Ranking Member Edward J. Markey announced on April 28 the introduction of the Investing in the American Dream Act, a bill aimed at restoring Small Business Administration (SBA) loan eligibility for legal permanent residents, including green card holders, asylees, and refugees. The announcement was made at a press conference with House Small Business Committee Ranking Member Nydia Velázquez and several other members of Congress.
The legislation seeks to reverse changes implemented by the Trump administration in June 2025 that restricted SBA loans to certain immigrants. Supporters say these policies have resulted in 24,000 fewer small business loans compared to the ten months prior and have contributed to an overall decline of more than 30% in SBA lending during this period.
"While small businesses struggle with skyrocketing healthcare costs, spiking electricity prices, and havoc caused by Trump’s tariff taxes, the Small Business Administration has cut off loans for lawfully present immigrant job creators," said Markey. "That’s why I’m introducing the Investing in the American Dream Act—to restore commonsense policies that would empower immigrant entrepreneurs to invest in their businesses and create jobs on Main Street with the help of SBA loans. Our message to immigrants and entrepreneurs is clear: the American Dream IS for you." Velázquez said, "Small businesses are the backbone of our economy, and this administration is pulling the rug out from under them... The Investing in the American Dream Act restores commonsense lending standards that worked for 25 years and sends a clear message that immigrant entrepreneurs are essential to our economic success."
Other members also voiced support. Congresswoman Nellie Pou said, "Instead of expanding opportunities, the SBA is now erecting barriers to target immigrant entrepreneurs and business owners of color." Representative Derek Tran described how his parents achieved success as refugees through small business ownership but noted current policy changes limit similar opportunities today.
The bill has been cosponsored by multiple senators and representatives across both chambers. Over one hundred organizations have endorsed it according to supporters at the event.
Gregory Dyson from National Community Reinvestment Coalition said: "Immigrant-owned small businesses are woven into the fabric of American life... When qualified entrepreneurs are denied access to SBA loans, communities lose jobs... Local economies lose energy." Alexis D’Amato Falvey from Small Business Majority added: "It's therefore essential that Congress codify rules to require SBA to make its resources fully available... many [immigrants] drive job creation in this country." Seema Agnani from National CAPACD stated: "Ensuring immigrant business owners can access capital through SBA lending programs is essential..."
Background information shows that since last year’s policy change there has been documented concern among lenders about citizenship requirements affecting loan volume; letters urging reversal have not received responses from federal agencies involved.
The Senate Small Business and Entrepreneurship Committee supports informed decision-making on national fiscal priorities according to its official website. It offers comprehensive policy options related to federal budget components according to its official website, features Lindsey Graham as chairman and Jeff Merkley as ranking member according to its official website, contributes via resolutions or reconciliation instructions according to its official website, was established through legislation passed in 1974 according to its official website, and provides nonpartisan analysis through oversight of Congressional Budget Office activities according to its official website.
Supporters argue that restoring previous eligibility rules will benefit local economies by enabling more immigrants—who own many main street businesses—to access capital needed for growth.
