Ranking Member Edward J. Markey announced on April 28 the introduction of the Investing in the American Dream Act, a bill aimed at restoring previous Small Business Administration (SBA) citizenship eligibility rules for certain loan programs. The legislation was introduced alongside House Small Business Committee Ranking Member Nydia Velázquez and several other congressional members.
The proposed law seeks to reverse changes made by the Trump administration that barred businesses owned by legal permanent residents, including green card holders, from receiving SBA loans. Supporters say these restrictions have led to a significant decline in small business lending and have negatively affected immigrant entrepreneurs. Data presented at the press conference indicated that since June 2025, SBA has issued 24,000 fewer loans compared to the ten months prior to these policy changes.
“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 lawmakers also voiced support during remarks at the event.
Stakeholders such as Gregory Dyson of NCRC highlighted how denying qualified entrepreneurs access to SBA loans harms communities through job losses and reduced services. Alexis D’Amato Falvey of Small Business Majority said restricting loan access could have long-term negative effects on local economies given immigrants’ high ownership rates among Main Street businesses.
The Senate Small Business and Entrepreneurship Committee plays an important role in supporting informed decision-making on national fiscal priorities according to its official website. The committee offers Congress 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 and reconciliation instructions according to its official website, was established through legislation passed in 1974 according to its official website, and provides nonpartisan budgetary analysis through oversight of CBO according to its official website.
Markey has previously taken steps addressing immigration-related barriers faced by small business owners seeking SBA assistance. He recently introduced additional legislation targeting disruptions caused by immigration enforcement actions impacting Main Streets across America.
