Young Hispanic shop owner smiling to camera outside his shop. Concept:Camino Financial doesn't require a Social Security Number
Timothy Ronaldson
By: timothy-ronaldson
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Why Camino Financial Doesn’t Need a Social Security Number to Apply for a Loan

If you’re a non-U.S. resident, you know how hard it can be to access capital to invest in your business. If you’re an undocumented immigrant with no Social Security Number, you know it can be next to impossible.

You’re a hard-working individual, but even non-U.S. residents who have no green card and only have a working or student visa may find it difficult to qualify for something as simple as a credit card to access capital. The situation is even worse for undocumented immigrants who have no visa and therefore no Social Security Number.

If you’re in any of these situations, is there any way you can obtain financing for your business?

Can You Get a Business Loan Without an SSN?

Fortunately, obtaining capital to invest in your business is absolutely possible, even if you don’t have legal immigration status or a valid Social Security Number.

In its place, some financial institutions will allow you to use your ITIN instead of your Social Security Number when you’re applying for a business loan. While not all financial institutions will accept an ITIN in place of a Social Security Number for a business loan – especially larger financial institutions – community banks, smaller banks, and local credit unions might.

The IRS issues ITIN numbers (Individual Taxpayer Identification Number) to individuals who are not eligible to obtain a valid SSN, but who are required by law to file an individual income tax return. In other words, every foreign citizen regardless of their immigration status, who needs to file federal taxes can get an ITIN. Obtaining an ITIN will not change your immigration status, but it will allow you to apply for loans that only require an ITIN to finance your business.

In fact, it is an obligation for every individual in the U.S. to file taxes, regardless of their immigration status. Even undocumented immigrants have to file taxes by law if they are working and earning an income in the U.S.

Getting an ITIN is a pretty straightforward process. In order to obtain one, you must:

  1. Fill out form W-7, available in English and Spanish.
  2. Present a document that proves your identity, such as a passport or driver’s license.
  3. You must also attach a complete federal tax return. This means your ITIN and your tax return are processed simultaneously.
  4. Send your application by mail, or take it to an IRS office or to a qualified agent for processing.
  5. In about six weeks you will receive a letter from the IRS with your ITIN number.

For a more in-depth, step-by-step guide on the required documentation and how to submit your ITIN application, read here the 5 Steps to complete an ITIN application.

Why Camino Financial Doesn’t Require a Society Security Number from Their Applicants

Camino Financial is one of those financial institutions that doesn’t require a Social Security Number to apply for a business loan, and we accept an ITIN instead. The reason for this is that a large portion of our borrowers do not have Social Security Numbers due to their immigration status, but we don’t believe that alone should be a reason a person should be denied the right to get financing for their business.

As such, we have designed our business loans around this fact, and allow borrowers to access credit by using their ITIN. By doing so, we are able to uphold our mission of financial inclusion to the Latino Business Owner community.

At Camino Financial we live up to our motto: No Business Left Behind.

While there are some other lenders that are beginning to accept the use of an ITIN in lieu of an SSN – such as Aura and Oportun, which both offer personal loans – the opportunities for business loans are still scarce to date. This is especially true at larger financial institutions.

ITINs initially served the sole purpose of allowing a non-U.S. resident to file federal taxes, but they are slowly transitioning into being an alternative to a Social Security Number for immigrants who are hoping to access capital for their business. More financial institutions and non-profit lenders are expanding their offerings to accept an ITIN in place of an SSN. But keep in mind that an ITIN does not change your legal status; it only serves as a replacement for an SSN in certain cases if you cannot get one.

Camino Financial is dedicated to supporting the community of immigrant business owners in the U.S., and we are taking as many initiatives as we can to support this mission. In addition to accepting ITINs for business loan applications, our loan specialists are bilingual, the resources we provide in our blog are in English and Spanish, and we provide our members with continuing education resources to improve their financial performance in the U.S. and grow their businesses.

Why Camino Financial Is Your Best Option

Camino Financial is your best business loan option for a variety of reasons that extend just beyond the fact that we accept ITINs:

  • Our application and funding processes are faster and more convenient than with traditional Banks and you can receive your funds directly in your bank account within 2-10 days.
  • At Camino Financial, we provide you with personalized customer service, matching you with the best financial solution to meet your unique needs.
  • Through the loan application process, we will make sure you know and understand every detail of the business loan you are taking, and ensure you are comfortable with your monthly payment requirements.
  • Our loan representatives understand the unique challenges that come with being an immigrant entrepreneur in the U.S. We don’t believe that your legal status should hinder your goals of being successful.
  • Camino Financial doesn’t require you to have a credit history, because we understand that a large portion of our applicants haven’t been in or remained in the U.S. long enough to build a substantial credit history.
  • We don’t require you to provide collateral when you’re applying for a business loan, so you won’t be putting your personal property and assets at risk.
  • To sum up, we have fewer requirements than most lenders.
  • Our members also have exclusive access to webinars and receive discounts on selected business products.

At Camino Financial, we go the extra mile for our members. What this all equates to is an added value that you won’t find in any other business lender, especially if you are an immigrant in the U.S.

So, apply for a business loan with Camino Financial today, and you’ll be well on your way to making your dreams come true, even if you don’t have a Social Security Number.


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