How to Get a Business Loan in the US After Immigration

US After Immigration

Immigrant ownership of businesses is not new in the US. As a matter of fact, data shows that it is a major player in the growth of business ownership in the country. Immigrant lawyers give this advice to immigrants who are getting their papers to live legally in the US.

This is why there are many options for immigrants who want to start their own business. In this article you will find the different options available for you as well as how you can avail of them.

SBA Loans

SBA stands for Small Business Administration which offers loans at the most affordable loans for immigrants. You need to fill up paperwork in order to avail of their loans. The SBA supports immigrant entrepreneurship which they detail on their eligibility document.

Among the qualifications include a legal permanent resident status or you have to be a working visa holder. But before getting this loan or any type of loan for that matter, you have to take the time to familiarize yourself with the rules, qualifications, and other requirements so that you can make the process move smoother and faster.

Government Grants

The US Government provides two programs: the Wilson-Fish and the Microenterprise Development Program. These are both headed by the Office of Refugee Resettlement. They were created to provide financial assistance to refugees.

But a non-refugee can also avail of government assistance by finding the available grants for them on Grants.gov. This website lists all the grants available and you can also filter what fits best to your situation. Before applying on this website, you have to be thorough in your application as there are plenty of other individuals vying for the grants listed here.

There are also other business grants for immigrants like the ones offered by your state government and other agencies that provide specific loans for immigrants.

Business Credit Cards

Business credit cards can be a good source of short-term financing so that you can get your business off the ground. This is a great option for those who have good credit scores because those with solid credic background wouldn’t have too much difficulty getting approved.

When using credit, you have to be wise in your choices so that you can avoid bills to pay from piling up. You should be especially wary of this if the credit you get has a high interest rate. Try to find options that would be beneficial to you like no-interest period or a low interest rate.

Ruby Powers Law

We specialize in immigration law and can guide you through the many avenues of the US Immigration System. We are easy to reach and are always available to provide you with expert and professional assistance in reuniting with your family in the country.

Microloans or Short-Term Business Loans

For newly arrived immigrants, a microloan or a short-term business loan are a good start. Even with a rather lower cap, it is a great starting point to give your business financing to get it started.

Conclusion

Looking for business loans may be challenging, but there are plenty of options available so that immigrants can get financing for their business. For more information, contact a Houston immigration lawyer near you.

 

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