Northern Mariana Islands Small Business Access Act
Summary
The Northern Mariana Islands Small Business Access Act amends the Small Business Act to include the Commonwealth of the Northern Mariana Islands in the microloan program. This inclusion aims to provide greater access to capital for small businesses in the region. The bill also makes a technical amendment to Section 7(m)(11)(C)(ii) of the Small Business Act.
Expected Effects
The act will expand microloan eligibility to small businesses in the Commonwealth of the Northern Mariana Islands. This change will likely increase the availability of financial resources for entrepreneurs and small business owners in the region. It may also stimulate economic activity and job creation within the Commonwealth.
Potential Benefits
- Increased access to microloans for small businesses in the Northern Mariana Islands.
- Potential for economic growth and job creation in the region.
- Support for entrepreneurship and small business development.
- Technical correction to improve the clarity of the Small Business Act.
- Alignment with the goal of promoting economic development in US territories.
Most Benefited Areas:
Potential Disadvantages
- Potential for increased administrative burden on the Small Business Administration.
- Risk of loan defaults if businesses are not properly vetted or supported.
- Limited impact on overall US economy due to the small size of the Northern Mariana Islands' economy.
- Possible unintended consequences from the technical amendment.
- May require additional oversight to ensure funds are used effectively.
Constitutional Alignment
This bill appears to align with the spirit of the Constitution, particularly the General Welfare Clause (Preamble). Congress has the power to "promote the general Welfare," and supporting small businesses in US territories can be seen as fulfilling this objective. Article I, Section 8, Clause 3 (Commerce Clause) grants Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes which implicitly includes territories.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).