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 correction 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 should increase the availability of capital for entrepreneurs and small business owners. The technical amendment clarifies the language in the Small Business Act.
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.
- Clarification of existing language in the Small Business Act through a technical amendment.
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 on the overall US economy due to the small size of the Northern Mariana Islands economy.
Constitutional Alignment
This Act appears to align with the spirit of the Constitution, particularly the General Welfare Clause (Preamble). Congress has the power to regulate commerce and provide for the general welfare, which includes supporting small businesses. Article I, Section 8, Clause 3 grants Congress the power to regulate commerce with foreign nations, and among the several states, and with the Indian tribes, which can be interpreted to include territories like the Northern Mariana Islands.
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).