Legal Question in Business Law in Texas
i need expertise in the area of obtaining a
we have been offered the opportunity to work with a non-profit group to help them obtain federal funding for a comprehensive medical clinic. we would help process the application for the funding, for that our company would be given the billing for the comapny for all of the medical centers. so i need a '' letter of intent'' to take to the bank to help set-up a line of credit.
1 Answer from Attorneys
Re: i need expertise in the area of obtaining a
1. You can ask the bank for their form letter of intent; or
2. You can ask the Small Business Administration for a form letter of intent for establishing a line of credit.
Since this non-profit group does not have funding as yet, and you're hoping to help them get federal grant money, what is the financial basis for the line of credit? Or is this group asking to trade upon your credit before their funding comes through?
Do you have a written commitment that your company will be given all the billings to handle for the clinics if you assist in getting federal funding? What is your experience in getting federal funds for non-profit medical clinics?
I'm sure that you've checked out their credentials, and that they are on the up-and-up, but there's something there that raises a faint but significant warning flag.
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