Trump Admin Puts Kibosh On Foreign Nationals Getting Gov’t-Backed Small Business Loans
The Small Business Administration (SBA) announced Monday it is banning foreign nationals and non-citizens from acquiring any SBA small business loans. The policy change — which pertains to the SBA’s surety bond and…
The Small Business Administration (SBA) announced Monday it is banning foreign nationals and non-citizens from acquiring any SBA small Business loans.
The policy change — which pertains to the SBA’s surety bond and microloan programs — comes after the agency enacted a separate policy on March 1 which made any U.S. small Business owned partly or wholly by a foreign national ineligible for its 504 and 7(a) loan programs, according to a news release. Small Business owners seeking to obtain any SBA loans are now required to be American citizens or U.S. nationals whose principal place of residence is in the United States.
“The Trump SBA is committed to driving economic growth and job creation for American citizens,” SBA Administrator Kelly Loeffler