Approved loans and bank guarantees reported by the Commonwealth Development Authority in the first five months of fiscal year 2001 registered a flat growth from the same period last year.<\/p>\n
From October 2000 to February 2001, CDA gave the green light to loans and bank guarantees that amounted to $390,500. In the same period in fiscal year 2000, the government agency’s list of approved loans and bank guarantees totaled $389,900.<\/p>\n
The difference between totals for the two periods equate to a modest .01 percent rise in approved loans and bank guarantees from CDA.<\/p>\n
The figure is significant because the increase in loans and bank guarantees made by the CDA could be a sign that more individuals and even companies are applying and investing in the Commonwealth.<\/p>\n
For an economy in dire straits for the past two and a half years due to the 1997 Asian economic contagion, any appreciation, even in approved loan and bank guarantees, can be considered a good sign, officials said.<\/p>\n
In a table on approved loans and bank guarantees submitted by CDA as of March 28, 2001, only a single application was cleared to acquire a large loan. The $250,000-loan and bank guarantee application of Joseph W. and Marilyn P. Jones was approved by CDA last November 22, 2000.<\/p>\n
The balance of approved loans and bank guarantees made by CDA in the first five months of the fiscal year fell into the category of the agency’s Microloan program.<\/p>\n
A total of $140,500 of loans and bank guarantees were farmed out to seven individuals and companies in the first five months of fiscal year 2001.<\/p>\n
During the same period last year, CDA extended $177,000 worth of microloans and bank guarantees. It also approved $212,000 to small businesses.<\/p>\n
The CDA Microloan Program is financing for small business. It was designed especially for “non-traditional” borrowers who may not fit typical banking guidelines due to the small size of their request, to limited credit history or business experience.<\/p>\n
Under the CDA Microloan Program, the agency could extend loans ranging from $100 to a maximum of $35,000. According to CDA, the average loans and bank guarantee package sought by applicants is about $15,000.<\/p>\n
For the whole of fiscal year 2000, CDA approved more than $1.4 million in loans and bank guarantees to the Commonwealth.<\/p>\n","protected":false},"excerpt":{"rendered":"
Approved loans and bank guarantees reported by the Commonwealth Development Authority in the first five months of fiscal year 2001 registered a flat growth from the same period last year.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-56968","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\/56968","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=56968"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/56968\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=56968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=56968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=56968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}