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Limits Small Business Loans to Citizens
Recent Bills/Limits Small Business Loans to Citizens

Limits Small Business Loans to Citizens

IntroducedApril 17, 2025
Passed House1 year ago
Intro
House
Senate
Pres
Sitting in the Senate Small Business and Entrepreneurship Committee.
Most bills stop at this point and never get a vote.
CommerceAdministrative law and regulatory proceduresGovernment lending and loan guaranteesImmigration status and proceduresSmall Business AdministrationSmall business
More:Bills That Passed the HouseEconomyHouse Bills
Why This Matters

This bill requires applicants for certain small business loans to provide proof of citizenship or legal residency. It aims to ensure that only eligible individuals can access these loans.

If you want a loan from the Small Business Administration, you must prove you are a U.S. citizen or lawful permanent resident.
Who this affects
small business owners · individuals seeking loans
What changes is this bill making?
  1. 1This bill requires loan applicants to prove their citizenship status.
  2. 2Only U.S. citizens, nationals, and lawful permanent residents can apply for certain loans.
  3. 3The Small Business Administration will collect specific documentation from applicants.
  4. 4Individuals without legal immigration status are not eligible for these loans.
  5. 5The bill affects loans under two specific programs for small businesses.
Read the detailed summary

American Entrepreneurs First Act This bill revises the application requirements for the Small Business Administration's 7(a) loan and 504 loan programs. Specifically, the bill requires applications for such loans to include (1) the applicant's date of birth; and (2) a certification that the applicant or all beneficial owners are citizens, nationals, or lawful permanent residents of the United States. The bill specifies that certain individuals are ineligible for such loans, including (1) asylees, (2) refugees, (3) individuals issued a visa to remain in the United States, (4) individuals legally classified as nonimmigrants, (5) individuals to whom deferred action has been granted pursuant to the Deferred Action for Childhood Arrivals, and (6) individuals without lawful status under the immigration laws of the United States.

Read full document

Last changed 3 months ago · checked hourly

Bill Progress3 of 4
Bills must pass the House, Senate, and be signed by the President to become law.
Intro
House
Senate
Pres
IntroducedApr 17, 2025
Sponsors
See all 2 sponsors
HouseJun 6, 2025
SenateCurrent

Sitting in the Senate Small Business and Entrepreneurship Committee.

Most bills stop at this point and never get a vote.

President

The President

Donald Trump
President
Awaiting Vote
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