Key Takeaways
- Bankable does NOT require a green card or permanent residence
- Work authorization (EAD) + US entity + revenue = eligible
- We evaluate your business, not your immigration timeline
- Pending asylum applicants with work authorization also qualify
- 48-hour decisions based purely on business revenue
The single most common question we receive from asylee entrepreneurs: Does Bankable require a green card? The answer is categorically no. Bankable was designed specifically to fund businesses that traditional banks — which do require permanent residence — will not touch. Your immigration timeline is not our concern. Your business revenue is.
What Bankable Actually Requires
Our eligibility criteria have nothing to do with your place in the immigration queue:
- Work authorization: An EAD card, I-94 with asylee status, or other valid work authorization documentation. This is different from a green card — it establishes your legal right to work and operate a business in the US.
- US business entity: An LLC or corporation registered in any US state. This is obtained by filing with your state's Secretary of State — a process that has no immigration status requirement.
- EIN: Your Employer Identification Number, obtained from the IRS. No immigration status requirement.
- US business bank account: A bank account in your business's name. Many US banks open accounts for asylees — bring your EAD, SSN, EIN, and business formation documents.
- Revenue: At least $10,000/month in business revenue (varies by industry and use case).
- Operating history: At least 6 months in business.
Why Bankable Doesn't Look at Immigration Status
We are a private, non-SBA funder. The SBA citizenship rule — which requires all business owners to be US citizens or nationals — does not apply to Bankable. We make our own underwriting decisions based on business fundamentals: revenue, stability, growth trajectory, and business model. An asylee who has been waiting 7 years for a green card while running a $500,000/year cleaning company is a better credit risk than a US citizen who started a business three months ago.
What Happens If Your Green Card Arrives During Repayment
Your green card status has no effect on your Bankable funding relationship. We funded you based on your business, and the repayment structure doesn't change. Getting a green card is good news for your life — it doesn't affect your Bankable account.
Frequently Asked Questions
No. Bankable requires work authorization (EAD), a US business entity, and business revenue. Green card or permanent residence is not required.
EAD (Employment Authorization Document), I-94 with asylee status, or other valid work authorization. Contact Bankable if you have a different form of work authorization.
Yes. Green card processing status has no effect on your Bankable eligibility. We look at your current work authorization, not your permanent residence timeline.
EAD renewal is typically approved before expiration. We may ask about your EAD renewal status if the expiration date is within 3 months. Active work authorization at the time of funding is required.
Yes. An SSN is required for identity verification. Asylees receive SSNs upon grant of asylum.
Bankable's revenue-based funding is structured differently from traditional loans. Ask your Bankable representative about credit reporting practices.
Yes. Green card holders qualify for Bankable funding under the same revenue-based criteria.
You need a US business entity (LLC or corporation) before applying. Formation is straightforward — file with your state's Secretary of State or use an online service like Stripe Atlas, ZenBusiness, or LegalZoom.