SBA Tightens Small Business Loan Access for Foreign Nationals Under New Administrator Kelly Loeffler

Linda McMahon served as Administrator of the Small Business Administration earlier in the Trump administration but no longer holds that role. Paul Hastings reports that Kelly Loeffler became SBA Administrator effective February 19, 2025, while Linda McMahon took the position of Secretary of the United States Department of Education effective March 3, 2025. Recent news focuses on actions by current SBA Administrator Kelly Loeffler. SocialNews XYZ reports that on March 10, the SBA announced a policy barring foreign nationals and non-citizens, including green card holders, from accessing all federally backed small business loans. This expands earlier restrictions from February and applies to programs like 7(a), 504, Microloan, and Surety Bond. Loeffler stated the Trump SBA aims to prioritize American entrepreneurs amid high demand for capital, as Congress caps lending authority annually. Hindustan Times details that the rule requires 100 percent of direct and indirect owners of applicant businesses to be United States citizens or nationals with principal residence in the United States, its territories, or possessions. It rescinds prior allowances for up to five percent foreign ownership or green card holder participation. The policy took effect March 1 for some programs and will fully apply 30 days after publication, following revelations of billions in potential fraud. The Business Journals confirms the expansion to surety bond and microloan programs, limiting immigrant entrepreneurs' access. AOL notes this builds on February changes to reserve resources for American job creators. Separately, Politico covers an SBA proposal advancing after a Trump executive order on Los Angeles wildfire rebuilding. It allows property owners with federal disaster loans and pending permits over 60 days to self-certify compliance and begin construction, with local inspections still required. SBA spokesperson Maggie Clemmons said it addresses delays, though builders report low usage amid insurance and cost issues. Listeners, thank you for tuning in. Please subscribe for more updates. This has been a quiet please production, for more check out quiet please dot ai. For more http://www.quietplease.ai Get the best deals https://amzn.to/3ODvOta This content was created in partnership and with the help of Artificial Intelligence AI.