NAL gives loans to people who have come to the country as refugees, immigrants, or asylum seekers. These loans are usually hard for them to get elsewhere. By doing this, NAL helps them feel more secure financially and personally.
It also improves their lives by letting them participate more fully in society and the economy, like living the American Dream.
NAL’s work doesn’t just help the individuals who get loans. It also helps their communities and boosts small businesses. This benefits everyone by providing important things and services, creating jobs, and making local economies stronger.
What We Offer
New American Lending helps people get loans at good prices, even if they have bad credit or no credit history. They also offer free help with managing money. They have two types of loans: personal loans and business loans.
Personal Loans:
- You can borrow between $1,000 and $5,000.
- The interest rates are between 5% and 10%.
- If you pay back the loan on time, you won’t have to pay extra fees.
Business Loans:
- You can borrow between $5,000 and $15,000.
- The interest rates are between 5% and 10%.
- If you pay back the loan on time, you won’t have to pay extra fees.
- They also offer free help with managing money for your business.
These loans are available for both new and established businesses.
Where We Work
Business Loans:
- Alabama
- Arizona
- Arkansas
- Colorado
- Connecticut
- Florida
- Georgia
- Idaho
- Illinois
- Iowa
- Kentucky
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Missouri
- Nebraska
- New Hampshire
- New Mexico
- New York
- North Carolina
- Ohio
- Oregon
- Rhode Island
- South Carolina
- Tennessee
- Texas
- Virginia
- Washington State
- Wisconsin
Personal Loans:
- Arkansas
- Colorado
- Connecticut
- Florida
- Georgia
- Iowa
- Maryland
- Massachusetts
- Nebraska
- New York
- North Carolina
- Oregon
- Virginia
SBA Loans for Immigrants
The Small Business Administration (SBA) helps people in the US get loans from banks. They offer different loan programs, including ones for immigrants.
SBA loans come from banks but are supported by the SBA. This usually means lower interest rates than regular business loans. The SBA also helps immigrants find resources, support, and lenders. However, your immigration status affects your eligibility.
Here’s how it works for different immigrant groups:
- Naturalized citizens: They can get SBA loans, but they need to mention their citizenship status on a form.
- Lawful permanent residents (Green Card holders): They can get small business loans. If they’re still in the process of getting a Green Card, they can apply for SBA loans with certain documents.
- Non-U.S. Residents: Immigrants who aren’t citizens can also get SBA loans if they have legal status in the US and the right work visa.
- Refugees and asylees: They’re fully eligible for SBA loans if they have Green Card status.
The SBA checks your paperwork carefully during the loan process. SBA loans are usually the best choice because they’re flexible and have low rates compared to other bank loans.
Business Grants for Immigrants
Business grants for immigrants are like gifts from the government or charities. You don’t have to pay them back, unlike loans. Here are some government programs that might help you:
- Microenterprise Development Program for Refugees: It helps immigrants start or grow businesses. They provide training and small loans, up to $15,000.
- Wilson-Fish Alternative Program for Refugees: This program gives refugees money, job training, English classes, and help finding work.
- Rural Business Development Grants: The government helps business owners in rural areas with grants for training, money to start or run the business, and other support. Businesses with fewer than 50 employees and less than $1 million in revenue can apply.
You should also check out local and state programs in Florida for more help starting your business as an immigrant.
FAQs
1. What financial resources are available for new immigrants in the USA?
There are various resources accessible to new immigrants in the USA, including government programs, non-profit organizations, and financial institutions, offering grants, loans, and other forms of assistance.
2. How can I find financial assistance tailored to immigrants’ needs?
Start by researching government agencies like the U.S. Citizenship and Immigration Services (USCIS) and the Department of Social Services. Additionally, explore non-profit organizations and immigrant-focused financial institutions for specialized support.
3. What types of financial support can I expect as a new immigrant?
Financial aid may include assistance with housing, education, healthcare, language acquisition, job training, and small business development, depending on individual needs and eligibility criteria.
4. Are there specific programs for immigrant entrepreneurs?
Yes, there are programs designed to support immigrant entrepreneurs, offering mentorship, funding, and resources to start and grow businesses, fostering economic empowerment and community development.
5. How do I qualify for financial assistance as a new immigrant?
Eligibility criteria vary depending on the program or organization providing assistance. Generally, factors such as immigration status, income level, family size, and specific needs are considered when determining eligibility.