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 HalasnikStephen 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:WebsiteQuotables:“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:The Nonprofit MBA PodcastThe Entrepreneur MBA PodcastNew Grant Funding Opportunities for Small and Emerging NonprofitsHow to Secure Funding for Your School or Non-ProfitHow to Navigate Inflation and Get More Funding for Your NonprofitOTHER RESOURCES:Weekly Newsletter: “Write Grants. Get Paid” - Get thought leadership on grant and freelance grant writing strategies every week in your inbox.  https://grantwritingandfunding.com/Freelance Grant Writer Academy: Replace your Full-Time Income Writing Grants Part-Time from Home. https://grantwritingandfunding.com/freelance-grant-writer-academy/Grant Professional Mentorship: Double your Monthly Revenue with an Income Stream Outside of Grant Writing. https://grantwritingandfunding.com/mentorship RATE, REVIEW, & FOLLOW THE PODCASTFavor, please? If you love this podcast, would you please do me a favor and leave a review on iTunes or your podcast listener?This helps others find the podcast and I read each and every review!“Every time I listen to Holly’s show, I learn something” <– If that sounds like you, please consider rating and reviewing my show!Also, if you haven’t done so already, follow the Grant Writing & Funding podcast to get grant and freelance grant writing proven strategies and conversations in your podcast player every single week.Thanks for listening!Warmly,Holly RustickLeading the $1 Billion for Good Movement: By 2030, aspiring and seasoned grant writers inside the Freelance Grant Writer Academy & Grant Professional Mentorship will 1) WIN $1 Billion in Grants, and 2) MAKE $30 Million in their Grant Writing Businesses. We are on our way already.