An SBA loan is the only Traditional business loan option that can work for a new startup opportunity. However, this is a government backed loan and it requires you to have a green card or be a permanent resident, That said, you may have a partner that does have a green card or is a permanent resident own 51% or more of the business, while you own 49% or less ---- in this case, the SBA lenders will make exception for you. The SBA Standard of Operations will allow for this situation to move forward. Alternatively, you may also consider using other means of financing to include: private loans/peer-to-peer lending, home equity lines of credit (be careful how you navigate this though), Retirement 401k type financing (called the Rollover for Business Startup Program), and/or Portfolio Loans if applicable.

Answered a year ago

Unlock Startups Unlimited

Access 20,000+ Startup Experts, 650+ masterclass videos, 1,000+ in-depth guides, and all the software tools you need to launch and grow quickly.

Already a member? Sign in

Copyright © 2022 LLC. All rights reserved.