How can Immigrant get a Business Loan in USA - PowerPoint PPT Presentation

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How can Immigrant get a Business Loan in USA

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If an applicant is not a legal permanent resident (LPR) or doesn’t have Green Card, the lender needs to determine their eligibility for SBA business loan. – PowerPoint PPT presentation

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Title: How can Immigrant get a Business Loan in USA


1
How can Immigrant get a Business Loan in USA?
2
Are immigrants eligible for a business loan in
USA?
  • Yes, they are eligible. 
  • Green Card Holders (Legal Permanent Residents)
    can consider business loans through Small
    Business Administrations (SBA) community
    advantage loan program.
  • If the borrower is not a green card holder,
    he/she may face extra challenges to get business
    loan.

3
SBA Community Loan Advantage
  • Federally guaranteed small business term loan.
  • Ranges from 50,000 to 250,000.
  • Rate of interest - 7 to 9.
  • Loan Tenure - 7 to 10 years.

4
SBA Loan for Non-US Citizens
  • The SBA states that businesses that are 51 owned
    and controlled by non-US citizens provided they
    are lawfully in the US qualify for SBA financing
    options.
  • However, it is the discretion of a lender whether
    he/she wants to offer loan to a non-US citizen or
    not.
  • Each director, proprietor, partner, 20 owner
    of a business looking for an SBA loan must submit
    an SBA Form 912 to the lender as a part of the
    loan application process.
  • If your lender is willing to offer you a loan,
    you have to follow SBA rules to be eligible for
    SBA loan.
  • If your business partner is 51 owner of the
    business, you are not supposed to meet special
    criteria.  

5
SBA loan for Non-Green card holders and Foreign
Nationals
  • If an applicant is not a legal permanent resident
    (LPR) or doesnt have Green Card, the lender
    needs to determine their eligibility for SBA
    business loan based on statuses
  • An individual who has been granted asylum or
    refuge with LPR status
  • An alien is subject to the Immigration Reform
    and Control Act (IRCA) 1986.
  • A documented alien living in the United States
    with a specific purpose for a specific time.

6
SBA loan for Non-Green card holders and Foreign
Nationals
  • The business should also meet some other
    requirements that include
  • Present management must have experience in
    operating the business for a minimum of 12 months
    before the application date
  • They need to guarantee the loan personally.
  • The applicant must have enough U.S.-based
    collateral to pay off the loan at any time during
    its tenure.

7
Thank You!!!
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