Small Business Administration shuts out non-U.S. citizens from its main lending program

The Small Business Administration is barring green card holders and other non-U.S. citizens from applying for loans from the agency's main lending program.

Starting March 1, only U.S. citizens or nationals who have their chief residence in the U.S. or legal territories will be eligible to borrow money under the agency's 7(a) program.

"SBA is requiring that 100% of all direct and/or indirect owners of a small business applicant be U.S. Citizens or U.S. Nationals who have their Principal Residence in the United States, its territories or possessions," the SBA said Monday in a policy notice.

Under a previous SBA notice released in December, up to 5% of a small business could be owned by foreign nationals or legal permanent residents and still legally qualify for a loan.

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