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Kilili bill helps Marianas small business
WASHINGTON, D.C.—Delegate Gregorio Kilili C. Sablan (Ind-MP) introduced legislation Thursday last week to give small businesses in the Marianas access to two grant programs and a microloan program run by the federal Small Business Administration. The Marianas is the only U.S. jurisdiction not included in these programs.
“There are 1,700 small businesses in the Marianas, employing 18,000 people,” said Sablan. “Especially now, with the Marianas economy struggling, we need to find more ways to help those existing businesses develop and grow and keep people working.
“And we need to encourage new businesses to spring up,” he added.
Sablan’s bill would make about $600,000 available to establish a Lead Small Business Development Center. The renewable funding would be used to expand the reach and capacity of the existing development center on Saipan. Small businesses on Saipan, Tinian, and Rota would get better access to free or low-cost services, such as incubator workspaces for entrepreneurs. Assistance would be available with loan applications, business planning, operations, personnel administration, marketing, export assistance, sales, and other contributors to small business growth and success.
A second grant program, the Federal and State Technology partnership grant, makes up to $125,000 available to help women and people from economically disadvantaged backgrounds or rural areas compete for $3 billion in federal seed money for business start-ups.
“People new to business sometimes need help getting their foot on the first rung of the ladder,” Sablan said. “That is what the partnership grant is designed to do.”
Sablan’s bill also makes small businesses in the Marianas eligible for SBA’s Microloan program. Businesses can access loans of up to $50,000 for working capital or to acquire materials, supplies, or equipment. The microloan program is targeted specially to help women, low-income, veteran, and minority entrepreneurs. (PR)
