[goatFunding]

Can anyone advise how much ownership is needed to qualify?


I have a restaurant looking to expand and open a second location... there are multiple owners. The owner with the most equity is 22.5% with a green card.. Owner 2 owns 5% and is a full citizen. The rest of the owners are not Citizens yet. Would they qualify? Any guidance here would be appreciated.

[Olderguy]

21% or more ownership needs to be on app.
Operating agreement can be changed to different ownership %.
ITIN is OK. Proof of residence

[goatFunding]

21% or more ownership needs to be on app.
Operating agreement can be changed to different ownership %.

Thank you!!

[Yankeeman07]

Can anyone advise how much ownership is needed to qualify?


I have a restaurant looking to expand and open a second location... there are multiple owners. The owner with the most equity is 22.5% with a green card.. Owner 2 owns 5% and is a full citizen. The rest of the owners are not Citizens yet. Would they qualify? Any guidance here would be appreciated.

SBA Web Site Info:
7(a) loans (sba.gov)

[Olderguy]

If you really want to look into this, just going to SBA site isn't the answer. It is going to take some experience. If you want to give me a shout, I'd be glad to review guidelines and give you some basic qualification information.

[Hedley Lamarr]

Hi Goat,

I highly suggest getting to know some local SBA bankers that work for community banks based in your are or large national SBA lenders that may have an office in your area. Discover what industries they like and what it takes to get deals done. You will develop relationships with lenders, know what takes to get deals done, know what industries they like to finance, and they could just very well wind up being a referral source for you. Not every company that approaches the SBA lenders qualify and/or it may be the wrong product to finance the client's needs. There are also a host of SBA related conferences and associations nationally. Do your research! Reputable lenders will be members of industry associations and regularly attend/sponsor events.

[welovefunding]

Any recommendations for SBA lenders that like to finance within the Construction industry specifically? Outside of Newtek & Smartbiz.

[Olderguy]

yes...but it isn't that simple....there are SBA bank lenders and SBA non bank lenders. If you don't have any experience in doing these, I wouldn't recomend you just trying to contact lenders. It isn't as simple as uploading docs in SmartBiz portal and getting approvals or denials. If you want, you are welcome to call me and I'll be glad to review your situation and steer you to a place that might work for you.

[Olderguy]

Any recommendations for SBA lenders that like to finance within the Construction industry specifically? Outside of Newtek & Smartbiz.

If you are having trouble with SmartBiz and Newtek, I can only suggest there is an issue with the merchant, or maybe a submision issue.

https://dailyfunder.com/showthread.p...nder-denied-it