WASHINGTON, D.C. — A bill by CNMI Delegate Kimberlyn King-Hinds that would expand access to federal microloans for local small businesses cleared the U.S. House on Tuesday.
H.R. 3496 titled the Northern Mariana Islands Small Business Access Act would extend eligibility for the U.S. Small Business Administration’s microloan program to the Commonwealth of the Northern Mariana Islands.
In her statement, King-Hinds said the CNMI has been the only U.S. jurisdiction not explicitly covered under the program’s authorizing law. She said the change would help small businesses that can’t qualify for traditional financing by making available microloans of up to $50,000 at affordable interest rates.
King-Hinds also cited the microloan program’s record since 1992, saying it has issued more than 69,000 loans totaling over $900 million and supported more than 250,000 American jobs.
The bill was cosponsored by U.S. Reps. Herb Conaway, Gilbert Ray Cisneros Jr., and Maggie Goodlander. It also received support in the House from Small Business Committee Chairman Roger Williams and Ranking Member Nydia Velázquez.
H.R. 3496 now moves to the U.S. Senate for consideration.
