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Q: non profit financing in ohio ( Answered 4 out of 5 stars,   0 Comments )
Question  
Subject: non profit financing in ohio
Category: Business and Money > Small Businesses
Asked by: phyllis-ga
List Price: $10.00
Posted: 07 Oct 2002 12:26 PDT
Expires: 06 Nov 2002 11:26 PST
Question ID: 73663
I am trying to locate financing for a non profit organizatin.  The
organization is a non profit child care corporation in Ohio.  The
corporation is looking to purchase an existing child care center and
it seems all the financial institutions require personal signatures to
guarentee the loan.  Is there any other way as no board member is
interested in using their personal assets for this project.

Request for Question Clarification by mwalcoff-ga on 07 Oct 2002 15:04 PDT
What part of the state are you in?

Clarification of Question by phyllis-ga on 07 Oct 2002 20:15 PDT
The agency is located in Cleveland and the existing day care center we
are pursueing is in East Cleveland.
Answer  
Subject: Re: non profit financing in ohio
Answered By: justaskscott-ga on 05 Nov 2002 23:56 PST
Rated:4 out of 5 stars
 
As it happens, I've been doing research on Ohio nonprofits, since I'm
trying to find employment at a nonprofit in Columbus.  While I have
not focused on Cleveland, I've seen several web sites that relate to
nonprofits throughout Ohio.  Starting from there, I've been able to
find several resources for you.

My basic approach is that where financial institutions and personal
assets are lacking, a grantmaking organization might be able to help.

I started by looking at the Ohio Grantmakers Forum (OGF) (
http://www.ohiograntmakers.org ).  However, OGF's web site indicates
that it is a forum for the grantmakers, not the nonprofit
organizations that seek grants.  Still, as you can see on OGF's home
page, they recommend two other web sites: the Ohio Association of
Nonprofit Organizations (OANO) and The Foundation Center.

OANO does not itself make grants either; however, it does publish a
Guide to Ohio Grantmakers, in conjunction with OGF and the Foundation
Center.

"Guide to Ohio Grantmakers"
Ohio Association of Nonprofit Organizations
http://www.oano.org/Docs/grantsguide2002orderform.pdf

As for the Foundation Center, it has a library in Cleveland that
should be a good resource for you.  The library's services include a
reference desk and electronic databases of grantmakers.

"Services"
The Foundation Center: Cleveland Library
http://www.fdncenter.org/cleveland/cl_services.html

And as for a direct link to a grantmaker in Cleveland, here is the
start page for information on grants made by The Cleveland Foundation.
 You can click the links under "Grants" on the left side of the page
for additional details.

"Grants"
The Cleveland Foundation
http://www.clevelandfoundation.org/page1446.cfm

Also, perhaps you could try to become a member of Greater Cleveland
Community Shares, which provides agencies with income through
workplace payroll deduction campaigns.

"About Us"
Greater Cleveland Community Shares
http://www.communityshares.org/about.shtml

In general, I assume that all of these organizations would be able to
give you good advice on the best ways to seek funding.

I know that Ohio nonprofits are going through tough times, given the
mediocre state of the economy as well as the state government budget
crunch.  But if you consult enough of these resources and find more
resources as a result, hopefully you'll find the funding you need.

- justaskscott-ga


Search strategy;

Relied on knowledge obtained during my own search of Ohio nonprofit
organizations.

Looked for organizations with the words "Cleveland" or "Cuyahoga" on
the following list, which is the most complete list of Ohio nonprofits
of which I am aware:

"Member Links"
Ohio Association of Nonprofit Organizations
http://www.oano.org/member_links.htm

Clarification of Answer by justaskscott-ga on 06 Nov 2002 08:10 PST
After reading your rating (thanks!), I went back to the question and
re-read it, since you say that you should have been more specific.  In
light of that comment, I realize that what you might be looking for is
a way to get a bank loan without personal signatures and personal
assets to guarantee it (rather than a way to get money other than
through a bank loan).  Is that what you're actually searching for?

If so, I'd be happy to spend a little more time on your question.  I
suspect that the answer is not favorable, from seeing that the
question remained unanswered for almost a month and from a little
initial research I've done in response to your rating (and from the
fact that you have not gotten a better answer from the banks and the
nonprofit resources -- I assume you have checked already with them). 
But I'd be willing to give it a try, if that's what you want.

Request for Answer Clarification by phyllis-ga on 07 Nov 2002 13:03 PST
I don't know if you will find much more info. that woul be helpful.  I
thought maybe there was some magical program out there and I was just
missing it!  Thanks for hte help!

Clarification of Answer by justaskscott-ga on 07 Nov 2002 14:06 PST
OK, I might not get to it today, but I'll see what I can find.

Clarification of Answer by justaskscott-ga on 10 Nov 2002 19:24 PST
I haven't found anything so far; I'm afraid that financing isn't an
area of expertise for me.

I'm surprised that none of the organizations I mentioned had any
ideas.  Perhaps there are other people you can talk to in those
organizations?

I will keep your situation in mind, and if I come across anything that
might help you, I will post it here.

Clarification of Answer by justaskscott-ga on 13 Nov 2002 19:49 PST
I've asked my fellow researchers if they had any ideas that might help
you.  One of them found a few potentially helpful links on the return
page for the search on Google for: child care grants cleveland ohio

://www.google.com/search?hl=en&lr=&ie=ISO-8859-1&q=child+care+grants+cleveland+ohio

These wouldn't be loans from financial institutions, but perhaps one
of them will suit your organization's needs.

Request for Answer Clarification by phyllis-ga on 14 Nov 2002 09:22 PST
Thank you for your determination.  I have figured out the best way is
to request alot of money and hope to get a minimum of 50%!  I did
check out the link you supplied and i found a couple foundations that
i have not come across previously!

Thanks again.

Clarification of Answer by justaskscott-ga on 14 Nov 2002 10:20 PST
Good luck in your quest for funding.  (As I said, I'm questing for a
nonprofit job, so I can sympathize with your difficulties in this
tough economic climate.)
phyllis-ga rated this answer:4 out of 5 stars
The answer was great.  Unfortunately, I should have been more specific
with my question.  I already know about the organizations and
foundations mentioned by researcher.  The information was good and
correct though!

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