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Camino Financial
By: camino-financial
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Business Loan With EIN Only: The Complete Guide

Did you know you can apply for a business loan with EIN only? Yes, you can qualify for various funding sources with your Employee Identification Number.

Whether it’s to invest in new equipment or inventory, hire staff members, or simply provide an emergency cash cushion – businesses need money to thrive and grow.

In this article, you’ll find everything you need to know.

Can I Use My EIN Instead Of An SSN To Apply For A Loan?

Yes, individuals who are not eligible for an SSN can still get business loans using their EIN. The process is usually just as easy as applying for a loan with your SSN.

When you use your EIN to apply for a loan, the lender still needs the assurance that a credit score provides, but this will depend on your business credit history.

What Are The Types Of EIN Business Loans

Merchant Cash Advances

MCAs are loans that the business repays via credit card sales. The lender advances your business to a lump sum of cash based on your credit card receipts rather than your credit score.

MCAs are easy to apply for but generally come with high-interest rates.

Invoice Factoring

Under this model, the lender buys your outstanding invoices for a lump sum.

They deduct a fee on every invoice you sell and determine creditworthiness based on your customer’s credit scores, not your business credit history.

Accounts Receivable Financing

With this EIN business funding, the lender advances a lump sum based on the total amount of your past-due invoices.

Unlike invoice factoring, you still own the invoices and can collect from them to repay the lender.

Other EIN financing options are available, but these are among the most common.

What Are The Main Requirements For Business Loans Using An EIN?

Different lenders will have varying requirements for obtaining a business loan with an EIN.

Nevertheless, the most common requirement is proving that your business has a long, consistent credit history and a good financial management record.

Additionally, many lenders will require an owner’s guarantee, which means the business owner is personally responsible for the loan repayment.

In some cases, additional requirements may include providing collateral such as real estate or equipment to secure the loan, a business plan, and proof of cash flow.

How Do You Get A Business Loan With an EIN?

Build A Credit History

Because your business’s EIN is how lenders determine your creditworthiness, the first step is to work towards a strong and positive business credit history.

Back-Up Your Credit History With Paperwork

Lenders want to understand your credit profile. So they will ask for financial reports and paperwork.

For example, bank statements, invoices, tax returns, and financial projections.

Take Your Time

Building a solid credit history will take time, and the longer your business can prove an established financial presence, the better for getting a loan.

Ensure You Have Capable Financial Managers

Good financial managers are crucial to obtaining a business loan with an EIN. They will be able to help you create a plan for success when applying for a loan.

Apply For A Loan

Once you have established a business credit score, you can apply for a business loan with an EIN.

Find A Lender

You will want to start by finding the best lender for your business.

Make sure to account for all loan requirements, including terms and fees, and find the one that works best for your business.

Prepare Your Documents

Prepare to meet the lender’s expectations by gathering your financial reports, proving your ability to repay, and being ready to pay the higher interest rates that come with EIN-only loans.

What Is An EIN Number?

EIN stands for “employer identification number,” a unique number that identifies your business as an entity apart from you or your business partners for the sake of loans or taxes.

This number, like an SSN, allows you to get business funding based on your company’s credit history.

The main difference between an EIN and SSN is that one is for people, the other for businesses.

As such, an EIN allows you to build a business credit score not connected to your personal credit score and apply for business loans when you don’t have an SSN.

When Does Your Business Need An EIN?

Your business needs an Employer Identification Number (EIN) when it meets any of the following criteria:

  • Hiring Employees. If your business plans to hire employees, you need an EIN for tax purposes, reporting, and paying employment taxes.
  • Forming a Corporation or Partnership. If you’re creating a corporation or partnership, you need an EIN to identify your business entity for tax purposes.
  • Opening a Business Bank Account. Most banks require an EIN to open a business bank account.
  • Filing Tax Returns. If your business needs to file tax returns, you will need an EIN to identify your business entity.
  • Changing Business Type. If you change your business type (e.g., from a sole proprietorship to a partnership), you must obtain a new EIN for the new business entity.

How To Get An EIN?

Getting an EIN requires completing the online application form and sending it to the IRS.

It is completely free. It is important to note that you need an SSN to complete the process.

With that said, for those who do not have an SSN, you would need to first apply for an ITIN, and once you have that, then apply for your EIN.

You can do both relatively quickly via IRS forms.


Pros and Cons of a Loan With An EIN Number


  • They don’t require a personal credit report, making them ideal for small business owners with lower credit scores who couldn’t qualify for a traditional loan.
  • Individuals who do not possess an SSN can still receive small business funding.
  • They are easier to apply for and more likely to receive approval since they depend solely on the business’s financial information.


  • It is more challenging to obtain them than personal credit loans due to the lack of data available for evaluation. As a result, many lenders do not extend EIN-only loans, and those willing to offer such loans tend to charge higher interest rates.
  • The repayment period is usually shorter than in personal credit loans. This means businesses may have difficulty paying back their loan within the stipulated time frame.
  • There is a higher risk due to the lack of regular income and other forms of financial security, such as collateral or personal guarantee.

What Are The Alternatives To Business Loans With EIN?

If you are not interested in the aforementioned business loans with an EIN, or your business cannot meet the requirements, there are a few other alternatives.

Business Credit Card

You can use a business credit card to finance your business, which helps you establish good credit.

They also require a good credit score, so you may need to look into other options if your score is not up to par. Fortunately, there are many credit cards that accept EIN numbers.

Personal credit card

You could also apply for a credit card with your personal credit score.

You can either:

  • apply for a secured credit card, which requires an upfront payment as security but allows you to get one even without a perfect credit score
  • rely on your good credit score and apply for an unsecured credit card

Friends And Family

You could request a private loan contract with a friend or family member, but this could damage your relationships.

Angel Investors

The risk with angel investors is that investors usually require some control over your business even if you can get the funding.

ITIN Business Loan

You can still get commercial funding if you don’t have an SSN.

At Camino Financial, we offer small business loans that you can apply for with an ITIN.

This is probably the best way to get capital for all your business goals.

Apply For An ITIN Business Loan!



How to build business credit with an EIN?

To help boost your business’s overall financial profile:

  • Set up trade accounts with vendors or suppliers who report their transactions to the commercial reporting bureaus.
  • Ensure lenders report accurate information to the bureaus (Dun & Bradstreet or Experian Business Credit Bureau).
  • Consider applying for loans through alternative lenders specializing in approving small businesses without traditional FICO scores.

Does your EIN have a credit score?

No, your EIN (Employer Identification Number) has no credit score. An EIN is a nine-digit number the Internal Revenue Service (IRS) assigns to business entities for tax filing and reporting purposes.

How do I find my EIN?

Fortunately, there are several different methods you can use to find your EIN quickly and easily: Check your tax returns, contact the IRS, contact your bank or financial institution, or use online search services.

What does EIN stand for in business?

EIN stands for Employer Identification Number.


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