Representative Tran Cosponsors Legislation to Protect the American Dream for All Entrepreneurs

Washington, DC – Today, U.S. Representative Derek Tran (CA-45) joined Senator Ed Markey (D-MA), Ranking Member of the Senate Small Business Committee, and Representative Nydia Velázquez (NY-07), Ranking Member of the House Small Business Committee, as an original cosponsor of legislation to protect Small Business Administration (SBA) loan access for immigrant entrepreneurs. The Investing in the American Dream Act would restore access to SBA capital for lawful permanent residents, including green card holders, following a Trump Administration rule restricting noncitizens from SBA loan eligibility.

The Investing in the American Dream Act would restore previous Small Business Administration (SBA) citizenship eligibility rules for 7(a), 504, Microloan, and Surety Bond programs to include small business owners who are legal permanent residents, including green card holders, asylees, and refugees. Read the full text of the bill HERE.

“When my parents came to this country as refugees from Vietnam, they chased the American dream, starting a small business that allowed them to achieve it. Today, my community in Orange County is powered by over 230,000 unique small businesses, so many of which are owned by immigrant and refugee families,” said Representative Tran. “By locking hard-working entrepreneurs who played by the rules, got their green cards, and invested in our communities out of vital SBA loans, this Administration is throwing away opportunities for local innovation that propel our whole nation forward. That’s not the American Dream, that’s a nightmare. ”

The legislation combats anti-immigrant policies imposed by the Trump Administration’s SBA last year that bar businesses with legal permanent resident shareholders, including green card holders, from receiving SBA loans. Restrictive policies have resulted in a 30% drop in SBA lending under President Trump.

“While small businesses struggle with skyrocketing healthcare costs, spiking electricity prices, and havoc caused by Trump’s tariff taxes, the Small Business Administration has cut off loans for lawfully present immigrant job creators,” said Ranking Member Markey. “That’s why I’m introducing the Investing in the American Dream Act—to restore commonsense policies that would empower immigrant entrepreneurs to invest in their businesses and create jobs on Main Street with the help of SBA loans. Our message to immigrants and entrepreneurs is clear: the American Dream IS for you.” 

“Small businesses are the backbone of our economy, and this administration is pulling the rug out from under them,” said Ranking Member Velázquez.  “At a time when rising fuel prices, tariffs, and economic uncertainty are squeezing Main Street from every direction, the SBA should be expanding access to capital, not slamming the door shut on entrepreneurs who are lawfully in this country. The Investing in the American Dream Act restores the commonsense lending standards that worked for 25 years and sends a clear message that immigrant entrepreneurs are essential to our economic success.”

Original cosponsors on the bill also include Representatives Nellie Pou (NJ-09) and Lateefah Simon (CA-12).

“The Trump administration’s policies have turned the SBA’s mission on its head,” said Representative Pou. “Instead of expanding opportunities, the SBA is now erecting barriers to target immigrant entrepreneurs and business owners of color. I am proud to support this legislation—and to stand up for our small businesses that bring our communities together. They are here for us, now we must be here for them.”

"I am proud to represent the East Bay in California, a beautiful tapestry of immigrants and communities from all different backgrounds. Our cities were built and are sustained every single day by immigrants. Yet the Trump Administration is trying to restrict access to small business resources with bigotry fueled citizenship requirements," said Representative Simon. "We should be expanding opportunity, not restricting it. That's why I am joining my colleagues to introduce the Investing in the American Dream Act to undo the Trump Administration's attacks on immigrants and support the people who power our nation."

“Immigrant-owned small businesses are woven into the fabric of American life, creating a just economy for all," said Gregory Dyson, the National Community Reinvestment Coalition's (NCRC) Executive Vice President and Chief Operating Officer. "They are the favorite local restaurant on Main Street, the corner store, the barber shop, the dry cleaner, and the family-run motel. NCRC supports the Investing in the American Dream Act. When qualified entrepreneurs are denied access to SBA loans, the damage produces a ripple effect far beyond a single business. Communities lose jobs. Neighborhoods lose services. Local economies lose the energy and the wealth-building opportunities these small businesses create.”

As a former small business owner and Ranking Member of the House Small Business Committee Subcommittee on Oversight, Representative Tran is dedicated to fighting for small businesses in Congress. Tran recently passed his Small Business Innovation Research (SBIR) Foreign Interference Safeguard Act alongside Representative Don Bacon (R-NE-02) to protect small businesses from intellectual property theft by malign actors like the Chinese Communist Party, as well as several bipartisan pieces of legislation to support small businesses:

• H.R. 5788, the 504 Program Risk Oversight Act, introduced alongside Representative Jimmy Patronis (R-FL-01), would increase transparency and efficiency in the SBA’s 504 loan program to support small businesses’ continued access to capital;
• H.R. 787, the Plain Language in Contracting Act, introduced alongside Representative Nick LaLota (R-NY-01), would require contracting opportunities for small businesses to be written in clear, accessible language;
• H.R. 832, the Small Business Advocacy Improvements Act, introduced with Representative Roger Williams (R-TX-25), would ensure that the Office of Advocacy of the Small Business Administration represents the interests of American small businesses before foreign governments, and;
• H.R. 1642, the Connecting Small Businesses with Career and Technical Education Graduates Act, co-led with Representative Roger Williams, would make it easier for small businesses to recruit and retain a strong workforce of graduates from career and technical education programs.

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Congressman Derek Tran represents California’s 45th Congressional District. Serving his first term in Congress, Congressman Tran is a member of the House Armed Services Committee and House Small Business Committee, where he is Ranking Member of the Oversight, Investigations, and Regulations Subcommittee. Congressman Tran is the son of Vietnamese refugees, a Veteran, and fought for consumers as an attorney before entering Congress.