US Small Business Administration bars green card holders from loans
→SBA-authorised lenders cannot issue guaranteed loans to green card holders
Change
US Small Business Administration barred green card holders from SBA-backed loans and limited eligibility to US citizens.
Why it matters
SBA will refuse guarantee backing for any loan to a lawful permanent resident. SBA-authorised lenders must exclude applicants lacking US citizenship from SBA loan applications. Joint applicant pairs must both hold US citizenship to receive SBA backing.
Implications
- — SBA-authorised lenders must reject green-card-holder applications immediately or lose agency guarantees.
- — Lenders' compliance must update eligibility checks now or risk issuing loans without SBA guarantees.
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Source
View on The Guardian