Big Change For California Small Businesses: No More SBA Loans For Non-Citizens
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The Small Business Administration has limited access to its loans to US citizens and nationals only, affecting green-card holders who own small businesses in California. This change could harm the economy and discourage job creation, as immigrant entrepreneurs make up 40% of the state's business community and generated $28.4 billion in income in 2023.
The Small Business Administration has changed its loan policy, no longer allowing green-card holders to access its loans. This affects many small business owners in California, where immigrant entrepreneurs make up a significant portion of the business community. The SBA loans were important for these businesses, providing low-interest financing for those without established credit history. The change could harm the economy and discourage job creation. Many small business owners in California hold green cards and will no longer be eligible for these loans. The state has the most small businesses and the largest immigrant population in the nation.
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