The Commonwealth Development Authority has approved its first loan under its Micro Loan program after reestablishing the program with start-up-friendly changes last month.<\/p>\n
CDA loan manager Oscar Camacho told Saipan Tribune yesterday that they have approved their first totaling $25,000 for a business that aims to set up a shop along Beach Road before the Garapan Fishing Base heading north.<\/p>\n
He said the loan was approved for owners of the \u201cSalbahe\u201d and \u201cTribes\u201d businesses.<\/p>\n
He said the loan amount covers purchase of inventory, space renovations, and some capital.<\/p>\n
In May, the CDA board approved program changes to allow \u201cstart-up\u201d businesses without credit history and a previous bank denial to borrow amounts up to $3,000. Any loan above $3,000 would require one bank denial. Previously, the program had asked for three.<\/p>\n
Camacho said yesterday that CDA wants to be \u201cefficient\u201d and prompt with approving loans but also want to make good loans and \u201cnot be hasty\u201d with them.<\/p>\n
He said an application was turned in sometime in May. He said CDA replies with a \u201ccommitment letter\u201d approving or denying the application ten days after it is found complete.<\/p>\n
The applicant then has 90 days to decide to go forward with the application, he said, with a final approval coming the following Friday a decision is made.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Commonwealth Development Authority has approved its first loan under its Micro Loan program after…<\/p>\n","protected":false},"author":47,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[366,281,5602,2610],"class_list":["post-204866","post","type-post","status-publish","format-standard","hentry","category-local-news","tag-cda","tag-garapan-fishing-base","tag-micro-loan","tag-oscar-camacho"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/204866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/47"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=204866"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/204866\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=204866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=204866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=204866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}