Programs – GEDA

GEDA currently administers three economic development loan programs providing financial assistance through loans and loan guarantees, along with various grants from QC beneficiaries.

TEAM Guam Plan GEDA Loan Program

In accordance with the Leon Guerrero-Tenorio Administration’s Temporary Economic Assistance and Mitigation (TEAM) Guam Plan, small businesses in need of cash flow assistance due to the impact of the 2019 Novel Coronavirus (COVID-19) can now apply for loans with deferred initial payments of ninety (90) days through the Guam Economic Development Authority (GEDA) State Small Business Credit Initiative (SSBCI) program and the Guam Development Fund Act (GDFA) program.

If you are an interested small business seeking information on eligibility requirements for the SSBCI program and how to apply, please contact our SSBCI program participating lenders:

Janine Eustaquio | Bank of Guam | 671-472-5349

Byron Evaristo | Bank Pacific | 671-479-1179

Michael Finona | Community First Credit Union | 671-472-8210

If you are interested in the GDFA program, please contact Tria Paulino at 647-4332 or via email at tria.paulino@investguam.com.

Please email your completed application form and the documents required in the checklist to tria.paulino@investguam.com

Press Release - GEDA Offers Small Business Loans with First Payments Deferred for Ninety (90) Days.

TEAM Guam Loan Comparison

TEAM Guam Application for Credit

TEAM Guam Application Checklist

GUAM DEVELOPMENT FUND ACT (GDFA)

The purpose for GDFA is to provide financial assistance through loans and loan guaranties to private enterprises and industries thus promoting the economic development of Guam. The Guam Economic Development Authority (GEDA), a public corporation, was charged to assist in the implementation and administration of GDFA. This program is targeted at businesses that are engaged or about to engage in activities in the areas of agriculture, fishing, manufacturing, tourism, and their support industries. GDFA enables start-ups and existing businesses to secure long-term financing for the acquisition of long-term fixed assets, working capital needs and to provide funding for the purchase of supplies and inventory.

ELIGIBILITY REQUIREMENTS

Two written denials from private, commercial lending institutions.
Individuals must be U. S. Citizens or permanent resident aliens who are residents of Guam.
Project must fit at least one of the following loan categories:
- Agriculture
- Fishing
- Manufacturing
- Tourism
- Support industries for the above entities
The business must meet one of the following criteria:
- Creation of employment
- Replacement of imports
- Reduction of consumer prices
- Creation of a vitally needed facility
Applicants must be a registered business and have a valid Guam business license.

TYPES OF FINANCIAL ASSISTANCE

Direct Loans
Line of Credit

MAXIMUM LOAN AMOUNT

$1.2 Million

TERMS

TBD by risk factor & use of funds
Interest rate is up to 4% + U.S. Treasury Index Rate.

USE OF FUNDS

Start-Up Costs
Working Capital
Leasehold improvements
Furniture, fixtures & equipment
Purchase, construction, renovation or improvements of an eligible place of business
Fees associated with construction of business

FEES & CHARGES

Processing & Legal fees may be applicable

Guam Development Fund Act Loan Application Form Guam Development Fund Act Checklist of Requirements - SOLE PROPRIETOR Guam Development Fund Act Checklist of Requirements - CORPORATIONS, PARTNERSHIPS, LLC

STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI)

The State Small Business Credit Initiative (SSBCI) is a Federal program administered by the Department of the Treasury that was funded with $1.5 billion to strengthen state programs that support private financing to small businesses. In conjunction with leveraged private financing, the SSBCI is expected to help spur up to $15 billion in lending to small businesses that are not getting the loans or investments they need to expand & create jobs. Guam was allocated a total of $13,168,350 under the SSBCI program. The funds were allocated specifically to the Guam Economic Development Authority (GEDA) to be used for a Loan Guarantee Program. The goal for Guam is to increase the availability of funds to spur entrepreneurship in the community, creating new start-up businesses and to expand existing ones that will result in more job opportunities and added goods and services offered to the people of Guam.

THE PROCESS

GEDA has established a partnership with banks and credit unions to administer loan funds through the Loan Guarantee Program. Participating banks & credit unions will process loan applications using their individual underwriting process & then enroll these into the SSBCI program.

ELIGIBILITY & PURPOSE

Loan funds can be used for business operations including start-up costs, working capital, business expansion, franchise fees, equipment, inventory, & the purchase, construction, renovation or improvements of an eligible place of business.

LOAN GUARANTEE PROGRAM

This program is meant to encourage banks to make small business loans that are not traditionally bankable.

The program provides a lender with the necessary security, in the form of a guarantee, for the lender to approve a loan or line-of-credit it might normally disapprove.

GEDA will guarantee up to 75% of a loan, not to exceed $500,000 for a period not to exceed seven (7) years.

PARTICIPATING LENDERS

BANK OF GUAM - Janine Eustaquio, (671) 472-5349 COMMUNITY FIRST FEDERAL CREDIT UNION - Michael Finona, (671) 4728210 BANK PACIFIC - Byron Evaristo, 671-479-1179

PARTNERS

UOG, Pacific Center for Economic Initiatives UOG, Small Business Development Center U.S. Small Business Administration Guam Chamber of Commerce

AGRICULTURE DEVELOPMENT FUND (ADF)

The ADF loan program is a joint project with the Department of Agriculture and the UOG College of Agriculture and Life Sciences and is designed to aid in the development of locally produced agriculture products. Currently, the responsibility for its administration, financial and business management and marketing activities are vested with the Guam Economic Development and Authority. The program's target market is limited to individuals, corporations and partnerships that engage in commercial agricultural businesses. Activities include the areas of agriculture, aqua-culture, horticulture, mari-culture, commercial fishing and other related areas. The program enables bonafide farmers and commercial farming enterprises to obtain a line of credit financing for working capital needs and to provide funding for the purchase of supplies and inventory. ELIGIBILITY REQUIREMENTS

Individuals must be U. S. Citizens or permanent resident aliens who are residents of Guam for at least 3 years.
Applicants must obtain a written certification and recommendation from the Department of Agriculture and/or UOG Agriculture Natural Resources (ANR), Cooperative Extension Service (CES) identifying them as a “bonafide” farmer or commercial farming enterprise. Bonafide farmer(s) are individual(s) who are registered with the Department of Agriculture who commercially grow and harvest agricultural products for profit.
The business must meet one of the following criteria:
- Creation of employment
- Replacement of imports
- Reduction of consumer prices
- Creation of a vitally needed facility
Applicants must be a registered business and have a valid Guam business license.
Declination letters ARE NOT REQUIRED.