Territorial Small Business Development Act of 2026

“(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.”