Northern Mariana Islands Small Business Access Act

The Northern Mariana Islands Small Business Access Act would expand the Small Business Administration's microloan program to include eligible entities in the Commonwealth of the Northern Mariana Islands. Currently, the microloan program provides loans up to $50,000 to small businesses and certain nonprofit childcare centers, but this program has not been available to businesses in the Northern Mariana Islands.

If enacted, this bill would allow small business owners and nonprofit childcare centers in the Northern Mariana Islands to access these microloans, which could help them start or expand their operations. The microloan program is designed to support entrepreneurs who may have difficulty obtaining traditional bank financing, making it a potential resource for economic development in the territory.

The bill passed the House of Representatives and is currently under review by the Senate Committee on Small Business and Entrepreneurship. The committee will evaluate whether expanding this federal lending program to the Northern Mariana Islands would effectively support small business growth in the territory.