Loans from bank?

Asked over 1 year ago - New York, NY

I am from other country, not in USA. I want to start a business in usa. Is it possible that bank can provide loans or financial help to the individual or company.

Attorney answers (2)

  1. Richard J. Chertock

    Pro

    Contributor Level 18

    Answered . There is no law prohibiting it, however, if you are not physically here, do not have a track record or other assets to back the loan and have not already started the business it will be difficult to find a lender.

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  2. Tron Michael Ross

    Contributor Level 9

    Answered . You are not residing in the US now? That would make it difficult. Note that for anybody to get a loan for a business there are qualifications that must be met. If the business is a start-up with no credit, the owner will have to personally guarantee the loan. Banks also often like to see at least some track record with the company before making the loans. When looking into a loan, you will need a well-thought out business plan to present to the loan officer. Also note that there are certain business entities (ie, S-Corp) in which non-US citizens can't participate.

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