SBA loan restrictions block legal permanent residents from small-business funding
By
Alina Selyukh
Summary
The U.S. Small Business Administration (SBA) has changed its lending rules, effectively barring many immigrant entrepreneurs who are legal permanent residents from accessing small-business loans. The article follows Sayuri Tsuchitani, a Japanese immigrant and hairdresser in Los Angeles, who applied for an SBA loan to start her own salon during the pandemic but was denied due to her immigration status. The policy shift impacts thousands of immigrant business owners who previously qualified for SBA loans, raising concerns about economic inclusion and the future of immigrant entrepreneurship in America.
Source
bskySBA loan restrictions block legal permanent residents from small-business fundingow.lyKey quotes
· 3 pulledBefore Sayuri Tsuchitani became an entrepreneur, she spent two decades on her feet: cutting, coloring and styling hair.
When the pandemic shut the Los Angeles salon where she worked, she recognized a chance to make a change: She applied for a loan from the U.S. Small Business Administration, or the SBA, for a business of her own.
For decades, immigrants who are legal permanent residents in the U.S. could get loans through the Small Business Administration, a core pillar of small-business lending. Not anymore.
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