by Mindy Aguon
Guam - The Guam Economic Development Authority is trying to comply with a recently passed public law that requires the agency to provide grants and loans to small- and mid-size businesses. While agency staff are in the process of establishing the procedures to approve applications in compliance with the law, concerns were raised during today's board meeting that GEDA doesn't have the money to implement the law.
Board chair Rick Duenas said, "There is no operating fund balance to fund the project. That's something that we expressed to the senator. Here's a distinction between what's in our capital accounts which are often restricted for our loan programs as opposed to our operating fund."
The law requires GEDA utilize $400,000 to give out $12,000 grants or $100,000 loans, but the board is unclear of where they'll get the money to implement the law. Concerns were also raised that the law does not provide specifics on a company's eligibility requirements.