This bill establishes a new Office of Territorial Affairs within the Small Business Administration to better serve small business owners in U.S. territories, specifically Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Northern Mariana Islands. The office will be headed by an Assistant Administrator who will work to tailor SBA programs including entrepreneurial development, disaster assistance, capital access, and federal contracting opportunities to meet the unique needs of territorial businesses. The Assistant Administrator will also act as a liaison between territorial businesses and federal agencies, review the adequacy of SBA services in the territories, and host webinars and outreach events. The bill requires the Assistant Administrator to submit detailed annual reports to Congress beginning within 180 days of enactment, documenting the number of businesses assisted, types of assistance provided, and recommendations for improving support to territorial small businesses. The legislation does not specify separate new funding but directs existing SBA resources and programs to be better coordinated and promoted for use by territorial entrepreneurs.
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