Small Business Territories Support Act

More SBA help for U.S. territories

This bill would create an Office of Territorial Affairs inside the Small Business Administration. The office would focus on entrepreneurial development, contracting, disaster assistance, and access to capital for small businesses in Puerto Rico, Guam, American Samoa, the United States Virgin Islands, and the Northern Mariana Islands. An Assistant Administrator would lead the office, be hired in the competitive service, and must have knowledge of territorial government affairs and experience providing tailored small business assistance. The Assistant Administrator would promote SBA programs, serve as a liaison to SBA district offices, resource partners, lenders, and federal and state agencies, review program adequacy and access, and host webinars and outreach events in the territories. Not later than 180 days after enactment and annually, the Assistant Administrator would report to the House and Senate small business committees. The report would include operational details, a summary of activities, counts of small businesses helped by type and territory, counts of new businesses started because of the office (by territory), and recommendations to improve SBA assistance. The bill defines "resource partner" to include small business development centers, women's business centers, SCORE chapters, and Veteran Business Outreach Centers.