Territorial Small Business Development Act of 2026

The Territorial Small Business Development Act of 2026 amends the Small Business Act to establish a new program for small businesses in Guam, American Samoa, and the Commonwealth of the Northern Mariana Islands. This program will provide assistance similar to that offered to socially and economically disadvantaged small businesses. A key provision removes the net worth eligibility requirement for applicants to this new program. To qualify, businesses must be at least 51% owned and controlled by residents of these territories, whose principal place of business is located there, and who can demonstrate residency for the preceding 10 years.