I am the Executive Director of a substance abuse treatment center for women, pregnant women and women with children. When we started up three years ago, the property was purchased from an out-of state owner. To get to the point, we had a personal loan provided for the purchase and repair of the facility we are currnetly in for 165k. Shortly after taking possession, we found out there was an outstanding tax debt in the amount of 117k. I have sought legal advice, and quite honestly, dealing with this situation with an out-of-state entity could take years as well as unbelievable legal fees.......needless to say the debt was paid through a loan in the same amount.
We have been open and licensed for three years now and our finanicals show improvement each year. The personal loan was froma current employee. The tax loan was thorugh a VERY small local bank that provided only short-term and high rates.
I want the organization to stand on it's own merit but I can't find options that don't require me to provide all of my personal financial information and my signature as a quarantor. We are a 501(c)3 entity.
Consolidation provides a fixed budget item which is also of great benefit as a non-profit. Property and content assessments are approximately 390k.
I am interested in any options that will provide a longer term loan arrangement with fixed and reasonable rates.
