President Donald Trump’s Small Business Administration (SBA) is banning foreign nationals from securing federal dollars via more small business loan programs, the agency announced Monday.
“The Trump SBA is committed to driving economic growth and job creation for American citizens,” SBA Administrator Kelly Loeffler said in a statement:
Last month, we made it clear that SBA would not allow foreign nationals to access our core small business loan programs – and today, we are expanding that policy to include all SBA-guaranteed loans.
In particular, foreign nationals will not be eligible for the agency’s Surety Bond program and Microloans, which offer loans of up to $50,000 for small businesses and not-for-profit childcare centers.
RELATED VIDEO — Loeffler: Democrats Have Become “So Radical” They “Bow” to Illegal Aliens, Criminals:
“With our lending authority capped annually by Congress and amid record demand for access to capital, our responsibility is clear: The limited resource of SBA financing must prioritize American citizens who are building businesses and creating jobs here at home,” Loeffler said.
Last month, Loeffler announced that applicants seeking the agency’s primary small business loan would have to be American citizens and have a permanent residence in the United States.
In Fiscal Year 2025, mostly under former President Joe Biden, the SBA approved nearly 3,400 loans for small businesses owned in part by foreign nationals, accounting for four percent of the agency’s 85,000 loans approved that fiscal year.
John Binder is a reporter for Breitbart News. Email him at [email protected]. Follow him on Twitter here.
Read the full article here