Amfil Technologies Inc (FUNN)

[BubbaInSC]

SBA Loan Approvals for Non-Green Card Holders and Foreign Nationals

Yep, just more boolshyte from FUNN. They can, but they didn't because they didn't execute. who knows if they ever tried at all.....and that it was lip service?

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

The SBA Loan Approval Process for Non-U.S. Citizens

As part of the SBA loan application process, each “proprietor, general partner, officer, director, LLC managing member, and 20%+ owner” of a business applying for a loan must provide an SBA Form 912 (Statement of Personal History) to their lender.

The SBA states that their financing is available for “businesses that are 51% owned and controlled by persons who are not citizens of the US provided the persons are lawfully in the United States.” However, it’s up to the discretion of an individual lender whether they want to provide a loan to a non-citizen. If a lender does want to go forward with the loan application process, they would need to get a U.S. Citizenship and Immigration Services (USCIS) Form I-551, also known as a green card, from the borrower.

Key Takeaways

Non-U.S. citizens can qualify for SBA loans, but the process is more complex.
Lenders may require a U.S. Citizenship and Immigration Services Form I-551 (green card) from the borrower.
Businesses owned/managed by citizens of foreign countries, foreign business entities, or non-immigrant aliens may be eligible for SBA financing.
To be eligible, a business must have operated for a minimum of 12 months, have enough U.S.-based collateral, and meet other requirements.
Make sure you're getting the best financing terms and apply through Janover.
If a potential SBA loan application does not have a green card available because they are not a legal permeant resident (LPR), the lender needs to determine the borrower’s status. Potentially eligible statuses include:

“A documented alien admitted to the U.S. for a specific purpose and for a temporary period of time”

An individual granted asylum or a temporary refugee with LPR status

“An alien subject to the Immigration Reform and Control Act of 1986 (IRCA)”

However, to be eligible, a business must also meet other requirements, including:

Present management must have operated the business for a minimum of 12 months before the application date, or, they will need to persoinally gurantee the loan.

The borrower must have enough U.S.-based collateral to repay the loan in full at any time during its term.

Why haven’t FUNN Execs successfully secured a low interest loan to cover 5 years of operations?
Operating in the USA but located in Canada makes growth financing more challenging. Many loans can only be secured by US citizens. US Funders also want data of success in the USA and discount any achievement in Canada. There is a path forward, but as mentioned we need to build the company up enough, show a true footprint and traction to profitability prior to securing such funding. We are currently working with 2 banks for funding on a smaller scale to support immediate grow and optimization initiatives.