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 providing assistance to small business concerns owned and controlled by Pacific territories residents . This program will offer support similar to that for socially and economically disadvantaged small businesses, but explicitly prohibits the Administrator from imposing any net worth eligibility requirements . To qualify, a business must have its principal place of business in Guam, American Samoa, or the Commonwealth of the Northern Mariana Islands. Furthermore, it must be at least 51 percent owned and controlled by residents of these territories. Owners seeking assistance must also demonstrate residency in a Pacific territory for the 10-year period immediately preceding the date of receipt of such assistance.