National CAPACD welcomes the introduction of the Investing in the American Dream Act. Sponsored by Senator Ed Markey (D-MA) and Representative Nydia Velazquez (D-NY-7), this legislation would repeal harmful anti-immigrant restrictions put in place by the Small Business Administration (SBA) that prohibit those who are not U.S. citizens from accessing important SBA lending programs.
For decades, immigrant business owners with legal status, including legal permanent residents (green card holders), asylees, refugees, and visa holders, were eligible for SBA-backed loans to support business growth, provided that a majority of the owners were U.S. citizens or green card holders. The latest actions to exclude immigrants, including green card holders, took effect at the beginning of March and April of this year and apply to SBA 7(a) and 504 loans, Microloans, and the Surety Bond Program.
These discriminatory restrictions have the potential to harm many immigrant-owned businesses that deserve equitable and fair access to important programs that support their growth and development. This includes the more than 3 million Asian American and Pacific Islander-owned businesses that form the backbone of their communities, serving as cultural touchstones that anchor people to place and creating healthy, thriving neighborhoods that foster economic and social stability.
The Investing in the American Dream Act will restore access to capital for these businesses, and we are grateful for the leadership demonstrated by Sen. Markey and Rep. Velazquez by sponsoring this legislation.