Anyone with a TN Visa in the US who has experience with SBA loans?

June 11, 2024

by a searcher from Babson College - F.W. Olin Graduate School in Miami, FL, USA

Any Mexican/Canadian in the US with TN Visa who has experience with SBA loans to acquire in the US? Would love to learn about your experience and whether TN Visas have specific requirements, different approval process, etc. Thank you!

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Reply by an intermediary
from Creighton University in Los Angeles, CA, USA

^redacted‌ For a TN visa holder to qualify for an SBA loan, they typically cannot have majority ownership/control of the business. The business must be at least 51% owned by U.S. citizens or permanent residents. The TN visa holder must provide sufficient U.S.-based collateral to secure the loan. Their immigration status will be scrutinized closely by the lender. The business must have been successfully operated under the current management for at least 24 months prior to applying. There are no specific SBA loan programs or requirements for TN visa holders. They follow the same eligibility criteria as U.S. citizens, but face additional scrutiny from lenders due to their non-permanent resident status. Self-employment is not permitted on a TN visa, so the visa holder cannot use an SBA loan to start their own business where they would be self-employed. They can only work in a pre-approved TN professional occupation for an employer.

Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

You cannot get an SBA loan as a Visa holder. You need to be a US Citizen or at least a greencard holder. You can buy a business as a non-US citizen or Visa holder so long as you do not own more than 49% of the business and you have a partner or partners that own the other 51% of the business that are US Citizens. I hope this helps to clarify.

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