"I'm here looking for opportunities for my community" - What the SBA can do to get investments working in the CNMI

The House Committee on Small Business held a Full Committee Hearing on Wednesday to discuss the role and importance of private sector investment and public-private partnerships in funding small business growth. At the center of discussion was the Small Business Investment Company (SBIC) program – a key part of the SBA's efforts to support small businesses, offering them access to financing that they might not otherwise be able to obtain through traditional means. However, I shared with the committee that businesses in the Marianas face unique and steep challenges that impede on such opportunities because of our remote location, shipping costs, and other factors that make it more difficult for businesses to fully leverage these resources. Nonetheless, as the work of the committee continues, I will continue to prioritize efforts to secure the resources needed for small businesses in the Marianas to thrive and prosper. After all, small businesses are the cornerstone of economic prosperity, driving innovation, creating jobs, and enhancing our islands’ economic resilience.