American Entrepreneurs First Act

This bill would update the application requirements for the Small Business Administration's 7(a) and 504 loan programs to require applicants to provide their date of birth and certify that all beneficial owners are U.S. citizens, nationals, or lawful permanent residents. The proposal would explicitly prohibit loan eligibility for several groups, including asylees, refugees, nonimmigrants, and individuals with deferred action status under the Deferred Action for Childhood Arrivals program. Additionally, individuals without lawful immigration status would be ineligible for these small business loans.

This bill affects applicants for the Small Business Administration's 7(a) and 504 loan programs, who would be required to provide their date of birth and certify their status as U.S. citizens, nationals, or lawful permanent residents. The legislation specifically excludes several groups from loan eligibility, including asylees, refugees, nonimmigrants, individuals with deferred action under DACA, and those without lawful immigration status. Additionally, the Small Business Administration is affected by the revised application and certification requirements for these lending programs.

• Revised application requirements for SBA loan programs. Applicants for Small Business Administration 7(a) and 504 loans must provide their date of birth and certify that all beneficial owners are U.S. citizens, nationals, or lawful permanent residents.
• Exclusion of specific immigration statuses from loan eligibility. The bill renders several groups ineligible for these loans, including asylees, refugees, individuals with visas, and those classified as nonimmigrants.
• Prohibition on loans for DACA recipients and unauthorized individuals. Individuals granted deferred action under the Deferred Action for Childhood Arrivals program and those without lawful immigration status are prohibited from receiving these small business loans.

This bill modifies the application requirements and eligibility criteria for the Small Business Administration's existing 7(a) and 504 loan programs.

The bill aims to restrict eligibility for Small Business Administration 7(a) and 504 loan programs to United States citizens, nationals, and lawful permanent residents by establishing new identification and certification requirements for applicants.