Small Business Territories Support Act

Key Points

• This bill creates a new Office of Territorial Affairs within the Small Business Administration. It focuses on helping small businesses in Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Northern Mariana Islands. These areas often face unique challenges that businesses on the mainland do not.
• A new official will lead the office and must have experience working with the specific needs of these islands. This leader will help business owners get access to government loans, training programs, and disaster relief. They will also help these businesses compete for contracts to do work for the federal government.
• The office will serve as a direct link between island business owners and federal agencies. They will host online meetings and local events to explain what help is available. They will also regularly check to see if current government programs are actually meeting the needs of people living in the territories.
• Each year, the office will report to Congress on its progress. The report will include the number of businesses helped and how many new companies were started in each territory. This ensures the government can see if the program is working and find ways to improve it over time.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.