H.R. 3496: Northern Mariana Islands Small Business Access Act

This bill, titled the Northern Mariana Islands Small Business Access Act, aims to amend the Small Business Act to improve access to microloans for small businesses in the Commonwealth of the Northern Mariana Islands. The key elements of the bill are as follows:

Inclusion of the Northern Mariana Islands in the Microloan Program

The bill proposes to modify Section 7(m)(7)(B) of the Small Business Act. This amendment will specifically include the Commonwealth of the Northern Mariana Islands in the existing microloan program. By adding the Northern Mariana Islands after Guam in the legislation, the bill establishes eligibility for this territory, allowing its small businesses to apply for federal microloans designed to support business growth and development.

Technical Amendment to the Small Business Act

The bill also includes a technical amendment to Section 7(m)(11)(C)(ii) of the Small Business Act. This change involves striking the term "rural" and updating the phrasing to allow for more flexibility in defining eligible areas for the microloan program. The amendment aims to create a clearer framework for what constitutes qualifying regions, which may help ensure that more areas, including those within the Northern Mariana Islands, can access these financial resources.

Purpose of the Amendments

The overarching intent of this legislation is to enhance the support available to small businesses in the Northern Mariana Islands by making federal financial assistance more accessible. By including this territory in the microloan program, it is anticipated that more entrepreneurs and small business owners will benefit from funding that can help them start or expand their businesses, ultimately contributing to the local economy.

Overall Impact

If enacted, this bill would facilitate easier access to funding for small businesses in the Northern Mariana Islands, providing them with better opportunities to obtain necessary financial resources to thrive. This inclusion is expected to aid in addressing potential economic challenges faced by small businesses in this region.

Relevant Companies

None found.