WASHINGTON (Michigan News Source) – Head of the U.S. Small Business Administration (SBA) Administrator Isabel Casillas Guzman announced a new rule that would allow former criminals, including those on parole and probation, to apply for SBA-backed business loans.
The Biden-Harris Administration has finalized a new rule that will remove restrictions on those loans for what it calls “returning citizens.” In addition, the SBA will remove questions on criminal history from its applications. Individuals who are currently incarcerated and those who have previously defrauded the government will remain ineligible.
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“For too long, small business ownership has been out of reach for returning citizens,” said SBA Administrator Guzman. “Today, the SBA is taking a massive step forward to foster equity and remove unnecessary barriers that prevent countless individuals from starting and running a business.”
Consumer Financial Protection Bureau Director Rohit Chopra added, “This important change from SBA will break down barriers to financing for millions of aspiring entrepreneurs who are moving forward in their lives despite having a criminal history,” Chopra said.
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