How to get business loans with ITIN number

Camino Financial21 Feb 2024
How to get business loans with ITIN number
Business loans with an ITIN number can help you get capital to invest in your business. Regardless of your immigration status, or if you don't have a social security number, you can still access funding with this tax ID number. This post will tell you what it is, its requirements, and how to get one.
Table of Contents
1. What is an ITIN?
2. What is an ITIN loan?
3. ITIN loan requirements for businesses
4. How to get a loan with an ITIN number
5. Business loans with itin number: Pros and cons
6. Tips to improve your chance of getting an ITIN Loan
6. Getting a Business Loan With ITIN Number
7. FAQs

What Is An ITIN?

ITIN stands for Individual Taxpayer Identification Number. The IRS issues this tax ID number to foreign nationals who must file federal taxes. While it will not change your legal status, this tax number will allow you to obtain credit to finance your business.

How To Get An Individual Tax Identification Number (ITIN)

Here is a list of what you need to submit an ITIN application:
  • Fill out form W-7, available in English and Spanish.
  • Present a document that proves your identity, such as a passport or driver’s license. You must also attach a completed federal tax return.
  • Send your application by mail or take it to an IRS office or a qualified agent for processing.
In about six weeks, you will receive a letter from the IRS with your Individual Tax Identification Number.

What Is An ITIN Loan?

Business loans with an ITIN number are those available for business owners with no Social Security Number. With an ITIN loan, any business owner can easily access credit, no matter what their immigration status is. It also opens the door to the future availability of various financial products. These financial products help underserved communities and individuals grow and thrive.

ITIN Loans Requirements For Businesses

To be eligible for an ITIN business loan, you must meet the following eligibility requirements:
  • You must be a business owner with a valid Individual Tax Identification Number.
  • Your business might need to have been in business for a specific period. For example, most lenders require 2 years.
  • Your business must be in good standing and have a positive credit history.
  • You must have a reasonable ability to repay the loan according to the terms of the agreement. In other words, you need to meet the minimum-revenue requirement, ranging from $50,000 to $250,000.
  • You might need to present bank statements.
  • Present your latest tax returns.

How to Get a Loan With an ITIN Number

First, you need to find several lenders and compare their interest rates and terms to find the one that best fits your needs. Then, start the loan application process. This will require you to select the desired amount and provide information about your business, including its size, revenue, and tax returns. They will check your credit score. You’ll also need to provide personal information, such as your name, address, and Tax Number (in this case, your ITIN card, of course). Once you’ve applied, the lender will let you know if they approved you. If so, they will deposit the funds into your bank account.

Business Loans With ITIN Number: Pros And Cons


    • Credit history. Making timely payments on your ITIN loans helps you build credit. In addition, once you pay off the loan, you’ll be in a better position to qualify for a larger business loan with better terms.
  • Purchases and investments. With an ITIN business loan, you can spend the proceeds strategically to grow your business.
  • Convenience. Online ITIN loans allow you to complete the application process anywhere, anytime.


  • Higher interest rates. Many lenders consider that ITIN card holders are a greater financial risk. This increases the borrower’s APR and monthly payments.
  • Limited funding. Lenders may not offer ITIN borrowers the desired loan amount due to their requirements or bad credit history.
  • More requirements. Borrowers may need to adhere to a specific debt or put up collateral to secure the loan. Most business owners just starting have more debt than equity and don’t have assets they can offer as a personal guarantee.
  • Restrictions. Some lenders may restrict you from using loan proceeds in real estate and financial investing industries.
#DidYouKnow You can also get a personal loans with itin number

Tips To Improve Your Chance Of Getting An ITIN Loan

Easily get a business loan with an ITIN number by following these tips:

Register Your Business As A DBA

DBA (Doing Business As) is the business name you register with your local government. The DBA will allow you to have a name other than your own or the name under which your company registers. Regardless of your legal status, you will need a DBA to prove in detail to any financial institution you legally operate a business in the US.
#DidYouKnow The DBA by itself does not legally protect your business, but it could be a legal requirement depending on the state, city, or county.

Why Register Your Company As A DBA?

This document shows that your business is legitimate.
If you are a sole proprietor, you must register a DBA to open a bank account under your business name.
#DidYouKnow If you don’t have a registered DBA, it will be more difficult to access ITIN loans.
Creating a DBA has other advantages:
  • Sole proprietors can register a DBA to create a more suited brand for their type of business.
  • Registering the DBA will allow you to separate the companies if you have several businesses under the same organization.
  • The DBA can help you test your business idea with consumers before creating a formal legal entity such as a corporation or LLC. This is the least expensive way to do business legally.

How To Register A DBA Name?

The requirements depend on your state, but you should be able to do the paperwork at the state government or county clerk’s office. Keep these recommendations in mind to simplify the process:
  • First, the name DBA can’t end in “Inc.,” “LLC,” or “Corp.” because this gives the impression that your business is a corporation when in fact, it is not.
  • Check if other local companies have a name like or equal to yours. Some states do not allow duplicated names. Consumers might also confuse your business with your competitors.
  • Depending on the state, the registration involves paying fees ranging from $10 to $100.
  • Some states need you to notify them regularly if you still use the name.

Research Different ITIN loan lenders

There could be lending institutions (like community banks or credit unions) in your area that will accept your tax ID. These institutions are often more forgiving when verifying your identity and may be more likely to approve your loan application. Another option is looking for online lenders specifically catering to entrepreneurs who don’t have a Social Security Number.

Be Due With Existing Debts

Lenders are more likely to approve your application if they know you’re not carrying any excess debt. This will work in your favor if you have a good credit score and a solid repayment history. If you have unpaid debts, your lender will be less likely to give you a loan. This is because they will see you as being more of a risk.

Borrow Only The Amount You Need

You may be better off borrowing a smaller amount of money and using it to get your business. This way, you won’t use the loan for other purposes and will be more likely to pay it back on time.

Have A Good Credit Score

Your credit score is another factor that lenders will look at when deciding whether or not to give you a loan. If you have a good credit score, your ITIN lender will be more likely to approve your application. So, if you want a business loan, work on improving your credit score first.

Open A Business Bank Account

Small business owners must have a business bank account to access an ITIN loan program.
#CaminoTip You shouldn’t use your personal account for business purposes. That’s called commingling, and it’s a bad practice.
By having separate accounts, you can protect your assets in the event of a lawsuit. Also, you can preserve your personal credit score if the business fails and make your accounting and tax reporting easier. Even if you are undocumented, you can open a bank account for your business.

How To Open A Bank Account

By law, banks need to have some information about you:
Name And Place Of Birth
Banks may request any of these documents:
  • Valid passport
  • Driver’s license
  • Consular identification
  • Birth certificate
A current utility bill, lease, or driver’s license should be enough to meet this requirement.
Identification Number
You can provide any of the following:
  1. ITIN
  2. Alien identification card number
  3. Any other government-issued document that proves your nationality or residence, such as a driving license issued abroad or a passport
#DidYouKnow Here is a guide to How to Open a Bank Account Without an Ssn in the Us
Business Documents
The requirements vary depending on the financial institution where you want to open the account. Because you’re opening a commercial bank account, you need an EIN and the proper documentation, like business licenses and property agreements. Opening an account for your business gives you many advantages. For example, it keeps your money safe, separates your personal and business accounts, and builds credit. Besides, it allows you to access other benefits, such as business credit cards, ITIN business and bank loans.

How To Use Your Business Bank Account

  • Deposit all the money generated by your business into the account.
  • Don’t use your account for personal expenses. For example, if you assign yourself a salary, always withdraw the same amount, and don’t do it more than twice a month.
  • Do not let the account balance drop below $0.
  • Use only one account unless your accountant recommends opening more accounts based on how you pay your business taxes.
 #CaminoTip Alternative Loans for Businesses: 6 Options for Continued Growth

Getting a Business Loan With ITIN Number

Starting a business is part of the American dream but requires capital. Many borrowers that don’t have a Social Security Number (SSN) feel like they won’t get the money they need to finance their dreams.
Fortunately, some lenders accept applicants with an Individual Taxpayer Identification Number.


Can I get a small business loan with an ITIN?

It's easy to get a loan with an ITIN number; while ITIN holders without an SSN face restrictions on the type of credit they can immediately access, they can still find ways to obtain financing for small businesses.

Can I open a business with an ITIN?

It depends on what type of business you want to open. An ITIN is a tax number for people that cannot get an SSN, but by itself, it won’t help you form a corporation. You need to open a corporation is an Employee Identification Number (though, to get your EIN, you will need your ITIN). On the other hand, if you want to form a single-member LLC or a sole proprietorship, you won’t need an EIN; your ITIN will do.

Can I open a bank account without an SSN?

Not all financial institutions require you to have a social security card to open a checking or savings bank account. Suppose you don’t have an SSN or even an ITIN. In that case, some banks and credit unions will accept a passport number and country of issuance, an alien identification card number, or another government-issued ID number.

Can you have a credit score with an ITIN?

Credit bureaus like Experian and Equifax don’t consider ITINs valid identifiers to collect information from individuals. On the other hand, an SSN is a valid identifier, but it is not necessary to create a credit history. These bureaus use different types of information to collect and locate credit data, like your name, address, birthday, and employment history.

What do you need to qualify for a business loan with an ITIN number?

In addition to verifying your ITIN taxpayer ID number, lenders want to see other records. Examples include payment rent records, employment history, tax returns, a copy of your business registration, personal and business credit scores, business financial statements, and bank statements. All this extra information helps them verify your present and past income and validate that you pay your bills responsibly.

How can I refinance debt with an ITIN loan?

After applying for the ITIN loan and receiving it, you can use the proceeds to pay off your existing older loan with higher interest rates. Just send a wire transfer or a certified check to pay off the old loan or have the refinancing lender pay off the old loan as part of the loan closing process.

Can I get a loan with an ITIN number?

Yes, business loan funding options exist for people without social security numbers. Some examples are personal, business, mortgage, and car loans.

What banks accept ITINs?

There don’t seem to be any banks that accept ITIN to approve business loans. You can apply with Wells Fargo or US Bank if you want a loan.

How is an ITIN different from an SSN?

An ITIN is a tax identification number issued to foreign nationals who do not have a social security number (SSN). An SSN is a social security number issued to US citizens and permanent residents.

Can I get a home loan with an ITIN number?

Yes, ITIN mortgage lenders can give you an opportunity at homeownership. Remember that some lenders may be more willing to work with borrowers with an Individual Tax Identification Number, while others may not be as flexible. Therefore, shopping around and comparing rates and terms from different lenders is essential before deciding. Remember that to get ITIN mortgage loans, you might need an appraisal and a down payment. If you need ITIN home loans, First National Bank of America is a great alternative.

Can I get a car loan with an ITIN number?

Yes, you can get a car loan with an ITIN number. However, the interest rates may be higher than loans obtained with a social security card, which might require a down payment. You should contact your financial institution to learn more about the specific terms and conditions that apply to ITIN loans.

Can I get personal loans with an ITIN number?

Fortunately, you can. It is easier to get personal ITIN loans than business loans.

Can I apply for a PPP loan with an ITIN number?

At first, only SSN holders could apply for PPP loans. Later, the SBA allowed people with an Individual Tax Identification Number (ITIN) to apply for the Paycheck Protection Program, as long as they were lawful US residents. The PPP loan stopped receiving applications on May 31, 2021.

Are there loans without an SSN or ITIN?

No, there are no loans without an SSN or ITIN. All lenders require some form of identification to process a loan, and an SSN or ITIN is the most commonly accepted form of ID. If you do not have either of these, you will not be able to take out a loan. Some alternative options are available if you cannot get an SSN or ITIN, but they will likely come with much higher interest rates and may not be as accessible. If you need a loan, your best bet is to get an SSN or ITIN to qualify for better terms and conditions.

How to build credit with an ITIN number?

To build credit with an ITIN number, start by applying for a secured credit card. A secured credit card is a type of credit card that requires you to put down a deposit before you can use it. The deposit acts as your line of credit and protects the issuer if you don't pay your bill.

Can I apply for an SBA loan with an ITIN number?

Yes, you can apply for an SBA loan with an ITIN number. The Small Business Administration (SBA) has a program specifically for businesses owned by immigrants who are not yet eligible for a Social Security Number (SSN). The SBA’s Microloan Program provides small loans of up to $50,000 to help start up or expand businesses. Loans are made through participating intermediary lenders and community-based organizations with expertise in lending and technical assistance.

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