An Employer Identification Number is a unique nine-digit number administered by the Internal Revenue Service that’s used to identify a business entity 1 . In many cases, businesses need to have EINs, however, there are situations in which it’s not necessarily required. For instance, if you operate as a sole proprietor, an EIN may be optional 2

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As a small business, you have options. Learn more about SBA loan offers.

New Business Owner Tools & Resources

We want your business to grow and succeed at every stage, so we’ve outlined a few things to help you begin your journey for an even better tomorrow.

How to Get Approved for a Small Business Loan

Step #1: Ensure you have a sound business plan. It’s important to have a formalized strategy, viable market, projections, and so on when you start applying for a loan.

Step #2: Estimate how much capital you need (and can afford). Look beyond initial purchases — consider future needs and ongoing costs. Not sure what loan is right for you? Speak with a Centier small business banker for personalized guidance.

Step #3: Consult an expert. While new owners often wear many hats, it’s wise to seek outside counsel when organizing your business finances and applying for a loan.

Step #4: Gauge where you stand. Talk to a Centier small business banker to help determine what you need to get started. While there may be different loan qualification requirements, you can expect financial institutions to review the following:

Your personal and business credit scores
Cash flow and income
Age of business
Current debts and liabilities
Collateral
Industry

Step #5: Apply for a business loan. Ready to get started with Centier?

Helpful Resources for New Business Owners In Indiana

10 Steps to Start Your Business

Understand what goes into starting a business.
Learn how to conduct market research, write a business plan, choose your structure, and more. Visit SBA.gov

Accounting 101: A Guide for Small-Business Owners

Learn accounting best practices for small businesses.
Walk through accounting basics, like financial reporting and tax responsibilities, to help make critical decisions for a new business. Visit Business.org

Fueling Your Business: A Guide to Financing Your Small Business

Determine your capital needs as well as what sources of financing can help meet them.
Learn about the key factors to consider when evaluating potential investors and lenders. Visit FDIC.gov

Starting A Business FAQs

Even if you aren’t immediately applying for financing, it’s wise to create and follow a plan. Think of your business plan as a roadmap for your company — it requires you to think through initial challenges while simultaneously directing you toward specific milestones and goals.

An Employer Identification Number is a unique nine-digit number administered by the Internal Revenue Service that’s used to identify a business entity¹. In many cases, businesses need to have EINs, however, there are situations in which it’s not necessarily required. For instance, if you operate as a sole proprietor, an EIN may be optional²

Business owners should open separate bank accounts for their businesses. For starters, it helps establish your business as a legitimate operation in the eyes of the IRS — versus a hobby. Moreover, distinguishing between your personal and company transactions can prevent unnecessary headaches during tax season¹

Depending on the initial needs of your business, you may be able to cover startup costs via personal assets, outside investors, and/or crowdsourcing. Naturally, it’s easier to fund a low-overhead venture, such as one that operates primarily online, rather than a capital-heavy one, such as a restaurant.

If your business hasn’t made money yet, it may be difficult to get a loan. However, you may be able to lean on your personal credit scores to secure a credit card in the meantime, although that will vary by lender. You also may be able to take advantage of SBA programs designed to provide support to new businesses.

As a new business owner, you’ll have to decide between cash-basis and accrual-basis accounting. Cash-basis accounting is widely regarded as the most straightforward method, while accrual-basis accounting provides a clearer, more reliable view of your financial performance. With that in mind, it’s important to speak with an accountant and financial professional about the right accounting method for your business.

Manage Your Business

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Online & Mobile Banking Solutions

Find convenient digital products and services to streamline your finances.

Savings Accounts

Start setting funds aside with our Small Business Savings Account.

Checking Accounts

Manage cash flow efficiently with our MyBiz and MyBiz Plus Checking options.

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