Let's go over how to get started.
First Steps Before Applying for Business Loans:
1. Get Your EIN Number:
- Apply for free through the IRS at: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
- You’ll need a valid Social Security Number.
- You’ll receive your EIN immediately after applying online.
2. Open a Business Bank Account:
- Choose a business-friendly bank or local credit union.
- Bring your EIN, business formation documents (like LLC paperwork), and photo ID.
- Open a basic business checking account to start building a banking relationship.
Types of Business Loans to Explore:
- SBA Microloans (up to $50K)
- CDFIs (Community Development Financial Institutions)
- SBA Loans (favorable terms, but more paperwork)
- Business credit cards
- Peer-to-peer lending platforms
Loan Application Requirements Usually Include:
- A solid business plan
- Personal credit score
- Any available collateral
- Personal & business financial statements (as available)
Full Conversation

How do I get a loan to start my business?

Starting a business can be exciting! Have you already researched different types of business loans available to you?

No, I haven’t.

Are there any specific requirements or challenges you're facing in the loan application process?

The EIN number.

Got it. Is there anything else the lawyer should know before I connect you?

I don’t have a bank either.

Hi there! I’m Joel, a finance, tax, and business expert with over 16 years of experience. I understand you're trying to get a loan to start a business, but you're running into issues with obtaining an EIN and don’t yet have a bank account.

Thanks. I’m trying to open a car lot.

Let's go over how to get started.
First Steps Before Applying for Business Loans:
1. Get Your EIN Number:
- Apply for free through the IRS at: https://www.irs.gov/businesses/small-businesses-self-employed/apply-for-an-employer-identification-number-ein-online
- You’ll need a valid Social Security Number.
- You’ll receive your EIN immediately after applying online.
2. Open a Business Bank Account:
- Choose a business-friendly bank or local credit union.
- Bring your EIN, business formation documents (like LLC paperwork), and photo ID.
- Open a basic business checking account to start building a banking relationship.
Types of Business Loans to Explore:
- SBA Microloans (up to $50K)
- CDFIs (Community Development Financial Institutions)
- SBA Loans (favorable terms, but more paperwork)
- Business credit cards
- Peer-to-peer lending platforms
Loan Application Requirements Usually Include:
- A solid business plan
- Personal credit score
- Any available collateral
- Personal & business financial statements (as available)

How will I establish a bank account?

Here's how to open a business bank account specifically for your dealership:
Documents You’ll Need:
- Business formation paperwork (LLC, Corporation, or DBA if sole proprietorship)
- EIN confirmation letter
- Auto dealer license (from your state DMV)
- Local business license and sales tax permit
- Personal ID (driver's license, passport)
- Proof of address
Steps:
- Research banks that work with auto dealers.
- Schedule an appointment with a business banking specialist.
- During your meeting, explain your dealership model and ask about account features like:
- Floor plan financing
- High transaction volume handling
- Merchant services for payments
- After opening the account, set up:
- Online banking
- Business debit card
- Business checks
- Credit card (if needed)
- Payment processing for customers
I’m still here and happy to help with any other finance, tax, or startup concerns you have. Looking forward to helping you move forward!