SBA Loans for Canadian acquiring a US based business?

by a searcher from University of Alberta

2 years ago

Hi All,

tldr: Canadian buying a US based business. Will immigrate to US to run the biz. Qualified for SBA loans?

I've heard mixed things about this, but looking for clarity. I'm running a self funded search and in talks with one seller in the US. I'm looking for some debt solutions and came across SBA (thanks searchfunder!). Looking into it more, it looks like its just for US residents. I have read some mixed things though and have heard from some people that some banks will write SBA loans for Canadians who are planning to move to the US to operate their business, its just a matter of filling out a few extra forms. Any lenders/searchfunders have experience with this? 

Also paging ^Searchfunder member‌ for further reach.

Thanks!
Gurinder

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intermediary from University at Buffalo, State University of New York - School of Management

CA is very hard for SBA.

9 months ago | like reply | 0 likes

searcher from University of Alberta

Quick update: Yes, Non US citizens can get SBA loans. However there are a number of extra forms and criteria that are needed. Mainly that the borrower has enough US collateral to repay the loan in full at anytime, which I think is standard anyways. The other thing is that the borrower be in the US lawfully. Basically need to have proper work/entrepreneurship visa to be in the US. A separate issue but not a huge hurdle!

Also completely depends on whether the lender is willing to work with a non US citizen or not.

https://www.sba7a.loans/sba-7a-loans-small-business-blog/sba-loans-for-non-citizens/

2 years ago | like reply | 1 like

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