Previous Story
Chamber backs Bridge Capital QC application
|
Posted on Dec 05 2005
The Saipan Chamber of Commerce is supporting the qualifying certificate application of Bridge Capital, saying it would convert Saipan as a financial gateway to Asia.
“This is a small growing company that wants to use the CNMI as a bridge to Asia, exactly the sort of thing we have all been talking about for years,” said Sablan, president of Saipan Chamber of Commerce.
Sablan attended yesterday’s public hearing conducted by the Commonwealth Development Authority on Bridge Capital’s application for tax incentives in the CNMI.
The company, which is currently based in U.S. Virgin Islands, reportedly aims to relocate to Saipan due to the latter’s close proximity to Asia.
The company describes itself as an international lending, investment and consulting services firm that primarily arranges high yield, short-term real estate secured loans in excess of $1 million for customers that cannot obtain bank financing.
Founded in 1995 by business partners John Baldwin and Shawn Scott, the company pledges to increase up to $2 million its lending for eligible CNMI borrowers.
But it would only be done if customers have been rejected by a commercial bank “to avoid competition with existing lenders.”
During the presentation, the company has also committed to providing $50,000 each year in contributions to local charities, Sablan said.
“Local hire, training, and educational opportunities are also anticipated once operations get underway. These are serious investors trying to establish a whole new industry here. I hope that the CDA board recognizes the potential and make a quick and favorable decision regarding this applicant,” said Sablan.
CDA board chairman Tom Glenn Quitugua said that Bridge Capital’s application will undergo the normal process of review.
CDA officer-in-charge Oscar Camacho said he finds Bridge Capital’s proposal “quite interesting.”
Based on its data, Baldwin founded his own company, Bridge Capital, Inc., in 1995 and arranged loans in excess of $1 billion over the next several years.
He and co-owner Shawn Scott founded Bridge Capital (USVI), LLC in 2003 and established their offices on the tropical island of St. Croix.
