Investing in the American Dream Act

More SBA loans for immigrants

This bill would let more small businesses run by certain noncitizens access specific SBA-backed loans. Covered loans would include 7(a) guarantees, 7(m) microloans, Title V Small Business Investment Company guarantees, and SBA surety bond guarantees. To qualify, a business would need to be located in the United States and at least 51% owned and controlled by U.S. citizens, U.S. nationals, or by eligible individuals. Eligible individuals would include people granted asylum, admitted refugees, nonimmigrant visa holders with unexpired authorized stays, lawful permanent residents (including conditional), certain deferred-action recipients under the June 15, 2012 DHS memorandum, and people whose main home is outside the United States. If owners are eligible individuals, they would need to be lawfully present and authorized to work when they apply. The SBA would not be allowed to deny eligibility just because owners are eligible individuals, and the SBA could not raise the 51% ownership threshold.