How to Get Approved for Funding Without Your SSN
Having an adequately funded business is critical to the success of your business. Business Credit can help stabilize your cash flow, fund growth, and protect your financial interest. But the real question is how to get funding for your business without using your SSN or personal assets.
As an entrepreneur, it is so easy to get excited about your business and throw everything you have at it. It may mean running up massive credit card debt to cover start-up costs, taking a loan against your family home, or even asking family for a loan to get through a cash crunch.
To help you protect your personal finances and reputation, we are going to show you how to get financing for your business without using your social security number.
Step 1: Determine Your Funding Goals.
Before you go out applying for any and everything for your funding, it’s essential first to determine your goals for funding. Here are some criteria that can help you in defining your needs:
Immediate cash needs
How much of a monthly loan payment can you realistically afford
What is the minimum you would like
What is the maximum you would like
By analyzing these four criteria, you can come up with reasonable goals for your funding.
Step 2: Assess Your Current Business Credit Situation.
Did you know that your business has a credit report and credit score just like you? That’s right. Creditors can report your payment history for business loans to Experian, Dun & Bradstreet, and Equifax. As a client of Titan Freedom Consulting, we will help you access all 3 of these reports.
Step 3: Build Your Business Credit Report
We have found that most businesses will need to spend a little bit of time focusing on building their business credit profile. Building your business credit profile is an essential part of the process because, just like personal credit needs a strong payment history to qualify for better loans and terms, so does business credit.
Now, I know this post is about how to qualify for funding without your SSN or personal assets, but sometimes personally guaranteeing the credit building accounts is a necessary evil. If you have questions about this, you can schedule a free consultation with us.
Step 4: Applying for the Right Type of Funding
The final step to getting funding without using your SSN is to apply for financing that fits the strengths and needs of your business. For example, if you have high receivables and need quick cash, a merchant advance may be a great fit. Or, if you have equipment or collateral, using these assets to secure a loan for better rates and longer terms may be the perfect fit.
Putting it All in Action
When it comes to funding your business, there are THOUSANDS of options. It can get very confusing very quickly. Titan Freedom Consulting can help! Our team will help you define your funding needs then walk you through every step of the funding process. Want to find out what all you get? Watch the video below!