The Small Business Administration won’t allow green card holders to apply for SBA loans beginning March 1, the Associated Press reports.
The SBA said it is working to tighten its loan restrictions and restructure the agency.
Last year it required that businesses applying for loans must be 100% owned by U.S. citizens, U.S. nationals or lawful permanent residents. It used to only require 51%.
Lawful permanent residents are also ineligible for the loans.
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Small business advocacy group the Small Business Majority said the move is “a decision that will limit the growth of small businesses and jobs throughout the United States.”
