Northern Mariana Islands Small Business Access Act
Floor Speech
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Mr. WILLIAMS of Texas. Madam Speaker, I move to suspend the rules and pass the bill (H.R. 3496) to amend the Small Business Act for microloan eligibility for the Commonwealth of the Northern Mariana Islands, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 3496
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Northern Mariana Islands Small Business Access Act''. SEC. 2. INCLUSION OF THE COMMONWEALTH OF THE NORTHERN MARIANA ISLANDS IN THE MICROLOAN PROGRAM.
(a) In General.--Section 7(m)(7)(B) of the Small Business Act (15 U.S.C. 636(m)(7)(B)) is amended--
(1) by inserting ``, the Commonwealth of the Northern Mariana Islands'' after ``Guam'' each place it appears; and
(2) in clause (i)(I)(bb), by striking ``\1/55\'' and inserting ``\1/56\''.
(b) Technical Amendment.--Section 7(m)(11)(C)(ii) of the Small Business Act (15 U.S.C. 636(m)(11)(C)(ii)) is amended by striking ``rural'' and all that follows through the end of the clause and inserting ``rural; and''.
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Mr. WILLIAMS of Texas. Madam Speaker, I yield myself such time as I may consume.
Madam Speaker, I rise today in strong support of H.R. 3496, the Northern Mariana Islands Small Business Access Act. This bill was introduced by Delegate King-Hinds and Representative Conaway.
The SBA microloan program provides entrepreneurs with access to small-dollar loans through qualified lenders. Sometimes, entrepreneurs do not need to access large sums of capital for their operations. That is where the SBA microloan program can help entrepreneurs get just enough capital to meet their exact needs.
Under current law, the SBA apportions microloan program funding to intermediaries in 55 States and territories. Unfortunately, the Commonwealth of the Northern Mariana Islands is excluded. This creates unnecessary barriers for small businesses in the Northern Mariana Islands by limiting opportunities for local entrepreneurship and economic growth.
H.R. 3496 fixes this oversight and ensures that the Commonwealth of the Northern Mariana Islands is included within the geographic scope of the SBA microloan program, increasing the number of States and territories eligible to receive microloan program funding from 55 to 56.
Expanding eligibility for the microloan program will help spur entrepreneurship, strengthen local economies, and ensure that small businesses in all States and territories have a fair opportunity to grow.
Madam Speaker, I urge my colleagues to support H.R. 3496, and I reserve the balance of my time.
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Mr. WILLIAMS of Texas. Madam Speaker, I yield such time as she may consume to the gentlewoman from the Commonwealth of the Northern Mariana Islands (Ms. King-Hinds), my good friend.
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Mr. WILLIAMS of Texas. Madam Speaker, I have no further speakers, and I urge my colleagues to support H.R. 3496 to bring access to capital for small businesses in the Northern Mariana Islands. I yield back the balance of my time.
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