The Small Business Administration has announced a policy change that many are surprised even needed to happen — and others are already calling for more action.
On Monday, the SBA, headed by Administrator Kelly Loeffler, announced a new policy that will ban foreign nationals and all noncitizens from accessing SBA-backed small business loans.
The policy change is a continuation of another change implemented on March 1, which made small businesses owned or co-owned by a foreign national ineligible for two of the main SBA loan programs.
“The Trump SBA is committed to driving economic growth and job creation for American citizens,” Loeffler said.
