How can an immigrant get a loan for a small business?

If you do not have a social security number you will need to obtain an ITIN, or Individual Taxpayer Identification Number, which is a unique number assigned to taxpayers who may not be able to obtain a social security number

Is it possible to open a business with an ITIN?

Yes, a business can be opened with an ITIN, but you will also need to comply with the local regulations of state, and federal when starting your business. 

Can you have a credit score with just an ITIN?

Yes it is possible to build credit with an ITIN, in fact using a business loan with your ITIN is an excellent avenue for building credit

Are interest rates and terms different for ITIN business loans compared to traditional business loans?

Historically it could be said that interest rates for loans secured by an ITIN may be higher than a traditional loan, but with the rise of digital lending these rates may be more competitive

Can I use an ITIN business loan for various purposes?

When obtaining financing with a business loan utilizing your ITIN you can spend the funds to grow and invest as you see best as an owner. There may be some restrictions however so be sure to check with your lender before signing a loan.

About the Author

Kal Salem

Kal Salem

MA Accounting - Arizona State University

A CPA and finance professional working with small businesses to educate owners and grow alongside their businesses. Kal started his career in public accounting supporting SEC, regulatory, and both internal and external audits. He holds a Masters in Accounting and a BS in Supply Chain Management. Owner at Salem CPA...

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