NEW YORK (AP) — The Small Business Administration said in a policy note that green card holders won’t be allowed to apply for SBA loans, effective March 1.
The move is the latest by the SBA as it works to tighten loan restrictions and restructure the agency.
Last year, it tightened a requirement that businesses applying for loans must be 100% owned by U.S. citizens, U.S. nationals, or lawful permanent residents, up from a 51% standard.
In December, it issued a policy note that said up to 5% of a business could be non-citizen owned. But the current policy rescinds that, as well as making lawful permanent residents ineligible, too.
“The Trump SBA is committed to driving economic growth and job creation for American citizens – which is why, effective March 1, the agency will no longer guarantee loans for small businesses owned by foreign nationals,” said SBA spokesperson Maggie Clemmons in an emailed statement. “Across every program, the SBA is ensuring that every taxpayer dollar entrusted to this agency goes to support U.S. job creators and innovators.”





