Key Takeaways
- Conventional banks require citizenship or permanent residency for most business loans
- Bankable requires only revenue, SSN, EIN, and 6 months of bank statements
- Banks take 30–90 days; Bankable decides in 48 hours
- SBA-backed bank loans are now unavailable to non-citizens under the 2026 rule
- The tradeoff: bank rates are lower when accessible; Bankable rates are higher but accessible
The Honest Comparison: Conventional Bank vs. Bankable
For H-2B and former H-2B business owners, the choice between a conventional bank and Bankable is largely not a choice at all — most conventional banks decline non-permanent residents at pre-qualification, before a human ever reviews the application. But it is worth understanding exactly why, so you can make the best decision for your situation.
Side-by-Side Comparison
| Factor | Conventional Bank | Bankable |
|---|---|---|
| Immigration Requirement | Permanent residency or citizenship (most) | None — any work authorization |
| Decision Timeline | 30–90 days | 48 hours |
| Funding After Approval | 30–60 days | 3–5 business days |
| Interest Rates | Lower (6–12% APR typical) | Higher (cost of access) |
| Documentation Required | Extensive (2–3 years tax returns, business plan, collateral) | Minimal (6 months bank statements, EIN, ID) |
| Collateral Required | Often required for amounts above $50K | Not required for most products |
| SBA Participation | Many offer SBA loans (now requires citizenship) | Private capital — no SBA citizenship requirement |
| Seasonal Business Understanding | Poor — models don't handle seasonal cash flow well | Strong — built for seasonal businesses |
| Spanish Language Support | Variable | Yes — bilingual support available |
When a Bank Is Worth Trying
Despite the likely rejection, it is worth attempting a conventional bank loan if:
- You have been a customer of a community bank or credit union for 3+ years
- You have a personal credit score above 700
- You have permanent residency (green card) and a well-documented business
- The loan amount is under $100K and you have significant personal collateral
If the bank declines on immigration status, that rejection does not affect your Bankable application. Apply at Bankable immediately.
When Bankable Is the Clear Choice
Bankable is the clear choice when:
- You do not have permanent residency
- You need capital in days, not months
- Your revenue is seasonal and you need flexible repayment
- Your business is less than 3 years old
- You have been declined by one or more banks
Apply at Bankable
After bank rejection or instead of trying banks. 5-minute application. 48-hour decision.
Apply Now →After SBA Rejection
If the SBA rejected you due to citizenship, Bankable is your best next option.
Read More →Best Options 2026
Complete guide to all funding options available to H-2B business owners in 2026.
Learn More →Frequently Asked Questions
Most conventional banks use permanent residency as a de facto requirement for business loans. Non-permanent immigration status triggers automatic decline at the pre-qualification stage, before a human reviews the application.
Community banks and credit unions that hold loans in their own portfolio (rather than selling to secondary markets) are sometimes more flexible. Minority-owned banks and banks specifically serving immigrant communities are also worth approaching.
No. Bankable does not consider bank rejection history in our underwriting. A bank rejection due to immigration status has no effect on your Bankable application.
Banks have lower cost of capital because they take deposits at near-zero rates and can leverage their balance sheets extensively. Private capital lenders like Bankable have higher cost of capital, which is reflected in higher rates. The tradeoff is access versus cost.
Yes, it is worth asking your current bank. If you have a long relationship with a community bank or credit union and a solid credit score, it may be worth requesting a meeting to discuss a business loan. Apply at Bankable at the same time so you have a fast backup option.
Some banks will approve businesses where at least one owner is a citizen and that citizen holds majority ownership. However, post-SBA rule, banks offering SBA-backed loans require 100% citizen ownership. Portfolio (non-SBA) loans may be more flexible.
Banks often require real estate collateral for business loans above $50K, particularly for non-citizen borrowers. Bankable's revenue-based products require no collateral. Equipment financing requires only the equipment being financed.
Speed and access. A bank loan is theoretically cheaper but practically inaccessible for most non-permanent-resident business owners. Bankable provides actual capital in 3–5 days to businesses that banks decline at the pre-qualification screen.