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 financial resources for small businesses in the region. The Act also makes a technical amendment to Section 7(m)(11)(C)(ii) of the Small Business Act, updating language related to rural areas.
Expected Effects
The Act will likely increase the availability of microloans for small businesses in the Northern Mariana Islands. This could stimulate economic activity and entrepreneurship in the region. The technical amendment clarifies existing provisions related to rural areas.
Potential Benefits
- Increased access to capital for small businesses in the Northern Mariana Islands.
- Potential for job creation and economic growth in the region.
- Support for entrepreneurship and new business formation.
- Clarification of existing regulations through technical amendments.
- 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.
- Limited impact if other barriers to small business growth are not addressed.
- Possible unintended consequences from the technical amendment, although unlikely given its nature.
- The Act's benefits may be limited if not accompanied by complementary policies.
Constitutional Alignment
This Act appears to align with the Commerce Clause (Article I, Section 8, Clause 3) by regulating commerce and providing support to businesses within a US territory. It also aligns with the General Welfare Clause (Article I, Section 8, Clause 1) by promoting economic development and opportunity. The Act does not appear to infringe upon any individual liberties or rights protected by the Constitution or its amendments.
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).