is based on trust and is something commercial banks cannot offer because banks must adhere to a strict criteria.”
If any nonprofit would like to get a free, no-obligation quote for a line of credit they can visit http://www.fscreditline.com/np.
Stephen Halasnik, Financing Solutions, http://www.financingsolutionsnow.com/overdraftline, +1 8622074118 Ext: 11, [email protected]
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