To begin with, a social security number, SSN, is a 9-digit number given to citizens of the United States of America. It is issued to permanent residents of the country as well. Throughout your life, the United States government uses this number to track your income and employment history.
And as soon as you retire, the government would use this number to calculate the total social security benefits that you deserve to receive. The SSN can be used to open bank accounts, for federal loan applications, and even fill annual tax returns.
Meanwhile, it is possible that you do not have the SSN, perhaps due to non-authorization or lack of documentation with the government. However, if you are self-employed or working towards getting a business started but are pretty worried because you do not have access to funds, you should let your mind be at peace.
In this article, we'll discuss how to finance your business with itin loans easily without hassles.
What is an ITIN number?
Since we have described SSN as a unique identifier number for the citizens, in a similar measure, Individual Taxpayer Identification Number, ITIN, is a tax processing number that the American Internal Revenue Service issues. This ensures that people pay taxes regardless of their immigration status or even if they do not have an SSN.
Should you not put your ITIN to use in 3 years, it expires, and you will have to go ahead for renewal before you can make use of it once again.
Where do you get an ITIN number?
You have to pick up a Form W-7 to fill with your federal income tax return and your application for Internal Revenue Service ITIN. However, you have to include the original documentation from the authorized issuing agency. This is basically to prove identity and foreign status.
The places you can apply for the ITIN number in the U.S. gives you about three options as follows:
OPTION 1:
Mail your W-7, tax return, proof of identity, and foreign status documents to the following address;
Internal Revenue Service,
Austin Service Center
ITIN Operation,
P.O. Box 149342
OPTION 2
Apply for ITIN in person while using the services of an IRS-authorized certifying agency.
OPTION 3
Schedule an appointment at an authorized Taxpayer Assistance Center.
Why you can access a loan without a Social Security Number
Quite a large number of people are genuine entrepreneurs who are passionate about establishing a business. However, their lack of SSN brings a setback to their goals. As a financial organization, we believe that should not be the sole reason people would be denied finance for their businesses.
Hence, we have designed our itin loans around this situation. Thus, helping people get access to business finance without much to worry about.
Why choose a loan to improve your small business?
The aphorism that "you need money to make money" is not incorrect. For your small business to improve, grow and flourish properly, you need to choose a financial source. Here are some of the reasons you should finance your business with itin loans:
● Business expansion
● Funds creation for the future
● Equipment purchase
● Bolster marketing strategy
● Improve cash flow
Benefits of getting a loan through Fintech services
Compared to what we have in traditional banks, Fintech services offer quite a lot of opportunities. The financial assistance they render is usually automated, and they help customers manage their financial decisions relatively well.
The benefits that Fintech services offer include:
● 24/7 customer support system
● Convenience and ease of work
● Speed and accuracy
● Easy accessibility
● Lower costs
Conclusion
You have seen just how effective and accessible it is to get financing for your business even without a social security number, SSN. You can be self-employed with your business while gaining access to loan opportunities without any hassles.
Now that you are informed about getting loans without an SSN, you can check how to finance your business with itin loans.
