Can an E2 Visa holder assume an EIDL Loan

searcher profile

June 27, 2023

by a searcher in Las Vegas, NV, USA

Random question - As an E2 Visa holder, can an EIDL loan be assumed as part of a business acquisition?

If so, how long is the process?
Will the rate stay the same or change?
What other pitfalls are there?

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commentor profile
Reply by a lender
from Bloomsburg University of Pennsylvania in Ambler, PA 19002, USA
Dave- experience on this side is fairly unlikely the SBA enables an assumption of the debt for an outstanding EIDL loan (and even harder if buyer is an e2 visa holder). I have heard of a few unlikely scenarios (with us citizens) and borrowers suggested seller's personal guarantee would not be released.. so in practicality may be a tough ask to have the seller still on the hook
commentor profile
Reply by an investor
from Colby College in Miami Beach, FL, USA
In my experience, E2 visa holders are only eligible for SBA loan (like 7a) after working for the business for at least 1 year.
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