A House vote this week has opened the door to new sources of capital for small businesses in the Northern Mariana Islands, advancing legislation that would finally make the Commonwealth eligible for a long‑standing federal microloan program.
The U.S. House of Representatives passed H.R. 3496, the Northern Mariana Islands Small Business Access Act, a bipartisan bill introduced by Delegate Kimberlyn King‑Hinds to add the CNMI to the Small Business Administration’s microloan program. The measure is the second standalone bill from King‑Hinds to clear the chamber this Congress.
The legislation corrects what King‑Hinds called a decades‑old omission in federal law. The SBA microloan program, created in 1992, provides loans of up to $50,000 at affordable interest rates for small businesses that may not qualify for traditional financing. More than 69,000 microloans totaling over $900 million have been issued nationwide, supporting more than 250,000 jobs — but the CNMI has been the only U.S. jurisdiction not explicitly included in the statute.
“For decades, every state and territory has had access to this program except the Northern Mariana Islands,” King‑Hinds said. “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.”
King‑Hinds told colleagues the timing is critical as the CNMI continues to face economic strain following the collapse of tourism, the Commonwealth’s primary industry. She said many local businesses have struggled to access affordable capital amid 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.
The measure passed the House with support from both parties, including members of the Small Business Committee. It now awaits consideration in the U.S. Senate.
