The Small Business Administration (SBA) has been issuing guidelines limiting access to capital to foreign nationals. On December 19 2025, the SBA issued guidance that a company wishing to borrow using one of their products could have up to 5% ownership held by foreign nationals, U.S. citizens, or legal residents living abroad. Yesterday, the SBA announced additional restrictions on its capital programs further barring green card holders and U.S. citizens and nationals residing abroad from taking out SBA loans.
The American Dream is built on economic mobility, for CAMEO Network, that means business ownership as an opportunity to bridge the wealth gap. In recent years, Latino and immigrant entrepreneurs have started new businesses at twice the rate of the general population, building domestic capacity in key industries like construction, manufacturing, and others.
Immigrant entrepreneurs and the communities they serve would contribute $2 Trillion to US GDP with the same opportunity as their native peers. Instead, the Administration is shutting them out of opportunity and further destabilizing our Main Street communities.
Everyone benefits when we embrace our diversity. It is worth reiterating what our CEO, Carolina Martinez, wrote with Julian Castro in Fortune last July,
“Today,America faces a choice between two economic futures: one that embraces the talents, drive, and contributions of Latino and immigrant entrepreneurs, or one that focuses on an increasingly narrow version of what it means to be American. The economic data is clear – we are stronger with an economy that makes room for all entrepreneurs to pursue their dreams.”
The Democrats on the Senate and House Small Business Committees are condemning the action.
CAMEO Network will work with our elected officials to rescind this policy.
If you have clients who will be affected by this new guidance, please email Daniela Fernandez-Ulen.