US SBA issues notice withdrawing access of loans to non-US citizens, withdrawal could affect Pacific islands
In a Feb. 2 announcement of a Dec. 19 procedural notice the U.S. Small Business Administration announced that its loans will no longer be available to non-U.S. citizens, typically permanent residents or green card holders as of March 1.
Previously, lawful permanent residents of the U.S. — to include those in the U.S. territories — have had access to such loans.
The US SBA announced that its loans will no longer be available to non-U.S. citizens on Feb. 2.
The Journal understands there may be legal challenges to the notice.
Resident citizens of Palau, the Federated States of Micronesia, and the Marshall Islands have also had access to SBA loans through the Pacific Islands Small Business Development Center network.
GranilloFrederick Granillo, network director for the SBDC network, told the Journal SBDC was aware of the procedural notice, and had reached out to the SBA to clarify the situation with the freely associated states. He said, “We posed the question to the SBA, but have not received a response.” Granillo said it was his understanding that the Compacts of Free Association provide eligibility for SBA loans to citizens of the three countries.
The SBA partners with various lenders, but Granillo said in recent times businesses have mostly worked with development banks in the three countries or with the Pacific Islands Development Bank mbj - This is a developing story. Sign up for MBJ news alerts on www.mbjguam.com
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