Any good non-SBA loan alternatives?

August 07, 2024
by a searcher from Dartmouth College - Tuck School of Business at Dartmouth in Chicago, IL, USA
Hello Searchfundr community, looking for any insights / guidance on navigating financing when SBA loans aren't an option in the U.S..
The problem:
- I'm not a US citizen / green card holder so SBA is not an option for me. I'm looking for any lenders/loan types that you may be aware of that can be next-best substitutes.
Alternatives I'm aware of:
- Get a 51% U.S. citizen partner and qualify for SBA. However, I'd like to avoid this as much as possible considering they would also need to PG the loan and I want to avoid putting friends & family in that spot
- Seller notes: Will leverage but may not cover bulk of the amount
Thanks for your help!
from Indian Institute of Technology, Delhi in Atlanta, GA, USA
That being said my experience with searching for non-SBA lenders yielded zero results. It is almost next to impossible to get a non-SBA loan on an asset light business. If SBA is not an option then I would focus on institutional investors that would provide both debt and equity. They often have a min. $2M EBITDA requirement.
Some of us might be able to help you more if you can provide more info.
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA
Unfortunately we don't really have any good options for non-US citizens at this time. I am sorry.