Key Takeaways
- Five core documents are needed: EIN, bank statements, business formation docs, ID, and immigration status doc
- No Social Security Number required — ITIN or foreign passport is accepted
- No green card required — any work-authorized immigration status is acceptable
- Business bank statements (not personal) for the last 3–6 months are the most important document
- The entire document collection process typically takes 1–2 hours for organized business owners
Non-citizens applying for a business loan need five core documents. Unlike traditional bank applications that demand extensive personal financial history and citizenship verification, Bankable Funds' application focuses on your business's financial reality. Here is the complete document checklist.
Document 1: EIN (Employer Identification Number)
Your EIN is the business equivalent of a Social Security Number. It is issued by the IRS and can be obtained by any non-citizen who forms a US business entity. Apply at IRS.gov using Form SS-4 — you can use a foreign address and a foreign passport or ITIN. An EIN does not require citizenship, green card, or SSN. The IRS issues EINs to non-residents for valid US business purposes. Get yours before applying for funding.
Document 2: Business Bank Statements (3–6 Months)
Your business checking account statements are the most important documents in your application. Lenders use these to verify your monthly revenue, identify cash flow patterns, check for NSF (insufficient funds) events, and confirm that your business generates the revenue you claim. Key requirements:
- Must be a dedicated business account (not personal)
- Must be in the name of your business entity
- Full statements preferred (not screenshots or partial exports)
- 3 months minimum; 6 months strongly preferred
Document 3: Business Formation Documents
These documents prove your business exists as a legal entity:
- LLC: Articles of Organization + Operating Agreement
- Corporation: Articles of Incorporation + Bylaws
- DBA/Sole proprietor: DBA registration (note: sole proprietor status has limitations for non-citizens)
Document 4: Government-Issued ID
Any valid government photo ID is accepted. This includes: foreign passports (all countries), US state-issued driver's license or ID (available in most states to non-citizens), USCIS-issued identity documents, and ITIN verification letters. A US Social Security Number is not required.
Document 5: Immigration Status Documentation
Bankable Funds needs to verify that you are authorized to conduct business in the US. Accepted documents include:
- Valid US visa stamp in passport (H-1B, E-2, L-1, O-1, TN, etc.)
- Form I-551 (Permanent Resident Card / Green Card)
- Form I-766 (Employment Authorization Document / EAD)
- Form I-94 (Arrival/Departure Record) with valid status notation
- Form I-797 (USCIS Notice of Action) for pending applications
- Refugee/Asylee travel document
Optional But Helpful Documents
- Business tax returns (prior 1–2 years) for larger funding amounts
- Profit and loss statement
- Existing lease or major contract documentation
- Pending visa renewal application (strengthens the application if current visa is expiring)
Frequently Asked Questions
Documents in languages other than English should be accompanied by certified translations. However, for standard visa stamps and USCIS-issued documents, translations are generally not required as these are US government documents. Contact Bankable Funds to confirm document requirements in your specific situation.
A dedicated business bank account is a fundamental requirement. You cannot use a personal account as a substitute. If you don't have one, open one immediately at any US bank using your EIN and business formation documents. Allow 1–3 months of deposits before applying to begin building qualifying history.
No. Bank statements are required as primary verification and cannot be replaced by P&L statements, which are self-generated. Bank statements provide a third-party-verified record of actual cash transactions. P&L statements may be requested as supplemental documentation for larger funding amounts.
Occasional low-balance days are common for small businesses and are not automatically disqualifying. Multiple NSF (non-sufficient funds) events, sustained negative balances, or patterns of overdrafts are concerns that may reduce your approved amount or result in denial. Clean up your bank account health before applying.
Bank statements should be as current as possible — ideally ending within 30 days of your application. Statements older than 60 days from the application date may not be accepted. If you're applying mid-month, some lenders accept month-to-date statements for the most recent period.
Bankable Funds primarily uses business bank statements. Personal statements may be requested for larger funding amounts or in cases where significant personal/business funds are commingled. To keep the process clean, maintain strict separation between personal and business finances.
Yes, but transitions add complexity. You'll need documentation of the business transfer, prior owner's financials if available, and your own financial performance since taking over. Lenders want to see revenue under your ownership/management — a track record of 3–6 months after a transfer is ideal before applying.
Both owners' information may be required, but the US citizen co-owner's status does not automatically grant citizenship-level benefits for SBA programs (which are closed to businesses with non-citizen 20%+ owners). For Bankable Funds private products, the business revenue and both owners' basic information are what matter.