|
|
Ranking Members Markey, Velázquez, Democrats Introduce Legislation to Protect the American Dream for Immigrant Entrepreneurs
04/28/2026
[ Article originally appeared in www.sbc.senate.gov ]
Ranking Member Edward J. Markey (D-Mass.) today introduced the Investing in the American Dream Act at a press conference alongside House Small Business Committee Ranking Member Nydia Velázquez (D-NY-7), Congressional Asian Pacific American Caucus Executive Board Member Derek Tran (D-CA-45), Congressional Black Caucus Member Lateefah Simon (D-CA-12), Congressional Hispanic Caucus Member Nellie Pou (D-NJ-9), and Gregory Dyson, Executive Vice President and Chief Operating Officer of the National Community Reinvestment Coalition (NCRC). The Investing in the American Dream Act would restore previous Small Business Administration (SBA) citizenship eligibility rules for 7(a), 504, Microloan, and Surety Bond programs to include small business owners that are legal permanent residents, including green card holders, asylees, and refugees. The legislation combats anti-immigrant policies imposed by Trump’s SBA last year that bar businesses with legal permanent residents, including green card holders, from receiving SBA loans. Since June 2025, when Trump’s SBA rolled back Biden-era policies and implemented restrictive loan changes, including the discriminatory citizenship requirements, SBA has made 24,000 fewer small business loans than in the ten months prior to the Trump rollback. Trump’s attacks on immigrant small business owners have only added to the steep decline in SBA lending. Data released at the press conference shows that under Trump’s SBA, lending has dropped by more than 30%. “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 Ranking Member 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.” “Small businesses are the backbone of our economy, and this administration is pulling the rug out from under them,” said Ranking Member Velázquez. “At a time when rising fuel prices, tariffs, and economic uncertainty are squeezing Main Street from every direction, the SBA should be expanding access to capital, not slamming the door shut on entrepreneurs who are lawfully in this country. The Investing in the American Dream Act restores the commonsense lending standards that worked for 25 years and sends a clear message that immigrant entrepreneurs are essential to our economic success.” “The Trump administration’s policies have turned the SBA’s mission on its head,” said Congresswoman Pou. “Instead of expanding opportunities, the SBA is now erecting barriers to target immigrant entrepreneurs and business owners of color. I am proud to support this legislation—and to stand up for our small businesses that bring our communities together. They are here for us, now we must be here for them.” “When my parents came to this country as refugees from Vietnam, they chased the American dream, starting a small business that allowed them to achieve it. Today, my community in Orange County is powered by over 230,000 unique small businesses, so many of which are owned by immigrant and refugee families,” said Representative Tran. “By locking hard-working entrepreneurs who played by the rules, got their green cards, and invested in our communities out of vital SBA loans, this Administration is throwing away opportunities for local innovation that propel our whole nation forward. That’s not the American Dream, that’s a nightmare.” "I am proud to represent the East Bay in California, a beautiful tapestry of immigrants and communities from all different backgrounds. Our cities were built and are sustained every single day by immigrants. Yet the Trump Administration is trying to restrict access to small business resources with bigotry fueled citizenship requirements," said Congresswoman Lateefah Simon. "We should be expanding opportunity, not restricting it. That's why I am joining my colleagues to introduce the Investing in the American Dream Act to undo the Trump Administration's attacks on immigrants and support the people who power our nation." In addition to Ranking Member Markey, the Investing in the American Dream Act is cosponsored in the Senate by Senators Chris Coons (D-Del.), Jacky Rosen (D-Nev.), Adam Schiff (D-Calif.), Kirsten Gillibrand (D-N.Y.), Richard Blumenthal (D-Conn.), Alex Padilla (D-Calif.), Elizabeth Warren (D-Mass.), Mazie Hirono (D-Hawai’i), Jeanne Shaheen (D-N.H.), Cory Booker (D-Del.), Patty Murray (D-Wash.), Richard Durbin (D-Ill.), Andy Kim (D-N.J.), and Jeff Merkley (D-Ore.). In addition to Ranking Member Velázquez, the bill is cosponsored in the House by Representatives Yvette Clarke (D-N.Y.-9), Chair of the Congressional Black Caucus, Grace Meng (D-N.Y.-6), Chair of the Congressional Asian Pacific American Caucus, Adriano Espaillat (D-N.Y.-13), Chair of the Congressional Hispanic Caucus, Johnny Olszewski (D-M.D.-2), Judy Chu (D-Calif.-28), Lateefah Simon (D-Calif.-12), Raja Krishnamoorthi (D-Ill.-8), Gil Cisneros (D-Calif.-31), George Latimer (D-N.Y.-16), Shri Thanedar (D-Mich.-13), LaMonica McIver (D-N.J.-10), Morgan McGarvey (D-Ky.-3), Hillary Scholten (D-Mich.-3), Derek Tran (D-Calif.-45), and Kelly Morrison (D-Minn.-3). Small business advocates and stakeholders have voiced their support for the Investing in the American Dream Act. For a full list of the more than 100 organizations endorsing the bill, click here. “Immigrant-owned small businesses are woven into the fabric of American life, creating a just economy for all," said Gregory Dyson, the National Community Reinvestment Coalition's (NCRC) Executive Vice President and Chief Operating Officer. "They are the favorite local restaurant on Main Street, the corner store, the barber shop, the dry cleaner, and the family-run motel. NCRC supports the Investing in the American Dream Act. When qualified entrepreneurs are denied access to SBA loans, the damage produces a ripple effect far beyond a single business. Communities lose jobs. Neighborhoods lose services. Local economies lose the energy and the wealth-building opportunities these small businesses create.” "The U.S. Small Business Administration's decision to prohibit legal permanent residents, including green card holders, from accessing SBA-backed loans has the potential for disastrous consequences that could reverberate throughout the U.S. economy for years to come. After all, immigrants own a high percentage of Main Street businesses such as grocery stores, restaurants, dry cleaners and other types of small shops typically found in towns throughout the United States. It's therefore essential that Congress codify rules to require SBA to make its resources fully available to legal permanent residents, many of whom drive job creation in this country," said Alexis D’Amato Falvey, Senior Director of Federal Government Affairs at Small Business Majority. “The Investing in the American Dream Act is critical legislation that recognizes the instrumental role that immigrant entrepreneurs and businesses play in building wealth, creating jobs, anchoring and investing in neighborhoods, and growing the economy. Ensuring immigrant business owners can access capital through SBA lending programs is essential to sustaining local economies and to our country's continued economic adaptation to a changing global landscape. Business ownership among immigrant communities has long been a cornerstone of the American economy and remains a pathway to financial stability and long-term economic freedom for many. We are grateful to Senator Markey and Representative Velázquez for their leadership in championing this legislation,” said Seema Agnani, CEO of National CAPACD. “The Investing in the American Dream Act restores a practical and pro-growth standard by ensuring lawfully present, work-authorized individuals who are building businesses in America can continue to access the tools that help companies start, scale, and succeed. America’s strength has always come from attracting and empowering talent from around the world. When we narrow that pathway, we not only limit opportunity for individuals, but also risk slowing innovation and pushing the next generation of ideas, companies, and breakthroughs beyond our borders. This bill will help sustain the countless small businesses that have contributed immeasurably to our economy, just as the SBA has done historically. The USHBC is proud to endorse this legislation because supporting entrepreneurship, rewarding lawful economic participation, and expanding opportunity should always remain part of the American dream,” said Javier Palomarez, President and CEO of the United States Hispanic Business Council. “The Investing in the American Dream Act is a critical step toward restoring opportunity for immigrant entrepreneurs. The data is clear: Immigrant-owned businesses are an extraordinary economic force. They create jobs, drive innovation, and generate tax revenue. Green card holders who have followed the legal process deserve the same access to capital as any other small business owner. Thank you to Senator Markey for sponsoring this legislation and sending a clear message that America is open for business,” said Carolina Martinez, CEO of CAMEO Network. “AAPI small business owners are essential to local economies and play an integral role in the development of our country. The Trump administration’s recent changes to SBA loan policies have unfairly restricted immigrant-owned businesses from accessing the capital they need to grow. The harm from this targeted discrimination will affect all of us. The Investing in the American Dream Act will help restore fairness and ensure that small businesses that are at least 51% owned by citizens, nationals, and individuals that are lawfully in the country—including green card holders, asylees, and refugees—can continue to access SBA-backed loans. Advancing Justice – AAJC strongly supports this bill, which will expand economic opportunity and help all communities thrive,” said John C. Yang, President and Executive Director of Asian Americans Advancing Justice. "The U.S. Black Chambers, Inc. stands in support of the Investing in the American Dream Act, and we are grateful for Senator Markey's leadership in championing this legislation. Small businesses are the backbone of our economy, and the entrepreneurs who build them, regardless of the path that brought them here, deserve a fair opportunity to access the capital they need to grow, hire, and invest in their communities. This bill reflects a straightforward and just standard: if your business is on American soil and majority-owned by individuals lawfully present in this country, you should have access to SBA financing. That is not a radical proposition. That is the American Dream in practice. We urge our congressional allies on both sides of the aisle to support this legislation and ensure that the full diversity of America's entrepreneurial spirit has the financial runway it needs to succeed,” said the U.S. Black Chambers, Inc. “A thriving community requires a robust, diverse small business sector, and our nation has been built on the stories of small business entrepreneurs who achieved their version of the American Dream with support from the Small Business Administration and other programs. This Act would ensure that those with the vision, drive and commitment to strengthen their businesses and communities have access to the tools they need to do so,” said Keith Mahoney, Vice President of Public Affairs at the Boston Foundation. Ranking Member Markey is fighting for small business owners and immigrants that rely on SBA loans to start and run their businesses, create jobs, and contribute to their communities.
Back To News |
|
