How to Get Lines of Credit While Waiting for Grants to be Reimbursed with Stephen Halasnik
This episode, Stephen Halasnik explains the financing landscape for nonprofits and the different ways nonprofits can raise money.
Stephen Halasnik is the Cofounder and Managing Partner of Financing Solutions and has over 25 years of business experience dealing with banks.
Stephen explains the different ways new nonprofits can raise money, the downsides of nonprofits getting a line of credit, and why nonprofits should avoid using credit cards for a line of credit.
He also talks about what banks look for in nonprofits, how much revenue a nonprofit should be making, and the different types of people you want on a nonprofit’s board.
What you’ll learn in this episode:
- The financing landscape for nonprofits.
- Different ways new nonprofits can raise money.
- The difference between nonprofits getting a line of credit and a loan.
- What the terms ‘secure’ and ‘unsecured’ means for nonprofits.
- What it means to be the personal guarantee for a nonprofit.
- The downsides of nonprofits getting a line of credit.
- The risk of a nonprofit using a credit card for a line of credit.
- How much revenue a nonprofit should be making.
- The type of people you want on a nonprofit’s board.
- How nonprofits can avoid feeling overwhelmed.
About Stephen Halasnik
Stephen Halasnik is Cofounder and Managing Partner of Financing Solutions and has over 25 years of business experience dealing with banks. Financing Solutions is the leading provider of lines of credit to small nonprofits in the United States. Mr. Halasnik is also the host for The Nonprofit MBA Podcast.
Connect with Stephen:
Quotables:
- “It’s all about cash flow, that’s what banks and financial institutions want to see.”
- “A lot of nonprofits wait too long to start their grant writing process.”
- “There are so many creative ways to get money. Never feel like you’re stuck and you have to do it one way, there are options.”
Resources mentioned in this episode:
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