U.S. House Endorses the Northern Mariana Islands Small Business Access Act
WASHINGTON, D.C. (Office of the CNMI Congressional Delegate) — The U.S. House of Representatives has successfully passed H.R. 3496, a significant bipartisan initiative known as the Northern Mariana Islands Small Business Access Act.
This legislation, introduced by Congresswoman Kimberlyn King-Hinds, seeks to extend eligibility for the Small Business Administration’s (SBA) microloan program to the Commonwealth of the Northern Mariana Islands (CNMI).
This marks the second distinct legislative proposal from Congresswoman King-Hinds to progress through the House during this congressional session.
The bill rectifies a persistent oversight in federal small business legislation by explicitly including the CNMI within the ambit of the SBA microloan program.
This program offers loans up to $50,000 at competitive interest rates, specifically designed for small businesses that may not qualify for conventional financing.
“For decades, all states and territories have had access to this program except the Northern Mariana Islands,” stated Congresswoman King-Hinds.
“This bill rectifies that oversight, providing our local entrepreneurs with the same vital resources that small businesses across the nation depend on to thrive, create employment opportunities, and navigate economic hardships.”
Initiated in 1992, the SBA microloan program has facilitated over 69,000 loans, amounting to more than $900 million, thereby bolstering over 250,000 American jobs.
Despite this remarkable record, the CNMI has remained the sole U.S. jurisdiction not explicitly included under the statute. H.R. 3496 integrates the Commonwealth alongside all other territories.
During her address on the House floor, King-Hinds emphasized the bill’s timely passage, especially as the CNMI grapples with economic challenges following the downturn of its primary industry—tourism.
She highlighted that local small businesses have found it arduous to secure affordable capital amid economic uncertainty and constrained lending avenues.
“Accessibility to small-dollar, low-interest loans can be pivotal in determining whether a business remains operational or secures the necessary investments to maintain employment,” she remarked.
“This program would grant our small enterprises an opportunity to stabilize and strategize for recovery.”
The measure received endorsements from U.S. Representatives Herb Conaway, Gilbert Ray Cisneros Jr., and Maggie Goodlander, and advanced through the House with significant bipartisan support.
Additionally, Chairman Roger Williams and Ranking Member Nydia Velázquez of the House Small Business Committee voiced their support for the legislation.
H.R. 3496 is now poised to proceed to the Senate for further deliberation.
Source link: Mvariety.com.
