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The Times of India
The Times of India
World
TOI World Desk

Green Card holders won't get SBA loans in US from March 1: What this new rule means for Indians

United States SBA The Small Business Administration Edward Markey Nydia Velázquez

The Small Business Administration (SBA) announced that from March 1, they will not give loans to those businesses that are not owned by US citizens. Businesses owned by legal permanent residents, Green Card holders, will not get this loan. The new policy note said 100% of all direct and indirect owners of a loan applicant have to be US citizens or US nationals who reside within the US or its territories.

Green Card holders will no longer be eligible to own any percentage of a business seeking a loan from the SBA.

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