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New SBA Loan Restrictions Exclude Green Card Holders Starting March 1

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Beginning March 1, permanent residents with green cards will no longer qualify for loans from the Small Business Administration (SBA). This change limits eligibility to 100% U.S.-owned businesses, a shift from previous regulations that allowed some foreign ownership. The SBA's new policy follows tightened rules implemented in December, which only permitted businesses with up to 5% foreign ownership to apply for the popular 7(a) loan program, which can provide up to $5 million. The decision has drawn criticism from lawmakers who argue it undermines support for immigrant entrepreneurs.

Key Details: • Effective March 1, green card holders are ineligible for SBA loans. • The maximum loan amount under the 7(a) program is $5 million. • Previous rules allowed businesses with 51% U.S. ownership to qualify. • Critics, including Senator Edward J. Markey, have expressed concerns about the impact on immigrant businesses.

immigration small-business loans sba green-card

People & Organizations

Small Business AdministrationEdward J. MarkeyNydia Velázquez

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