SBA says legal permanent residents will be ineligible for its loan program, effective March 1

NEW YORK (AP) — The Small Business Administration said in a policy note that green card holders won't be allowed to apply for SBA loans, effective March 1. The move is the latest by the SBA as it works to tighten loan restrictions and restructure the agency. Last year, it tightened a requirement that businesses applying for loans must be 100% owned by U.S. citizens, U.S. nationals, or lawful permanent residents, up from a 51% standard. In December, it issued a policy note that said up to 5% of a busine ...