By: First Union
Small Business Loan Tips and Advice for Immigrants
A statistic that most probably isn't aware of: immigrants make up 1 in every five entrepreneurs in the US. As far as sales generated as a result of immigrant-owned businesses, that number hovers rights around a staggering 1.3 trillion. And yet despite the impressive statistics and figures, it is still difficult to find business funding as an immigrant business owner in the US. So we thought we'd offer a quick snapshot of things that those who do own and operate their business should know when looking into funding.
- Your citizenship status will be a factor. Most traditional lenders will require a social security number to approve you for a commercial loan. That said, you may want to get your US citizenship before applying for a loan. This can then also lead to better terms and lower rates. If you are on a work visa and thus have temporary status, lenders are generally less likely to consider your application. The other option would be to look for a co-signer who is a full US citizen.
- They will also consider credit history. And primarily, they will want to see that you've established some sort of credit track record in this country. So paying bills on time as well as taking out a US credit card will help build up your credit and thus make you a more attractive candidate to the lending institution.
- As with any loan applicant, the lender will also consider time in business. Do you have a strong history of running your company in the US? In conjunction with this, they will examine your debt, cash flow, and other such business financials.
Applying for a business loan doesn't affect your credit. Better yet, your business loan may be approved as soon as the same day.
To discuss our business loans with one of our lending experts, click here or call 863-825-5626. We'll talk about our various business loans and help you find the right one for your medical practice.
Get started with the process now by learning more about our business loan types.