The U.S. Small Business Administration (SBA) announced a new policy that would ban foreign nationals and non-citizens from accessing its loan services — a continuation of efforts to refocus federal resources to ventures that align with American prioritization.
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The requirement will apply to its Surety Bond and Microloan programs and is an expansion of changes made in February to the SBA’s 504 and 7(a) programs — loans for small businesses looking to finance working capital, equipment or acquisitions. Those earlier reforms prohibited SBA loans from going to businesses that are partially or wholly owned by foreign nationals.
The Surety Bond helps new or inexperienced contractors bid for government jobs that require bonding. Similarly, The Microloan program looks to offer small businesses loans of up to $50,000 through approved third-party intermediaries.
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According to data from the SBA, the agency has 3,300 loans on the books for small businesses partially owned by lawful permanent residents, largely under the Biden administration. That figure represents 4% of the agency’s total loans — currently at 85,000.
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The post Top Trump Agency Cuts Off Foreign Nationals From All Loan Programs: ‘Must Prioritize American Citizens’ appeared first on American Renaissance.
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