Can You Get a Small Business Loan With Just EIN?
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What Is an EIN?
Makes filing taxes easier Enables business owners to open a business bank account Helps business owners open a business credit card
Does Your Business Have an EIN?
How to Apply for a Startup Business Loan With EIN Number
Apply for an EIN Open a business bank account Apply for a business credit card with EIN Make all payments to vendors and credit accounts through your business bank account. Ask vendors to report your on-time payments to Dun & Bradstreet, Experian and Equifax Check on your business’s credit score. Once your business has an established credit score, apply for start up business loans using EIN number
Why Should You Use EIN Over SSN?
Personal credit history is not a factor Borrowers who don’t have a SSN can still apply for a business loan Application process may be easier Credit score may improve loan terms More financing options may be made available Eligibility requirements may not be as difficult to reach
Best Small Business Loans for EIN
Equipment Loans: Equipment loans are secured with the equipment itself, which makes them less of a risk to the lender. However, lenders may still impose a cap on how much they are willing to loan to borrowers applying only with an EIN. The good thing about equipment loans is that the loan term often mirrors the equipment’s useful life. Invoice Financing: Use unpaid customer invoices as collateral to secure a business loan. Once payment is received, full repayment of the loan is expected. Invoice Factoring: Sell unpaid invoices to a third party at a discount. That company collects payment on your behalf. Once they receive payment, they forward any remaining amount to you minus any fees. Merchant Cash Advances: Borrowers receive a lump sum of cash from a lender. Instead of making monthly payments, a small percentage of each credit card sale is automatically sent to the lender. Neither monthly payments nor collateral is required since payment is guaranteed through sales.
Will My Loan Be Limited?
What to Do If You Aren't Eligible?
Frequently Asked Questions
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