Generally yes, where the borrowing is secured against personal assets the investor already owns and the investor is personally liable, because the capital is then genuinely theirs and at risk. A loan secured by the assets of the business being purchased is treated differently.
Ask what the lender can seize if the business fails
Hypothetical example: the couple's bank offers two structures. The first is a line of credit against their Coalhurst house, which they must repay regardless of how the shop performs. The second is an equipment loan secured by the lifts, tools and receivables of the American business.
In the first, the couple carry the risk personally and the money functions as their own capital. In the second, the lender looks to the enterprise, and that portion does not sit as comfortably within the requirement that the investor's own funds be at risk. Obtain the loan agreements and read the security clauses rather than relying on the banker's summary.
The remaining requirements are unchanged: treaty nationality of both the investor and the enterprise, a substantial amount in proportion to the cost of the business, a real operating enterprise that is not marginal, and the investor developing and directing it.