The Small Business Administration (#SBA) put new rules into effect on June 1 for getting government-backed small business loans. But one part of the new rules has gone largely unnoticed. Broadly speaking, the agency says the changes were made to make the loans safer for #taxpayers. In 2024, the SBA’s flagship 7(a) program posted a $397 million loss. That was its first negative year in more than a decade. Most of the revisions bring the program back in line with how it worked during President Trump’s first term. That includes stricter credit checks, higher down payment requirements, and tougher rules on how much cash flow a borrower needs to qualify. The SBA said it was ending what it called an “era of irresponsible lending” and blamed looser standards under President Biden for last year’s losses. A brand new rule now requires businesses to be 100% owned by U.S. citizens or those who have been permanent residents for at least six months to qualify for an SBA #loan. This is not a retur...