Bill would open SBA microloan funding to Northern Mariana Islands lenders
Passed one chamberH.R. 3496Latest action
Sponsor: Kimberlyn King-Hinds · Delegate · MP
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Official title: Northern Mariana Islands Small Business Access Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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HR 3496 would add the CNMI to the SBA Microloan Program, letting local nonprofits access federal funds for small business loans.
50-second read · 4 questions answered below
What does this do?
HR 3496 would amend the SBA Microloan Program to include the Commonwealth of the Northern Mariana Islands, which is currently excluded while other U.S. territories such as Guam are eligible. The program distributes federal funds to approved nonprofit lenders, who then issue small loans, up to $50,000, to entrepreneurs and small business owners. The bill does not alter how the program operates in any other part of the country.
Who does it affect?
Small business owners and entrepreneurs in the Northern Mariana Islands are the primary people affected. Nonprofit lenders based in the CNMI would also be affected, as they would become eligible to apply for participation in the federal program.
Why does it matter?
Adding the CNMI would extend to its residents access to a lending channel that other U.S. territories already have. Nonprofit lenders there could begin applying for federal funds and issuing small loans to local businesses that may not qualify for traditional bank financing.
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Where does it stand?
- IntroducedMay 19, 2025
- House committee
- House vote
- SenateYou are here · Jan 26, 2026
- The president's desk
Right now: it passed the House, and the official record shows nothing new since. If the Senate changes it, it goes back to the House before reaching the president.
Latest action: — Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.