We are 3 weeks out from closing on a deal with the SBA. This new ruling threw an absolute wrench in our deal. My business partner is on a TN Visa and has a SSN. We have purchased via SBA in the past, but now this new ruling looks like we are going to be ineligible regardless of the amount of ownership he has on the business. From what I have heard from our lender, if he owns even 1% of the business, we are ineligible. At the same time, I am not confident from this lender that they fully understand the ruling.
Another lender we are engaged with is stating that as long as he is under 20% ownership, we can be approved.
Are there any SBA experts out there than better understand this new ruling, and can verify if one of these statements is true?
New SBA Citizenship Ruling
by a searcher from Harvard University
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