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SBA to bar green card holders from applying for small business loans (www.newschannel5.com)

submitted 3 days ago by pelespirit@sh.itjust.works to c/politics@sh.itjust.works

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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.

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