Running a business is indeed essential to attaining self-sufficiency and financial independence. But it is also important that there is access to relevant funding to begin such a business. At times, it can be difficult for enthusiasts and small business owners to find financing for their projects in the US.
This article will help you get the financing you need to take the next step in building your small organizations in the U.S. There are plenty of funding options from grants, investors, or business loans, some of which are easy to access. It is enough just to have an ITIN application and some minimum requirements.
Some business loans to finance your small company
As a newbie in the business market, you’ll most likely be required to look for alternative financing options to start your business. This is because many entrepreneurs usually find it challenging to secure a business loan. As a new starter, the following are the most efficient and reliable ways of getting financing for your business:
- ITIN Loans
- Credit cards
- Family and friends
- SBA Loans and microloans from nonprofit lenders
- Personal business loans
Grants to fund your business project
It is with the passing of time that some things become difficult for small business entrepreneurs. Most of them try to access sustainable business grants to finance their startups but still find it difficult. However, if you are part of them, help is available. You can get a grant from the federal government through grants.gov. This site has a lot of mouthwatering offers with a comprehensive database of financing that the government is giving out.
Usually, there are thousands of grants to apply for by different companies from many backgrounds. Meanwhile, you need to note that not all of these grants are given directly by the federal government. Some funds are given to state and local government agencies, not-for-profit organizations and even higher learning institutions. So, it would help if you were sure which is most accessible to you based on distribution structure and location.
Listed below are some resources you should take into consideration when searching for grants:
- Small Business Innovation Research Program (SBIR)
- Small Business Technology Transfer Program (STTR)
- U.S. Department of Energy (DOE) Clean Energy Grants
- U.S. Department of Commerce Minority Business Development Agency (MBDA)
- National Institute of Health Grants (NIH)
- 8(a) Business Development Program
- Service-Disabled Veteran-Owned Small Business Program
- Women-Owned Small Business (WOSB) Federal Contracting Program
Other options to get financing that you need
If you cannot get financing for your business startup through any of the aforementioned methods, you shouldn’t feel down. There are also some other paths you can use to access business funds. These include:
- Government Relief Funds
- Natural Resource Sales Assistance Program
- Industry-specific and Diversity Small Business Grants
Similarly, you can benefit from corporate entities’ grant programs to assist your business. Some private organizations that offer a grant for tiny businesses include:
- Alibaba.com Grant Program
- Backstage Capital
- Barstool Fund
- GoFundMe Small Business Relief Fund
- KKR Small Business Builders
Getting financing for your business is important. But knowing how to get these funds is more important. And that’s why you need to know all the tips-and-thrills to achieve this while not neglecting the resources to use.
In this article, we have discussed how to help you access these finances for your small business. For instance, we have mentioned many financing options, including subsidies, investors, or business loans. However, you equally need to know how to apply for a simple ITIN loans application to be informed about the minimum requirements to get finance for your small business.