Are you thinking about seeking financing for your company, non-profit or church?
One of the first things you should do if you haven’t already is establish a separate bank account. At a minimum, this typically involves applying for an Employer Identification Number (EIN) with the Internal Revenue Service and filing Articles of Incorporation with your state.
With these two documents, you will be well on your way to opening up a business account with a financial institution in the name of your organization. Be sure to deposit all funds received from clients and/or donors into this account so that you can establish a record of income.
You will want to make sure all deductions relate to your business. It’s better to pay yourself a set amount at regular intervals rather than use the account for your personal expense.
Keep this practice going for twelve months before applying for funding on behalf of your business or ministry.
