If you are not a U.S. resident UU., You know how difficult it can be to access capital to invest in your business. If you are also an undocumented immigrant without a Social Security Number, you also know that it can be almost impossible.
It doesn’t matter that you are a hardworking person and that you are only in this country to access a better life: even for non-permanent residents without a greencard (only with a work or student visa) it can be difficult to qualify for something as simple as a credit card. The situation is even worse for undocumented immigrants who do not have a visa and therefore do not have a Social Security Number.
If you find yourself in any of these situations, is there any way to obtain financing for your business?
Fortunately, it is entirely possible to obtain the capital you need to invest in your business, even if you do not have a legal status of legal immigration and do not have a valid Social Security Number.
Instead, some financial institutions will allow you to use an ITIN instead of your Social Security Number when applying for a commercial loan. While not all financial institutions will accept an ITIN instead of a Social Security Number for a commercial loan (especially larger financial institutions), community banks, smaller banks and local credit unions may be willing to do what.
The IRS issues ITIN ( Individual Taxpayer Identification Number or Individual Taxpayer Identification Number) numbers to those who are not eligible to obtain a valid Social Security Number, but who are required by law to file an individual income tax return. In other words, all foreign citizens, regardless of immigration status, and who must file federal taxes, can obtain an ITIN. Obtaining an ITIN will not change your immigration status, but will allow you to apply for loans that only require an ITIN to finance your business.
In fact, it is an obligation for all individuals in the United States to file their taxes, regardless of immigration status. Even undocumented immigrants have to file taxes by law if they are working and earning a salary in the US. UU.
Obtaining an ITIN is a fairly simple process. To get yours, you must:
- Fill out the W-7 form, 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 complete federal tax return. This means that your ITIN and your tax return are processed simultaneously.
- Mail your request or take it to an IRS office or to a qualified agent for processing.
- In approximately six weeks, you will receive a letter from the IRS with your ITIN number.
For a 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 .
Ferdies Financial is one of the few financial institutions that do not require a Social Security Number to grant a commercial loan, and instead accept an ITIN. Why? We know that a large part of our applicants belonging to the Latino community do not have Social Security Numbers due to their immigration status, but we do not believe that this is a sufficient reason to deny them the right to obtain financing for their businesses.
We have designed our commercial loans with that in mind and we finance applicants who can only submit their ITIN. In this way we fulfill our mission of helping the Latino business community.
In Ferdies Financial we are faithful to our motto: “We do not close the doors to any business”.
While there are other lenders that are beginning to accept the use of an ITIN instead of an SSN, such as Aura and Oportun , that offer personal loans, business loan opportunities remain scarce to date. This is especially true with the largest financial institutions.
Initially, the sole purpose of the ITINs was to facilitate non-US residents. The presentation of federal taxes, but this number is gradually becoming an alternative to the Social Security Number in terms of also facilitating access to capital for their companies. More and more financial institutions and nonprofit lenders are expanding their offer to accept an ITIN instead 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 obtain the latter.
Ferdies Financial supports the community of immigrant business owners in the US. UU., And take initiatives that support this mission. In addition to accepting applicants with only one ITIN, our business loan specialists are bilingual, we provide educational resources in English and Spanish, and we provide our Latino members with continuing education to improve their financial performance in the US. UU. and grow your business.
Why Ferdies Financial is your best option
Ferdies Financial is your best commercial loan option for a variety of reasons that go beyond the fact that we accept ITIN instead of Social Security Number:
- Our application and financing processes are faster and more convenient than with traditional banks, and you can receive your funds directly into your bank account in a period of between 2 and 10 days .
- In Ferdies Financial we offer you a personalized customer service, and we make sure to find the best financial solution that meets your specific needs.
- Throughout the loan application process, we will make sure that you know and understand all the details of the commercial loan you are taking and that you feel comfortable with your monthly payments.
- Our loan specialists understand the unique challenges of being an immigrant entrepreneur in the US. UU. We do not believe that your legal status should be an obstacle on your path to success.
- Ferdies Financial does not require you to have a credit history, because we understand that a large part of our applicants have not been in the United States long enough to build a substantial credit history.
- We do not require you to provide a guarantee when you apply for a commercial loan, so you will not put your personal assets or those of your business at risk.
- In short, we have fewer requirements than most lenders.
- Our members also have exclusive access to webinars and receive discounts on selected commercial products.
In Ferdies Financial we make an additional effort for our members. All this implies an added value that you will not find in any other commercial lender, especially if you are an immigrant in the USA. UU.
Apply for a commercial loan with Ferdies Financial, and start making your dreams come true, without letting the lack of a Social Security Number stop you.