House Small Business Committee Advances my Northern Mariana Islands Small Business Access Act with Unanimous Vote
This Tuesday the House Small Business Committee voted unanimously, 27-0, to pass my bill, H.R. 3496 the Northern Mariana Islands Small Business Access Act. The act grants eligibility to entrepreneurs in the CNMI to the Small Business Administration’s microloan program, which issues loans of $50,000 or less at affordable rates to small businesses that may not qualify for traditional financing. The program, which has deployed over $900 million through more than 69,000 loans and supported 250,000 jobs since its inception in 1992, is already available in every other state or territory, and this bill would simply add the CNMI to the list of eligible jurisdictions. The bill received strong bipartisan support and I look forward to continuing working with the Small Business Committee to get it through the House and Senate, to the President’s desk.