I want to start a financial company that lends to subprime consumers on the basis of more than just credit scores. Including bank statements, paystubs, etc. But I also want to make this a non profit organization. If the revenue from the interest rates and other services goes towards local educational grants, local debt relief/credit rebuilding, and other services within the surrounding community. Would that qualify to register the company as a non profit organization? If so under what classification would that be? 501(c)(X)
A non-profit organizations that provide loans to subprime consumers do exist - credit unions under 501(c)(14) are an obvious example. What you are proposing may be somewhat different, but not necessarily impossible. There are several 501 options, each with its own advantages and drawbacks. Hence, I would recommend that you retain an experienced business attorney to advise you in the proper course for your idea.
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