H.R. 8343

119 HR 8343 IH: Territorial Small Business Development Act of 2026
 U.S. House of Representatives
 2026-04-16
 text/xml
 EN
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 I  119th CONGRESS  2d Session  H. R. 8343  IN THE HOUSE OF REPRESENTATIVES   April 16, 2026   Mr. Moylan  (for himself,  Ms. King-Hinds , and  Mrs. Radewagen ) introduced the following bill; which was referred to the  Committee on Small Business    A BILL
To amend the Small Business Act to require the Administrator of the Small Business Administration to establish a program for small business concerns owned and controlled by Pacific territories residents, and for other purposes.
1.
Short title
This Act may be cited as the   Territorial Small Business Development Act of 2026  .
2.
Program for small business concerns owned and controlled by Pacific territories residents
(a)
In general
Section 8(a) of the Small Business Act ( 15 U.S.C. 637(a) ) is amended—
(1)
by redesignating paragraphs (16) through (21) as paragraphs (17) through (22), respectively; and
(2)
by inserting after paragraph (15) the following new paragraph:
(16)
Small business concerns owned and controlled by Pacific territories residents
(A)
In general
The Administrator shall establish a program to provide assistance to small business concerns owned and controlled by Pacific territories residents of the same type and in the same manner as the Administrator provides assistance to a socially and economically disadvantaged small business concern, except that the Administrator may not establish any eligibility requirements relating to the net worth of an applicant to such program.
(B)
Limitation
The Administrator may only provide assistance under this paragraph to concerns the owners of which can demonstrate status as a Pacific territories resident for the 10-year period preceding the date of receipt of such assistance.
(C)
Definitions
In this paragraph:
(i)
Pacific territories resident
The term  Pacific territories resident  means a resident (as determined by the Administrator) of Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands.
(ii)
Small business concern owned and controlled by Pacific territories residents
The term  small business concern owned and controlled by Pacific territories residents  means a small business concern—
(I)
the principal place of business of which is located in Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands; and
(II)
for which—
(aa)
not less than 51 percent of which is owned by one or more Pacific territories residents or, in the case of any publicly owned business, not less than 51 percent of the stock of which is owned by one or more Pacific territories residents; and
(bb)
the management and daily business operations of which are controlled by one or more Pacific territories residents.
 .
(b)
Conforming amendment
Section 8(a)(9)(B)(iv) of the Small Business Act ( 15 U.S.C. 637(a)(9)(B)(iv) ) is amended by striking  paragraph (21)(B)  and inserting  paragraph (22)(B) .