Top Trump agency cuts off foreign nationals from all loan programs: 'Must prioritize American citizens'

The Surety Bond helps new or inexperienced contractors bid for government jobs that require bonding. Similarly, The Microloan program looks to offer small businesses loans of up to $50,000 through approved third-party intermediaries.

"Last month, we made it clear that SBA would not allow foreign nationals to access our core small business loan programs - and today, we are expanding that policy to include all SBA-guaranteed loans," Loeffler said.

According to data from the SBA, the agency has 3,300 loans on the books for small businesses partially owned by lawful permanent residents, largely under the Biden administration. That figure represents 4% of the agency's total loans - currently at 85,000.

"With our lending authority capped annually by Congress and amid record demand for access to capital, our responsibility is clear: the limited resource of SBA financing must prioritize American citizens who are building businesses and creating jobs here at home," Loeffler said.

The expanded policy will go into effect 30 days after the agency's announcement.