Small Business Support Bill Headed to Markup
Once the government shutdown concludes, my bill, the Northern Mariana Islands Small Business Access Act (H.R. 3496), will be scheduled for markup in the House Small Business Committee. This legislation would make the CNMI eligible for the federal Microloan Program, giving local entrepreneurs and small business owners greater access to federal financing as we continue rebuilding our economy. Currently, the program supports up to 300 intermediary lenders each year, guaranteeing every state and U.S. territory, except the Marianas, a minimum allocation of funds. My bill corrects this inequity by adding the CNMI and updating the allocation formula to ensure our businesses can compete for funding on equal footing with other U.S. jurisdictions. I encourage local banks and lenders to prepare to participate in this program once enacted. Business owners seeking more information or assistance can contact my office or the NMC Small Business Development Center for support.
