Northern Mariana Islands Small Business Access Act

Floor Speech

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Ms. KING-HINDS. Madam Speaker, I rise today in strong support of my bill, H.R. 3496, as amended, the Northern Mariana Islands Small Business Access Act.

This bill would include my district, the Northern Mariana Islands, in the Small Business Administration's microloan program. The microloan program issues loans of $50,000 or less at low interest rates to help small businesses that may be unable to access capital elsewhere, grow their businesses, or create jobs.

Since the program became operational in 1992, it has issued over 69,000 loans, totaling over $900 million, and supported over 250,000 American jobs. Despite the program's impressive impact for Americans across the country, the Northern Mariana Islands is the only State or territory not explicitly included under the law. This bill would simply add the CNMI to be eligible for the program alongside every other territory.

The CNMI is currently facing an economic crisis following the collapse of our primary industry, which is tourism. Local small businesses are struggling to get approved for affordable loans, in part because of this economic uncertainty. Gaining access to this program could help local entrepreneurs make the investments they need to help put our economy on a more solid footing.

Madam Speaker, I thank my co-lead on the bill, Representative Conaway, for his steadfast support, as well as Representatives Cisneros and Goodlander for also cosponsoring this legislation. I also thank Chairman Williams and Ranking Member Velazquez for their support and help in bringing this bill to the floor.

Again, my bill simply adds my district to the microloan program that is already available to all other Americans. I urge all of my colleagues to support this bipartisan, commonsense, no-cost bill.

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