Northern Mariana Islands Small Business Support
Official: Northern Mariana Islands Small Business Access Act
This bill helps small businesses in the Northern Mariana Islands by allowing them to access microloans, which can provide crucial funding for growth and development.
Northern Mariana Islands Small Business Access Act This bill expands eligibility for the Small Business Administration microloan program to include entities in the Commonwealth of the Northern Mariana Islands. The microloan program provides loans up to $50,000 for small businesses and certain nonprofit childcare centers.
1. This bill allows the Commonwealth of the Northern Mariana Islands to participate in the microloan program. 2. It updates the Small Business Act to include the Northern Mariana Islands alongside Guam. 3. The bill changes the loan calculation formula to better support small businesses. 4. It also clarifies language regarding rural areas in the loan program.
Small business owners in the Commonwealth of the Northern Mariana Islands.