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small business loan in USA for a non resident

by pottsy, Window Shopper

  • Created: March 17, 2010, 11:25 pm
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5 comments

I am an  Australian looking to buy a business in Chicago IL. i am not sure the best way to go about getting a loan as i have have spoke with some banks and they said i need to live at a permant address in the US before they can give me a loan. any information about the best way to get a loan for a non US resident would be great thanks.

Tags: Discuss Popular Topics, Loans & Grants
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taxbanking | Window Shopper | 5/6/2010 - 12:11 pm

You can get a loan here and the banks will typically ask for 30 percent down (used to be 20 but with credit tightening here..) and want to see your bank statements/proof of assets in your country. You can get a bank loan providing you can establish an ability to repay, just as anyone else would have to do. A lot of banks are a little more strict with their loan standards because of the economy.You should be able to get a loan and pretty quickly at that as long as you are able to work, even if you just recently moved here
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LouisJ | Window Shopper | 3/30/2010 - 8:31 am

There are a lot of variables that are necessary to determine the best way for you to qualify for a small business loan. Yes banks are the primary source for financing small businesses, yet their are other alternatives. To discuss you situation and financial needs I would need the details of what you are purchasing, how much you are able to put down and what is the collateral for the loan. If you want to contact me directly you can email me at financingbroker@gmail.com  I am in the Chicago Area and you can also call me at 708-299-3244

ChristineL | Former Moderator | 3/24/2010 - 10:15 am

mrhelpful- Foreign nationals must establish a registered agent with a valid address in that state. So PO Box numbers are not permitted. You can read more about it in our blog: Starting a Business in the U.S. as a Foreign National.

mrhelpful | Contributor | 3/23/2010 - 5:31 pm

Hi christine, Does this have to be a valid physical address or a building/physical premises, or just a postal address for correspondence? With many online business starting up these days, do people just use their residential home addresss? One of the main advantages of an online business is that you don't need physical premises, thus lower overheads.

ChristineL | Former Moderator | 3/22/2010 - 11:21 am

Hi pottsy, Are you trying to get a loan from an American bank or from the US government? If you are running into problems with banks, you can try less traditional financing options like finding investors. If you are a foreigner doing business in the US, you need to establish a valid address. Read more about it in our blog: Doing Business in the USA. Does anyone have more information in regards to small business loans for non-residents