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Commerce eyes Gardenia as biz incubator
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Posted on Dec 17 2008
The Department of Commerce is looking at acquiring the Pacific Gardenia Hotel in order to create a small business development center to help local entrepreneurs.
Commerce Secretary Michael Ada made the proposal to the board of directors of the Commonwealth Development Authority yesterday.
General businesses would be housed upstairs while the downstairs restaurant would be used as part of the local culinary arts program.
“The hope is to provide the community the opportunity to not rely on foreign investments as a way of sustaining the economy. To diversify the economy,” Ada said. There are a lot of entrepreneurs who might want to get into business but can’t.”
He said the Commerce Department would devote two of its personnel from the foreign investment division, which will close June 1, to the new center.
Ada asked the CDA to contribute $25,000 to assist in the effort of the center.
He noted that the CNMI is the only jurisdiction that does not currently have a small business development center. Several reports, most recently the Economic Impact study conducted by Malcolm McPhee, recommend such a center.
“He actually outlines availing of small business assistance through the SBA [Small Business Administration] in one of his recommendations,” Ada said of McPhee’s report.
Gov. Benigno Fitial fully supports the venture, Ada told the directors.
