Northern Mariana Islands Small Business Access Act passes House
On Jan. 20, the House of Representatives passed a measure that amends the Small Business Act to include the Northern Mariana Islands in the Small Business Administration’s microloan program.
The inclusion of the NMI into the SBA program would allow small business owners in the commonwealth to qualify for loans of up to $50,000.
The measure was authored by NMI congressional delegate Kimberlyn King-Hinds, who said the amendment fixes a long-standing gap in federal small business law.
The 50 states, Puerto Rico, the U.S. Virgin Islands, Guam, and American Samoa are all included in the SBA’s microloan program.
The SBA microloan program provides loans of up to $50,000 at affordable rates for small businesses that may not qualify for traditional financing.
the House of Representatives passed a measure that amends the Small Business Act to include the Northern Mariana Islands in the Small Business Administration’s microloan program on Jan. 20. Photo by Skyler Obispo
According to the Small Business Act, SBA is authorized to issue loans for qualified small businesses as upfront capital to purchase things like property, material, or to pay for operational costs.
Since the program’s inception in 1992, SBA has issued more than 69,000 loans valued at $900 million.
King-Hinds said the loans are a vital tool for NMI’s business to recover, grow, and endure the current downturn of the commonwealth’s economy.
But the acceptance and hopeful passage of the measure in the Senate, are just one step to fixing the NMI’s economic struggles.
“To me, the underlying issue remains that the CNMI and its needs are not fully understood by those with authority and responsibility to respond,” she said. “We took one step forward with the passage of legislation that recognizes the CNMI’s exclusion from an important small business program. At the same time, we are confronting renewed calls to scale back other tools that are critical to our recovery.” mbj
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