Can visa holders or DACA recipients get an SBA loan?
Short answer
No. SOP 50 10 8.1, Appendix 3 lists individuals granted asylum, refugees, visa holders, non-immigrant aliens and those under DACA as Ineligible Persons. No 7(a) or 504 loan may be made if any direct or indirect owner is one, at any percentage.
In this answer, DACA means Deferred Action for Childhood Arrivals.
No. No loan may be made if any direct or indirect owner or SBA-required guarantor is an Ineligible Person. That is SOP 50 10 8.1, Sec. A, Ch. 1, Para. F. Appendix 3 defines the term.
Who is an Ineligible Person
- Undocumented aliens who are in the U.S. illegally.
- An individual granted asylum, a refugee or a visa holder.
- A non-immigrant alien under 8 U.S.C. ยง 1101(a)(15), or a person under Deferred Action for Childhood Arrivals.
- Any individual, including a visa holder, who is not a U.S. citizen or U.S. national.
- A citizen of the People's Republic of China or the Special Administrative Region of Hong Kong.
- A lawful permanent resident.
- A person or entity on the Office of Foreign Assets Control (OFAC) sanctions list.
The definition says it includes but is not limited to this list.
No percentage exception
Policy Notice 5000-876441 removed the earlier exception that allowed up to 5% foreign ownership. The rule applies at any percentage, direct or indirect.
Employees
Para. F limits owners and guarantors. It has one employment limit. Undocumented aliens who are in the U.S. illegally may not be an officer, director or employee of the applicant.
What you can do
An Ineligible Person can completely divest before the SBA loan number is issued.
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