Glossary · People and paperwork
Legal Permanent Resident(LPR)
In short
A non-US citizen who has been granted the right to live permanently in the US. For an SBA loan, LPR status is a common way for non-citizens to meet the citizenship eligibility requirement.
What it means in a deal
If you're not a US citizen, you must hold Legal Permanent Resident status (evidenced by Form I-551) to qualify as a key principal for an SBA 7(a) loan. This is a critical eligibility check. Ensure your documentation is current and readily available for the lender to review.
Official sources
13 CFR Part 120 — Business Loans
Office of the Federal Register · Federal regulation
SOP 50 10 — Lender and Development Company Loan Programs
U.S. Small Business Administration · SBA Standard Operating Procedure
Last checked 2026-06-15. Official sources control — verify before relying on any rule for a live deal.
Related terms
Common questions about Legal Permanent Resident
- What specific documentation must a lender collect to verify the legal residency status of a lawful permanent resident owner?
- Can a permanent resident apply for an SBA 7(a) loan?
- How does a lender verify the lawful permanent resident status of a non-citizen applicant?
- What specific documentation is required to verify a non-citizen owner's lawful permanent resident status?
- Can a U.S. Green Card holder (Permanent Resident) be an eligible applicant for a 7(a) loan?
- Do I need to be a US citizen or permanent resident to get an SBA 7(a) loan?
Defined by CapBench SBA Intelligence — plain-English definitions for business buyers, lenders, advisors, and AI agents, grounded in public SBA rules and records. Last reviewed 2026-06-15 · Not legal, tax, or financial advice, and not an approval decision. Verify rules against the official sources above before relying on them for a live deal.
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