IN THIS GUIDE · Test whether the financing actually counts as the investor’s capital
Read the collateral before counting the loan
Hypothetical example: a buyer calls financing personal, but the agreement secures it against the acquired dealership’s inventory. Debt secured by enterprise assets does not count as the investor’s qualifying investment. Personally secured or unsecured borrowing may qualify under the applicable rules; mixed security needs review of the actual terms. Review financing documents as a transaction set: promissory note, security agreement, purchase agreement, closing statement and bank movement. The issue is not the name given to borrowing but what bears the risk. Debt secured by assets of the enterprise is not counted as the investor’s qualifying contribution.
Trace lawful origin and commitment separately
Establish the lawful source and path of funds and identify when they become committed at risk. Read purchase, escrow and cancellation terms together. Certain investment-in-process and qualifying visa-contingent escrow arrangements may be relevant, so neither every deposit qualifies nor every purchase must be fully closed before analysis. The source-and-path file should be assembled before funds are moved again. Bank statements, sale records, tax documents and transfer receipts explain different links in the chain. Escrow may be relevant when its conditions make the investor’s commitment real; an arrangement that leaves funds freely retractable may not establish the required risk.
Test the rights behind the share percentage
Identify treaty nationality through actual ownership records and examine management, voting and retained seller or lender rights. The investor must develop and direct the enterprise. A nominal percentage should not be used to conceal restrictions that materially affect the real arrangement. Ownership analysis must include voting, management and exit rights as well as percentages. The business generally needs qualifying treaty-national ownership and the investor must have a real ability to develop and direct it. A side agreement that limits control can matter more than a headline share allocation.
Assess substantiality and nonmarginality on their own terms
There is no universal E-2 minimum dollar amount. Substantiality is considered relative to the actual enterprise. Nonmarginality concerns capacity to provide more than a minimal living for the investor and family, including the alternative of a significant economic contribution. A supported operating forecast is evidence to assess, not a promise of commercial success or approval. Use a budget and operating forecast to address proportional investment and nonmarginality separately. There is no fixed E-2 figure, and revenue predictions do not guarantee a result. The enterprise must show present or future capacity beyond support for only the investor and household, or a meaningful economic contribution; this is assessed from evidence, not optimism.
Sources reviewed 2026-09-07. This guide covers a preparation focus; it is not an individual eligibility assessment.