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Can non us citizens, who have us based businesses; apply for…

can non us citizens, who...
can non us citizens, who have us based businesses; apply for business loans?
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9/21/2017
KLAW
KLAW, Attorney
Category: Business Law
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Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Hello and welcome to Just Answer. No attorney-client relationship or privilege is formed by speaking to an expert on this site, the answers are for general information. By continuing, you confirm that you understand and agree to these terms.

In general, the answer is yes. Non-US Citizens, who have US based business, are eligible for business and SBA loans. There are no legal restrictions.

However, each lender that you work with may have its own policies on whether it's willing to work with non-US citizens. Some banks choose not to because it can create issues if the loan goes into default. However, most banks and lending institutions have no problem as long as the business is an US corporation or LLC.

If a lender is willing to work with you, then you just have to follow the bank’s own individual guidelines and application procedure that non-citizens have to follow to be eligible for loans. Keep in mind that most banks have a rule that if a non-citizen is the sole or majority owner, then they have to fully collateralize the loan with US-based assets, and the business must have been operating for at least 1 year.

I hope this clarifies and helps.

It was a pleasure assisting you today, and I would appreciate if you would rate my service with stars, so I will receive credit and payment for my work. I will not receive payment for assisting you today, unless you rate the question. After you rate the question you can ask follow up questions, and you will not be charged any additional money for the follow-up questions.

KLAW
KLAW, Attorney
Category: Business Law
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