To amend the Small Business Act to designate Guam, the Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands as historically underutilized business zones (HUBZones).

March 8, 2005

Ms. BORDALLO (for herself, Mr. FALEOMAVAEGA, and Mrs. CHRISTENSEN) introduced the following bill; which was referred to the Committee on Small Business

To amend the Small Business Act to designate Guam, the Virgin Islands, American Samoa, and the Commonwealth of the Northern Mariana Islands as historically underutilized business zones (HUBZones).

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Insular Areas Small Business Development Act'.

SEC. 2. GUAM, VIRGIN ISLANDS, AMERICAN SAMOA, AND NORTHERN MARIANA ISLANDS DESIGNATED AS HUBZONES.

(a) In General- Subsection (p) of section 3 of the Small Business Act (15 U.S.C. 632(p)) is amended by adding at the end the following new paragraph:

`(8) ADDITIONAL DEFINITION OF HISTORICALLY UNDERUTILIZED BUSINESS ZONE- In addition to the definition under paragraph (1), the term `historically underutilized business zone' means any area located in Guam, the Virgin Islands, American Samoa, or the Commonwealth of the Northern Mariana Islands.'.

(b) Conforming Amendment- Subsection (p)(1) of section 3 of the Small Business Act (15 U.S.C. 632(p)(1)) is amended by striking `The term' and inserting `Subject to paragraph (8), the term'.

END