Acting governor Ralph DLG Torres announced yesterday that the State Small Business Credit Initiative Loan Program continues to pick up momentum as the Department of Commerce, the Department of Finance, and the Commonwealth Development Authority continue to push out loans through Bank of Guam and City Trust Bank.
“I’m pleased to share that we’re pushing out $822,000 before the 3rd quarter end in loans under the Collateral Support and Loan Purchase Programs to various businesses. This puts the program at 65 percent of the first tranche of $4 million dollars,” said Torres.
The total allocation for the CNMI under the SSBCI program was $13 million divided in three tranches. In order for the CNMI to draw down the second and final tranches, it must display a commitment of deploying 80 percent of each tranche in various loans to support businesses in the community.
“The administration had advised me that it wanted the federal funds to be deployed expeditiously into the business community to boost expansions, buy outs, start ups, and so forth. I am working closely with the Secretary of Finance, Larissa Larson, CDA executive director Manny Sablan and his team led by Mr. Oscar Camacho to get these funds out. I am equally pleased with the active participation by Bank of Guam and City Trust Bank in this program,” added Mark O. Rabauliman, Secretary of Commerce who also serves as the CNMI Banking director.
The SSBCI program is fully positioned to support additional commercial loans. Entrepreneurs, existing business owners, and others are highly encouraged to take advantage of this program.
“Talk to your participating bank about the SSBCI program,” concluded Rabauliman.
For questions regarding program implementation, contact Oscar Camacho, loan manager with CDA at 670-234-6245 ext. 308, or visit CDA’s website at www.DevelopCNMI.com. For a complete list of requirements, contact the CDA. (PR)