GEDA Yet To Identify Funding Source for Bill Governor Vetoed, But Legislature Overrode

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Guam – Businesses that have been negatively impacted by the Tri-Intersection Construction can soon apply for financial grants and loans from the Guam Economic Development Authority, now that a bill creating the grant program has become law.

Lawmakers last week voted to override Governor Calvo’s veto of Bill 36. The governor vetoed the measure because he said that GEDA already offers assistance to small and mid-sized businesses.

GEDA Acting Administrator Karl Pangelinan says now that the bill has become law the GEDA Board is working on funding the program.

“We’re still looking into that,” Pangelinan said when asked if GEDA has identified a funding source for the program.  “As far as the bill is written it mentioned Bond Fees in specific as the funding source.  The Bills now a law so the next steps are creating rules and regulations and to find out how we’re going to go about implementing this bill.”

In a letter to the GEDA Acting Director earlier this week senator Ben Pangelinan suggested that GEDA liquidate $400,000 from various mutual funds for the grant program.