The Territorial Small Business Development Act of 2026 requires the Small Business Administration to establish a new assistance program for small businesses owned and controlled by residents of Guam, American Samoa, and the Northern Mariana Islands. Eligible businesses must have their principal place of business in one of these Pacific territories, be at least 51 percent owned by Pacific territories residents, and be managed and operated by such residents who have lived in the territory for at least the past 10 years. The program will provide the same types of support available to socially and economically disadvantaged small businesses, but without imposing net worth requirements on applicants. This legislation aims to support economic development in these U.S. territories by expanding access to Small Business Administration resources for qualifying local business owners.
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