Melvin Feller Business Group Looks at Grant Resources for Any Startup Business — Grants for Immigrants as well as Business Loans

Melvin Feller Business Group Looks at Grant Resources for Any Startup Business — Grants for Immigrants as well as Business Loans

Melvin Feller Business Group in Burkburnett Ministries and Dallas Texas and Lawton Oklahoma. Our mission is to call and equip a generation of Christian entrepreneurs to do business as ministry and with Grace. We provide workshops and resources that help companies discover how to do business God’s way and Grace for mistakes and start overs. When the heart of a business is service rather than self it can be transformed into a fruitful business ministry earning a profit and being of service to the community and their customers. Melvin Feller is currently pursuing another graduate degree in business organizations.

Grant Resources for Any Startup Business by Melvin Feller

I have taken the guesswork out of getting a loan in the United States and have done the research for you, compiling a list of loan and financing resources for your small business. New business? No problem! Low personal credit score? I have got you covered. From startups to established businesses, these resources can help any entrepreneur achieve your business goals.



The Best Small Business Loans for Immigrants


Many immigrant entrepreneurs find that cultural bias and language barriers often prevent them from easy access to business funding opportunities. Fortunately, you can find organizations that recognize the unique challenges in finding small business loans for immigrants. In addition, many lenders are beginning to tailor their loan products to meet those needs.


SBA Loans for Immigrants


The US Small Business Administration (SBA) is the government agency that supports small businesses in all ways — by matching them with resources, lenders, assistance, and more. And, along with backing loans issued through their lending partners to help bring down rates for business owners, they also help entrepreneurs in unique situations qualify for financing. That includes options for small business loans for immigrants in the form of SBA loans:

Grant Resources for Any Startup Business by Melvin Feller

For naturalized citizens: You won’t be subject to any special restrictions or requirements for your SBA loan application if you’re a naturalized citizen — just make sure you note it on your SBA Form 1919.



For lawful permanent residents: Immigrants with Permanent Resident Cards are eligible for SBA loans. Because the SBA acknowledges that green cards can take a while, newly arrived immigrants can also apply with a valid immigrant visa and Customs and Border Protection stamp that proves legal residence.

Grant Resources for Any Startup Business by Melvin Feller

For lawful non-permanent citizens: Although a government agency, the SBA does offer small business loan options for immigrants who are non-US citizens. The major requirement here is that non-citizen borrowers must be within the country lawfully with what the SBA calls “an appropriate work visa” with a current date.


For asylums and refugees: Immigrants who’ve sought asylum and refugee status are also eligible for SBA loans as long as they have lawful permanent resident status.
An exhaustive explanation of SBA loan eligibility for immigrants is available through the SBA. You can also speak with a loan specialist to find out if your status qualifies you for one of these loans, which are among the best small business loans for immigrants available.


Regardless of your status, you should expect the SBA to thoroughly inspect your documentation — both your immigration paperwork, as well as many other necessary required documents. As it stands, SBA loans are the most paperwork-intensive loans out there. Therefore, the application process is a long and arduous one — and your credit score and business history will play a large part in the approval process.


That said the process is worth it if you have the time — the SBA offers some of the absolute lowest rates and longest repayment terms available. In addition, the resources that the SBA can connect you with as an immigrant entrepreneur could be invaluable for you.

Grant Resources for Any Startup Business by Melvin Feller

See If You Qualify for an SBA Loan


Term Loans for Immigrants


When you imagine a business loan, you’re most likely thinking of a term business loan. In this financing arrangement, a lender approves you for a lump sum of cash up front with an agreement for you to repay the total amount — plus interest and fees — through monthly payments over a pre-established period.

Grant Resources for Any Startup Business by Melvin Feller

These loans are issued through one of two primary sources: either your local brick-and-mortar bank or an online lending marketplace. Both can provide loan options, but you should be aware of a few additional factors.


In recent years, bank term loans have become increasingly difficult to obtain. The application process has become long and complicated while approval rates have declined. Unfortunately, immigrant entrepreneurs may face even greater challenges when applying in person through traditional banks due to language barriers and unnecessary cultural bias. For this reason, many entrepreneurs have found greater success working with funding specialists in the online marketplace to find small business loans for immigrants.


Like SBA loans, term loans are also desirable products. You will want to come in with a strong personal and business credit history to improve your chances for approval and a lower interest rate on any term loan.

Grant Resources for Any Startup Business by Melvin Feller

Short-Term Loans for Immigrants


A short-term loan is another version of the term loan we explored above — but as the name suggests, with a much shorter borrowing period. These loans have a repayment term fewer than 18 months — often, less than a year. They require payments to be made weekly or even daily.

Grant Resources for Any Startup Business by Melvin Feller

The good news? The credit requirements for short-term loans are not as stringent as those for regular term loans. If you haven’t had the time to establish much credit history since coming to the US, you might want to consider this funding path. Short-term loans can be a great starting option for those without substantial time in business or revenue history and who are struggling to find other small business loans for immigrants.


The downside is that the added stress of more frequent payments along with typically higher interest rates can be a challenge for a newer business’s budget or one with less-consistent cash flow. The next option could be a good one, too, if your cash flow is a consideration.

Grant Resources for Any Startup Business by Melvin Feller

Business Lines of Credit for Immigrants


You can think of this type of financing as a hybrid of a business credit card and a business loan. A business line of credit is an arrangement in which a lender makes available a pre-approved pool of funds with a maximum credit limit. Once you as the borrower have been approved for a business line of credit, you can then draw funds from this pool as needed, up to your established credit limit.
The greatest benefit to a business line of credit is that you only pay interest on the amount you draw at any given time. This can be especially helpful if you are not sure how much funding you will need or when you might need it — or if you simply need a plan in place for business cash flow emergencies.


Of course, the flexibility and convenience of a business line of credit does come at a cost. Interest rates will be higher than some other traditional funding tools. Even so, paying a higher rate only for funds you are actually using may cost you less in the end. In addition, for immigrant entrepreneurs just starting out in business, this can be an excellent way to build a strong credit history.
Equipment Loans for Immigrants

Grant Resources for Any Startup Business by Melvin Feller

If your business is very equipment-intensive, like a restaurant, beauty salon, or a manufacturing plant, for instance, you might want to go straight to equipment financing. This type of business financing could be could be especially attractive as a small business loan for immigrants who are newer businesses, because the collateral for securing the financing is built right into the loan. That means meaning you likely will not have to put up any additional personal guarantee.


A lender will typically want a quote from equipment manufacturer, the equipment value, a history of your creditworthiness, and some of your other business documentation.
The term length of equipment loans is dictated by the expected lifetime of the equipment, so you will need to consider whether your equipment will be obsolete and need to be replaced before you would be able to make full repayment.


Where to Find Business Grants for Immigrants

Grant Resources for Any Startup Business by Melvin Feller

Generally offered through state governments or nonprofit organizations, grants for immigrants to start a business are available to individuals as well as groups. Business grants for immigrants are most appealing because, as a recipient, you will not be liable to repay a debt.
However, as you will expect, this element also makes applications for grants very competitive.


Therefore, finding one that fits your specific business needs, successfully getting through the application process, and then qualifying can be tough.

Grant Resources for Any Startup Business Melvin Feller

It is worth the time and effort to research the right business grants for immigrants, though. If you can write a solid grant proposal and make your case, you could find yourself with a great kick-start for your company.

Here are a few business grants for immigrants and refugees worth considering, plus some resources to find others:


Wilson/Fish Alternative Program for Refugees

The Wilson/Fish Alternative Program is provided under the US Department of Health and Human Services, particularly the Office of Refugee Resettlement. Participants in the program are awarded assistance in the form of cash, medical help, English language training, and services. There is also a focus on job development, including assistance with access to business licensing, skills training, and more.


To be eligible for assistance, immigrants must show proof of immigration or a letter of asylum.


Microenterprise Development Program for Refugees

Grant Resources for Any Startup Business by Melvin Feller

Also provided by the US Department of Health and Human Services, the Microenterprise Development Program was created to assist immigrants in starting new businesses or expanding existing businesses. This program specific provides training in important business skills such as business plan development, bookkeeping, management, and marketing.
The MDP provides grants for immigrants to start a business, but also has a small business microloan arm as well for small amounts up to $15,000 in some cases, including a revolving line of credit.

Grant Resources for Any Startup Business by Melvin Feller

Rural Business Development Grants


If you live in a more remote area of the country, you might be eligible for a rural business development grant provided by the US Department of Agriculture and Rural Development (and, no, you do not have to be in farming).
This program offers small businesses (50 or fewer employees; less than $1 million in revenue) assistance with working capital, training, real estate, and other resources. Smaller requests are prioritized.


Additional Resources on Grants for Immigrants to Start a Business


Most of the information you will find on business grants for immigrants will not be immigrant-specific, unless you are specifically looking for assistance as a refugee or asylee. For that reason, you will want to look closely at your state- and government programs to see what kind of business development grant assistance they are offering.

Melvin Feller Business Organization Graduate Candidate and Business Coach

Melvin Feller Business Consultants Group in Texas and Oklahoma. Melvin Feller founded Melvin Feller Business Consultants Group and Burkburnett Ministries for grace in the 1970s to help individuals and organizations achieve their specific Victory. Victory as defined by the individual or organization are achieving strategic objectives, exceeding goals, getting results or desired outcomes. He has extensive experience assisting businesses achieve top and bottom line results. He has broad practical experience creating WINNERS in many organizations and industries. He has hands-on experience in executive leadership, operations, logistics, sales, program management, organizational development, training, and customer service. He has coached teams to achieve results in strategic planning, business development, organizational design, sales, and customer response and business process improvement. He has prepared and presented many workshops nationally and internationally.