This bill amends the Small Business Act to expand the definition of "State" in the federal microloan program to include U.S. territories and insular areas. Specifically, it adds the Commonwealth of the Northern Mariana Islands, along with Puerto Rico, the U.S. Virgin Islands, Guam, and American Samoa, to the list of jurisdictions eligible to participate in the microloan program. The change allows entrepreneurs and small business owners in these territories to access federal microloans, which are small loans typically used to start or expand businesses. The bill contains no specific funding authorization or implementation timeline mentioned in the legislative text. By making these territories eligible for the microloan program on equal footing with the 50 states and Washington, D.C., the legislation aims to support entrepreneurship and economic development in these communities.
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