The Guam Economic Development Authority is now offering loans to small businesses in need of financial help due to the loss of customers as a result of the coronavirus pandemic.
Effected businesses can now apply with GEDA for a loan that has a deferred initial payment of ninety days.
The loans are available from two different federal programs offered through GEDA.
- The State Small Business Credit Initiative (SSBCI) program provides a participating lender with the necessary security—in the form of a guarantee to approve a loan or line-of-credit for a business who has been denied elsewhere.
- The Guam Development Fund Act (GDFA) program provides financial assistance through direct loans and lines-of-credit to businesses that are engaged in agriculture, fishing, manufacturing, tourism and their support industries.
Loan approvals require two letters of denial from other financial institutions.
The programs allow small businesses to apply for direct financing from three participating Guam financial institutions: BankPacific, Bank of Guam, and Community First Federal Credit Union.
The loans are being offered in accordance with the Leon Guerrero-Tenorio Administration’s Temporary Economic Assistance and Mitigation (TEAM) Guam Plan.
If you are an interested small business seeking information on eligibility requirements for the SSBCI program and how to apply, please contact our SSBCI program participating lenders:
Bank of Guam
Community First Credit Union
If you are interested in the GDFA program, visit our website at www.investguam.com for eligibility requirements. For more information on the program, please contact Tria Paulino at 647-4332.