This bill establishes an Office of Territorial Affairs within the Small Business Administration (SBA) to specifically support small businesses in U.S. territories. The primary purpose of this Office is to foster a working relationship with small business concerns by targeting SBA programs related to entrepreneurial development , contracting , disaster assistance , and capital access . It will be administered by an Assistant Administrator possessing specialized knowledge of the governmental affairs, socioeconomic conditions, and political relationships of these territories, which include Puerto Rico, Guam, American Samoa, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands. The Assistant Administrator's duties include formulating and promoting policies, serving as a liaison between territorial small businesses and various entities, and periodically reviewing SBA programs to ensure adequate services and access to contracting opportunities. They are also tasked with hosting outreach events and webinars to engage with the territorial business community. Furthermore, the Office must submit an annual report to Congress detailing its activities, the number of businesses assisted, new businesses established, and recommendations for improving SBA assistance in the territories.