Loan financing to hire an Executive Director – your experiences
I am working with a colleague who is the executive director of her organization but after a few years is too busy to continue to do this on a volunteer basis. They would like to hire a full time Executive Director, but don’t have the funds. And grant funding is probably still a few years away for a number of reasons. Has anyone had any good/bad experiences or would recommend / not recommend trying to find loan financing to hire an executive director for a few years? It’s the usual chicken-or-egg problem that so many nonprofits face… thanks for any advice you can offer.