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Earlier this week, President Trump’s Small Business Administration (SBA) released a memo changing who will be eligible for the agency’s primary small business loan. Beginning next month, only businesses 100% owned by Americans will be eligible for the loan.
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From Breitbart:
“… effective March 1, 2026, SBA hereby revises Standard Operating Procedure 50 10 8 Lender and Development Company Loan Programs guidance related to businesses owned by non-U.S. citizens,” the memo states:
Consistent with 13 C.F.R. 120.100 and Executive Order 14159 “Protecting the American People Against Invasion,” 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. [Emphasis added]
Effective March 1, 2026, this Notice rescinds SBA Procedural Notice 5000-872050, removing the narrow exception that allowed a Borrower to have up to 5% ownership held by foreign nationals, or U.S. Citizens, U.S. Nationals, or Legal Permanent Residents (LPRs) whose Principal Residents [sic] was outside of the United States, its territories, or possessions. Further, and beginning with the Effective Date of this Notice, Legal Permanent Residents (LPRs) will not be eligible to own any percentage interest in an Applicant/Borrower, OC, or EPC. [Emphasis added]
This change comes after the SBA suspended 7,900 loans in Minnesota over “suspected fraud activity.” SBA Administrator Kelly Loeffler announced the suspension, adding that the borrowers will “be banned from all SBA loan programs, including disaster loans, going forward.” Breitbart notes the SBA also recently suspended over 1,000 businesses from the agency’s 8(a) Business Development Program after the businesses’ owners failed to submit required documents.
Across the nation, fraud has eroded trust in our government. In particular, the fraud in Minnesota has left many shocked, as Somali fraudsters for years stole money from Minnesotan taxpayers to either spend on luxury items or send back to Somalia. With this new change, the Trump administration is aiming to prevent fraud like this from ever occurring again.
Let’s thank for this change, and let’s pray for an end to fraud and government waste in our nation!
What do you think of this change? Share your thoughts and prayers below.
(Excerpt from Breitbart. Photo Credit: Official White House Photo by Molly Riley)
