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.
BANK OF GUAM - Janine Eustaquio, (671) 472-5349 COMMUNITY FIRST FEDERAL CREDIT UNION - Michael Finona, (671) 472-8210 BANKPACIFIC Ltd - Leny Quinto, (671) 479-1157 PACIFIC ISLANDS DEVELOPMENT BANK - Christopher Cruz, (671) 477-0053
PARTNERSUOG, Pacific Center for Economic Initiatives UOG, Small Business Development Center U.S. Small Business Administration Guam Chamber of Commerce