Supporting Marianas small business

May 11, 2019

Legislation I introduced this week will give small businesses in the Marianas access to two grant programs and a microloan program run by the federal Small Business Administration. The Marianas is the only U.S. jurisdiction not included in these programs. With 1,700 small businesses in the Marianas, employing 18,000 people, and the Marianas economy struggling, I am working to help existing businesses grow and new businesses to spring up. Under H.R. 2603 the Marianas can apply for $600,000 in renewable funding to expand free or low-cost services, such as assistance with loan applications, business planning, and marketing. My bill would also extend up to $125,000 to help women and people from economically disadvantaged backgrounds compete for $3 billion in federal seed money for business start-ups. And aspiring entrepreneurs and small businesses owners would gain access to the SBA’s Microloan program, which provides loans up to $50,000, typically not offered by banks. See my statement on the bill and National Small Business Week in the Congressional Record.