The Small Business Administration has been willing to finance businesses with small ownership stakes held by green card holders and even foreign nationals.
That ends on March 1.
A new rule by the Trump administration will restrict SBA loan eligibility to businesses entirely owned by U.S. citizens, according to an agency notice released on Wednesday.
The goal is to restrict ownership requirements for SBA-backed loans under programs such as 7(a) and 504, which offer financial support to millions of small businesses across the nation.
“SBA financing is limited to business applicants with 100 percent direct and/or indirect owners and SBA-required guarantors, all of whom must be U.S. Citizens or U.S. Nationals who have their Principal Residence in the United States, its territories, or possessions,” states the new rule….
Trump Tightens Eligibility for SBA Loans, Barring Ownership by Green Card Holders
