What is an EIN?
A federal employer identification number, or EIN, is a nine-digit number the IRS assigns to businesses for tax filing and reporting purposes. The IRS uses the EIN to identify the taxpayer. EINs must be used by business entities–corporations, partnerships, and limited liability companies. However, most sole proprietors don’t need to obtain an EIN and can use their Social Security numbers instead. Even so, you may want to obtain an EIN anyway.
For more information about EIN Numbers and whether you need one, visit the IRS website: https://www.irs.gov/businesses/small-businesses-self-employed/do-you-need-an-ein
What is Business or EIN Funding and Why Do I Want it?
EIN number funding can be in the form of loans, lines of credit and business credit cards put under the EIN # of your business. It’s a separation of your business and personal credit. The EIN # is the social security number of your business and can get funding under it. It’s useful to separate your personal and business credit and to build your business credit profile up at the same time. Personal credit scores have to be high to guarantee funding on the business side. The main reason EIN funding is useful is because the debt does not show up on your personal credit report. Clients can have multiple corporations, LLC’s or partnerships and qualify for funding under each of them.
Applying for a Business Loan with an EIN Number
So what is involved when you are applying for EIN funding /a business loan with an EIN number? Using an Employer Identification Number, or EIN number, can only legally be done as a business entity. Using an EIN in place of a social security number on a personal credit application is a crime. However, legitimate businesses with an EIN number and other corporate documents, such as a license and state incorporation, can apply for loans and credit cards. In some cases, however, the owner’s social security number may still be required.
When you are applying with us for your business loan, provide your EIN number along with the company information, such as the year it started and the nature of the business.
Decide if your loan needs also include credit cards. If so, these are fairly easy to obtain using an EIN number and other business information. Start with office supply stores, such as Staples (see Resources), and then move on to department stores, gas stations and major credit cards.
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Unsecured Finances has over 10 years in the consulting business! We specialized in educating and assisting clients on acquiring Unsecured Business Loans and Start-Up Business Specialty Loans including; Unsecured No Documentation (No-Doc Stated Income) Loans, Unsecured Business Loans, and Unsecured Start-Up Business Loans and Lines of Credit from $10,000 to $500,000 without Assets.
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