Latino business owners in the United States are alarmed by a new policy from the Small Business Administration (SBA) that will restrict loan access solely to U.S. citizens, effectively discriminating against those with legal residency status, such as green card holders. Frank García, president of the National Association of Hispanic Chambers of Commerce, has voiced serious concerns about this decision, emphasizing that legal immigrants contribute to the economy by paying taxes and creating jobs just like citizens do. He argues that the policy not only undermines the hard work of many immigrants but also perpetuates a narrative of discrimination.

García highlighted that the SBA's policy, set to take effect on March 1, could also influence banks that offer low-interest loans backed by the government, potentially leading them to adopt similar exclusionary practices. This could have significant repercussions for many Latino-owned businesses that rely on such loans for their operations and growth. García stresses that the borrowing track record of these business owners is strong, countering claims that would suggest otherwise.

The broader implications of this policy can be seen as reinforcing systemic racism and discrimination against immigrant communities in the U.S., particularly affecting areas like New York where a high concentration of Latino businesses operate. The situation raises critical questions about equity in lending practices and the responsibility of government agencies to support all residents, regardless of their immigration status, in fostering economic growth in diverse communities.