Princeton,NJ/ 360prwire/ November 30/
The covid era brought many businesses to a halt while so many suffered losses. However, the post-covid period has seen some improvements, with businesses bouncing back to their feet. Perhaps, so many companies would be looking to obtain funds to push it to what it once was or even better.
While some business owners may want to rely on covid aids and grants from the government and private sectors, others may not have that kind of patience and may source loans from traditional or online lending institutions. In that case, the lending company may request some KYC and documents, including an SSN or ITIN number for non-US citizens, etc.
If that’s the case, read on to find ways to quickly obtain funds with a simple requirement like an ITIN number. Additionally, you’ll get tips on how to apply for ITIN and obtain the financial budget you need in this post-covid time.
Government Grants Which You Can Apply
Covid grants have been the best help businesses have got since the on-set and post-pandemic. Many private sectors and government institutions at the state and federal levels have signed up to support small businesses in many regions in the United States. President Joe Biden signed a $1.9 trillion Covid relief bill that targeted small businesses on assuming power.
The small business administration (SBA) has also taken part to ensure that small businesses get forgivable loans like Economic Injury Disaster Loan (EIDL) and Paycheck Protection Programs (PCP) and additional grants. That said, there are over 40 grants small business owners in the U.S. may apply for, including the following:
- SBA loans and grants
- National Institute of Health Grants
- Small Business Innovation Research Program (SBIR)
- U.S. Department of Commerce Minority Business Development Agency (MBDA)
- Women-Owned Small Business (WOSB) Federal Contracting Program
- The Barstool Fund
- Business Warrior Small Business Loans
- GoFundMe Small Business Relief Fund
Business Loans of Easy Access
While grants are non-repayable or forgivable, borrowers must repay loans to the financial institution that lent them the funds. Loans offer more money and support to businesses than grants because they are done on strictly elastic or flexible business terms: meaning that companies decide what amount will suit their budgets.
Obtaining loans fall under two classes: the traditional method (banks, SBA, venture capitalists, angel investors, insurance, family and friends, and so forth), and the online method, which includes online loan companies like Camino Financial, Sofi, PenFed Credit Union, etc.
Although both possess nearly similar application processes, the online method offers a more straightforward approach to obtaining funds. Traditional methods like venture capitalists and banks require extra verification measures and collateral before releasing funds to you. In contrast, online forms may allow you to apply for loans using an ITIN application number simply.
The ITIN allows non-US citizens to run businesses and perform tax returns periodically. It is similar to the SSN, just that the government assigns the latter to residents and citizens of the United States. Without applying for the ITIN, businesses would find it difficult to get clearances or passes in the U.S. or even apply for loans from the SBA and financial institutions.
Applying for the ITIN is not as difficult as it may look, although a caveat would be you must reside in the U.S. to qualify for the application for an ITIN. Here is a complete guide to help you apply successfully for the ITIN number.
Other Tips to Get Financing for Your Small Business
Getting an ITIN is not enough to help you run a business successfully. After applying for the ITIN number, the first step is to plan your business, get a financial budget, and obtain funds to carry out your plans.
Starting a business is one of the most challenging phases, but once you’ve set out, expanding wouldn’t be a tear in the flesh because, by now, you should have some current protocols figured out. Perhaps the best way to raise funds and get additional support for budgeting is through online solutions such as Camino Financial, among others.
Finding funds for your small business may look overwhelming. You may only consider grants as secondary methods of obtaining funds for your business, considering how slow the process can be. In that case, your best alternative for getting small business loans is through a traditional or online loan company.
A financial budget will guide you when borrowing and distributing resources and funds to your business. To make it easier, solutions with low-interest rates and loan calculators such as Camino Financial would be a good option.