WASHINGTON, D.C. (Office of the CNMI Congressional Delegate) — The U.S. House of Representatives has passed H.R. 3496, the Northern Mariana Islands Small Business Access Act, bipartisan legislation introduced by U.S. Congresswoman Kimberlyn King-Hinds to extend eligibility for the Small Business Administration’s microloan program to the Commonwealth of the Northern Mariana Islands.
The bill marks the second piece of standalone legislation introduced by Congresswoman King-Hinds to advance through the House this Congress.
The measure corrects a long-standing gap in federal small business law by explicitly including the CNMI in the SBA microloan program, which provides loans of up to $50,000 at affordable interest rates for small businesses that may not qualify for traditional financing.
“For decades, every state and territory has had access to this program except the Northern Mariana Islands,” said Congresswoman King-Hinds. “This bill fixes that omission and gives our local entrepreneurs access to the same tools that small businesses across the country rely on to grow, create jobs, and survive tough economic periods.”
Since its creation in 1992, the SBA microloan program has issued more than 69,000 loans totaling over $900 million and has supported more than 250,000 American jobs. Despite that record, the CNMI has remained the only U.S. jurisdiction not explicitly covered under the statute. H.R. 3496 adds the Commonwealth alongside every other territory.
In her remarks on the House floor, King-Hinds noted that the timing of the bill’s passage is especially important as the CNMI continues to face economic strain following the collapse of tourism, the Commonwealth’s primary industry. She said local small businesses have struggled to access affordable capital, in part due to economic uncertainty and limited lending options.
“Access to small-dollar, low-interest loans can make the difference between a business closing its doors or making the investments needed to keep people employed,” she said. “This program would give our small businesses a chance to stabilize and plan for recovery.”
The measure was cosponsored by U.S. Reps. Herb Conaway, Gilbert Ray Cisneros Jr., and Maggie Goodlander, and advanced with bipartisan support in the House. Chairman Roger Williams and Ranking Member Nydia Velázquez of the House Small Business Committee also supported the legislation.
H.R. 3496 now heads to the Senate for consideration.
