The Small Business Administration (SBA) has announced that starting March 1, it will no longer provide loans to businesses owned by legal permanent residents (Green Card holders). The new SBA rule requires that 100% of all business owners applying for a loan must be US citizens or US nationals residing in the US or its territories. Green Card holders can no longer have any ownership in loan-eligible businesses. Previously, up to 5% ownership could be held by foreign nationals or Green Card holders living outside the US, but this exception has been removed. This change affects many immigrants, including Indians with Green Cards in the US, who now must become naturalized citizens to get SBA loans. Those wishing to get loans must do so before March 1. Frank Gallegos, executive director of Fresno-based Cen Cal Business Finance Group, expressed surprise at the new policy. His firm helps provide SBA 504 loans, and about 10% of their loans involve Green Card holders. He noted the local economic benefits these loans create. "We had a large nut processor in this area that we did a loan for," Gallegos said. "It was 150 jobs, and they took an old building that had been empty for 15 years." Congressional Democrats strongly criticized the policy. Senate Small Business Committee Ranking Member Edward Markey and House Small Business Committee Ranking Member Nydia Velázquez called it an "attack on immigrant entrepreneurs." They pointed out that this rule follows an earlier SBA restriction barring Chinese citizens from owning more than 5%. In a joint statement, they said, "The Trump administration is stoking the flames of hatred, spreading fear and confusion among immigrants and small business owners. Rather than support hard-working legal immigrants to start or expand a business, the Trump SBA is choosing hatred by barring green card holders from receiving an SBA loan."