Northern Mariana Islands Small Business Access Act
The Northern Mariana Islands Small Business Access Act would expand eligibility for the U.S. Small Business Administration’s Microloan Program to include the Commonwealth of the Northern Mariana Islands (CNMI). By adding CNMI to the list of eligible areas where microloans can be made (placing CNMI after Guam wherever Guam appears in the relevant statute), the bill aims to improve access to small-dollar financing for CNMI entrepreneurs and small businesses. The bill also includes a technical amendment to adjust the wording around the rural designation, ensuring CNMI can be properly treated within the program’s framework. Overall, the measure is a targeted statutory change that broadens access to a federal microloan program without creating new funding or new program authorities. If enacted, CNMI-based lenders and borrowers could participate in SBA’s microloan activities in line with Guam’s existing participation.
Key Points
- 1Adds the Commonwealth of the Northern Mariana Islands to the microloan program eligibility list, inserted after “Guam” wherever it appears in the Small Business Act.
- 2Includes a technical amendment to the rural designation language to ensure CNMI’s inclusion is properly reflected in the statute.
- 3The change is limited to eligibility and statutory wording; it does not create new funding or new program authorities beyond existing microloan provisions.
- 4The bill was introduced in the 119th Congress by Ms. King-Hinds and referred to the Committee on Small Business.
- 5Purpose: to expand access to capital for CNMI small businesses through the SBA Microloan Program.