SBA Bans Green Card Holders from Startup Loans
California News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
SBAs New Loan Rule Disproportionately Impacts Immigrant Entrepreneurs in California
The Small Business Administrations recent decision to limit loan access to U.S. citizens and nationals only has a significant impact on immigrant entrepreneurs in California, who run about forty percent of small businesses and contribute over twenty-eight billion dollars annually. This change, effective in March and expanded in April, disqualifies businesses partly owned by green-card holders, hindering growth and job creation in immigrant communities. Despite advocates pleas, the SBA maintains that prioritizing citizens is necessary due to limited funds. State programs and community lenders may help, but experts worry many businesses wont launch without federal support.
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