Source: Fox News
Summary
The U.S. Small Business Administration (SBA) has announced a new policy that will ban foreign nationals and non-citizens from accessing its loan services. The policy, which will apply to the Surety Bond and Microloan programs, is part of the SBA’s efforts to refocus federal resources on ventures that align with American priorities. According to SBA Administrator Kelly Loeffler, the policy change is intended to protect the agency’s limited resources and prioritize American citizens who are building businesses and creating jobs in the United States.
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As expected, the matter has reached another stage.
The SBA has expanded its policy to include all SBA-guaranteed loans, following changes made in February to the 504 and 7(a) programs. The agency has framed the policy change as a way to protect its limited resources and loan capital. The policy will go into effect 30 days after the announcement. The SBA has 3,300 loans on the books for small businesses partially owned by lawful permanent residents. The agency’s lending authority is capped annually by Congress. The policy change is part of the SBA’s efforts to refocus federal resources on ventures that align with American priorities. The SBA is committed to driving economic growth and job creation for American citizens.
Author: Evan Null
