SBA Loan Got Declined-Asylee's Ineligible???

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kelvin2088

Registered Users (C)
My company's almost being granted SBA Loan thru Bank of America.
The SBA Loan Specialist from Bank of America called me this morning to inform me the approval of SBA Loan. However, when she was verifing the final stage, she asked me if I'm a US Citizen or Permanent Resident being Granted Green Card or approval, I said No. Then she said that under SBA guildline, they are unable to grant SBA loan to Asylee. Damn it I insist to let her ask her supervisor. She's nice and asked the supervisor, still got declined.
Damn It ........
I really really feel terrible about this issue.
I feel like we are like criminals...............!!! :mad: :mad: :mad:
 
I am so sorry

to hear that...The thing is that those people don't know anything about immigration. For them, there's only two things: PR's and Am. Citzens. If they were more informed,they would have approved your loan.
Keep trying though, I know you'll eventually get it.
 
sorry to disapoint you again, but I had one. There are four types of the immigration status: US Citizen, PR, legal resident and Non Resident. For banking industry, our status (legal resident) SHOULD BE THE SAME as the first two. As I mentioned in earlier posts, I work for fraud detection company and I know this for sure. However, some banks (like stupid Bank of America) might have internal policies that they follow and most of the time you can do nothing about it. So my suggestion, pull all the money out of this bank, tell the manager why and write a letter to their CEO. Moreover, let's everybody boycot them. Probably they won't feel a thing, but it is our personal satisfaction.
As for your SBA loan, go to different bank and try. Mine was through US Bank and I bank with them. Don't let nice commercial make your decisions. Also, there should be an SBA office in your town. They can help you get it.
 
kelvin2088 said:
Damn I just checked SBA's guildline for SBA Loan eligibility.
http://www.sba.gov/fl/north/Chapter1-Eligibility.pdf

It clearly states that Asylee's eligible for SBA Loan!!

I dont know why they cheated on me, saying that we are not eligible for getting that loan according to the SBA guildline! BOA's behavior's terrible!!! :mad: :mad: :mad:
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Remember, every bank has their internal policy and there is nothing we can do about it. Just change the bank, take that document and try again. Screw Bank of America. There is so many other banks around. Again, SBA office should help you find which bank can give you money. Try calling them. Don't give up and never give up. Keep fighting. It is frustrating, but you will find the way eventually. Example: Even if you can not get a mortgage loan, you can always find a finacial institution in the U.S. that can give you loan regardles of your credit history. Of course, your interest rate might be higher, but just keep trying. Once you have it, refinance in a year with a normal bank :) It is your future, your life and remember how did you come here. Use that experience and motivation drive to create something constructive in your life. Don't let some stupid, uneducated people decide your fate. We are here to help each other.
 
What if you just say that you are a Resident. Well technically you are a Resident but not "Permanent Resident" yet.. Do banks normally ask for the copy of Green Card ?

Or is copy of social security card is enough? Let me know

thanks,
 
online is different.. but when it comes to obtaining huge loans for business, you would have to sit face-to-face with someone. And my questions was that could they ask for such documentation at that time.. ??
 
Lazerthegreat said:
online is different.. but when it comes to obtaining huge loans for business, you would have to sit face-to-face with someone. And my questions was that could they ask for such documentation at that time.. ??
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if he asks you if you are resident, I would say yes, because you are a resident in your state. However, if he asks you an immigration status, you just say that you are legal resident and that you are waiting for GC (have a copy of your receipt). That is what I do. I never mention asylee status. NEVER!! (unless I have to). Saying that you are legal resident is the truth so you didn't lie. Again, most of the time when they ask for residency they ask for STATE RESIDENCY, not immigration status. And if they do mean immigration status, who cares, they have to be specific. To bad the word is the same in both cases :)
 
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I got a loan and and said I was a permanent resident. I had to show proof when i got a 100,000 loan and my proof was my SSN. Thats all I showed and my loan was approved without any problems. You can't TELL them you are an asylee. They don't know the difference between an ASylee or a Ilegal. I would say Just apply again and this time dont draw attention to you being an asylee.
 
wantmygcnow said:
I got a loan and and said I was a permanent resident. I had to show proof when i got a 100,000 loan and my proof was my SSN. Thats all I showed and my loan was approved without any problems. You can't TELL them you are an asylee. They don't know the difference between an ASylee or a Ilegal. I would say Just apply again and this time dont draw attention to you being an asylee.
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Three years ago I applied for a SBA loan through Citibank and I showed them asylum documents. They approved it on the spot. I believe most people treat asylees as functional equivalent of permanent residents.

I recall that two years ago kelvin2088 posted a message here about not getting a credit card from the Bank of American on account of his immigration status. We later established that asylees of course could get such cards.

I think he is being picked on for being a kid. He should let adults apply for him and it will work out.
 
:eek:


canterbury2 said:
Three years ago I applied for a SBA loan through Citibank and I showed them asylum documents. They approved it on the spot. I believe most people treat asylees as functional equivalent of permanent residents.

I recall that two years ago kelvin2088 posted a message here about not getting a credit card from the Bank of American on account of his immigration status. We later established that asylees of course could get such cards.

I think he is being picked on for being a kid. He should let adults apply for him and it will work out.
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information

Do you think that an asylee can apply for a student private loan? if it is allowed by the US government. if it is so please website or more information
 
anybody here recently applied for SBA Loan?
Could you please tell some experience about opening that loan acct?
Thanx!
 
kelvin2088 said:
anybody here recently applied for SBA Loan?
Could you please tell some experience about opening that loan acct?
Thanx!
Click to expand...

Kelvin,

They do not give money to kids. You should find an adult to apply and there should be very little problem.
 
nofreedom said:
Remember, every bank has their internal policy and there is nothing we can do about it. Just change the bank, take that document and try again. Screw Bank of America. There is so many other banks around. Again, SBA office should help you find which bank can give you money. Try calling them. Don't give up and never give up. Keep fighting. It is frustrating, but you will find the way eventually. Example: Even if you can not get a mortgage loan, you can always find a finacial institution in the U.S. that can give you loan regardles of your credit history. Of course, your interest rate might be higher, but just keep trying. Once you have it, refinance in a year with a normal bank :) It is your future, your life and remember how did you come here. Use that experience and motivation drive to create something constructive in your life. Don't let some stupid, uneducated people decide your fate. We are here to help each other.
Click to expand...


All the banks have to follow the law. Otherwise they can and should be sued for discrimination. My advise - go to Fidelity Investments. They don't care if u an asylee or PR.
 
home loan

I had funny experience a while ago. even I had a commitment for a mortgage on the day of closing some redneck moron from Greenpoint declined the loan stating that aslyee means that I have immunity and that I don't have to repay the loan :D

and I'm not kidding. had to go with another lender to close the deal...
 
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