Lender's Corner

Not Just for US Citizens
by Curt Solomon, Vice President, NYBDC
Regional Manager, Central & Northern New York
cslomon@nybdc.com

Did you know that businesses owned by principals that are neither US Citizens nor permanent resident aliens can  obtain financial assistance and loan guarantees from the SBA? 

A small business owned by a foreign national or a foreign entity is eligible for SBA financing if it:

(1) has a place of business located in the US;
(2) operates primarily within the US;
(3) pays taxes to the US; and
(4) uses American products, materials and labor. 

However there are requirements as follows:

• The borrower must demonstrate that separate continual and consistent management (in addition to the owners) exists and will continue indefinitely. 

• Management must have US citizenship or verified LPR status.  

• Management must have operated the business for a least one year.

• There must be sufficient collateral within the jurisdiction of the US.

We have successfully packaged SBA loans to meet the needs of applicants owned by foreign nationals.  In some areas of New York, especially along the Canadian border, we see Canadian-owned companies that are seeking financing to grow their businesses in the United States.  These businesses provide jobs and increase the overall economic opportunity for the New York State communities supported by these businesses. 

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