Introduction of the Northern Mariana Islands Entrepreneurship Act of 2023

Floor Speech

BREAK IN TRANSCRIPT

Mr. SABLAN. Mr. Speaker, today, I introduce the Northern Mariana Islands Entrepreneurship Act of 2023, which would extend eligibility for the Small Business Administration's microloan program to the Marianas. My bill ensures that small businesses in our islands are treated equitably and have access to the same assistance available in other parts of our Nation.

The opportunity for people to find and grow small businesses is the pathway to achieving the American dream. The SBA's microloan program was created to help everyday Americans do just that--with loans of up to $50,000, small business owners can jumpstart their dreams by investing the micro loan towards inventory, supplies, machinery, equipment, and more. And when our small businesses thrive, we all stand to benefit. According to a 2019 report from the SBA, small businesses create two-thirds of net new jobs and drive U.S. innovation and competitiveness.

Yet this opportunity is not available to all Americans. My home, the Marianas, is the only jurisdiction in the Nation that is ineligible for the microloan program.

My bill ends this inequity and provides a path to entrepreneurship for all small business owners, no matter where they choose to live in the U.S.

I thank my colleague, Ms. Radewagen, who joined me in introducing this important bipartisan legislation.

BREAK IN TRANSCRIPT

Source