Small Business Majority leads nearly 100 organizations to endorse the Investing in the American Dream Act

On April 28, Small Business Majority led a coalition of nearly 100 local, state and national organizations in a letter to Small Business Committee Ranking Members Sen. Ed Markey (D-MA) and Rep. Nydia Velázquez (D-NY) to endorse the Investing in the American Dream Act. The legislation seeks to overturn SBA guidance issued in February that restricts loan access for businesses without 100% U.S. citizenship ownership. Instead, it would codify previous standards allowing businesses to qualify for 7(a), 504, Microloan, and Surety Bond programs if they are based in the U.S. and at least 51% owned by citizens or individuals lawfully in the country, including green card holders, asylees, and refugees.