{"id":413484,"date":"2024-09-16T14:00:00","date_gmt":"2024-09-16T14:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=413484"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"CEDA-announces-BOG-as-key-partner-in-57M-SSBCI-2-0-program","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/CEDA-announces-BOG-as-key-partner-in-57M-SSBCI-2-0-program\/","title":{"rendered":"CEDA announces BOG as key partner in $57M SSBCI 2.0 program"},"content":{"rendered":"

The Commonwealth Economic Development Authority is excited to announce that Bank of Guam will serve as a vital partner in the $57 million CNMI State Small Business Credit Initiative 2.0 program with funding from the U.S. Treasury. This program is designed to provide much-needed financial support to small businesses throughout the CNMI.<\/p>\n

Bank of Guam, the only participating FDIC bank in the prior SSBCI 1.0, has once again stepped forward to support CNMI\u2019s small businesses. Their continued partnership underscores their commitment to fostering economic development and entrepreneurship in the region.<\/p>\n

Gov. Arnold I. Palacios and Lt. Gov. David M. Apatang assigned CEDA the responsibility of applying for and managing the SSBCI 2.0 bank-driven program. With three tranches of funding, the first amounting to nearly $19 million, the program requires that 80% of the initial tranche be disbursed before additional funds are released.<\/p>\n

\u201cWe are thrilled to partner once again with Bank of Guam, whose commitment to CNMI\u2019s economic growth has been instrumental in past initiatives,\u201d said CEDA chair Frank M. Rabauliman.<\/p>\n

\u201cBank of Guam\u2019s role in this program is pivotal,\u201d said CEDA Development Corporation Division chair Frank Lee Borja. \u201cTheir leadership and experience in the SSBCI 1.0 program ensure that we are well-positioned to provide comprehensive financial support to CNMI\u2019s small businesses.\u201d<\/p>\n

The SSBCI 2.0 loan guarantee program will guarantee up to 80% of the principal loan amount, while the loan participation program will cover up to 60% of the principal loan, and the collateral support program will cover up to 50% of the principal loan amount, giving businesses the financial leverage they need to succeed.<\/p>\n

More details will be released as they become available.<\/p>\n

For more information, contact the CEDA loan team at (670) 234-6245 ext. 305\/307\/309 or by email at:<\/p>\n

Fred Cruz \u2013 f.cruz@developcnmi.com<\/a><\/p>\n

Abby Atalig \u2013 a.atalig@developcnmi.com<\/a><\/p>\n

Marie Coleman \u2013 m.coleman@developcnmi.com<\/a>. (PR)<\/em><\/strong><\/p>\n


CEDA logo<\/p>\n","protected":false},"excerpt":{"rendered":"

The Commonwealth Economic Development Authority is excited to announce that Bank of Guam will serve…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-413484","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/413484","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=413484"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/413484\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=413484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=413484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=413484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}