Guam - The Guam Economic Development Authority is hoping to learn ways in which it can expand President Barack Obama's State Small Business Credit Initiative on Guam. GEDA administrator Karl Pangelinan is currently attending the SSBCI Conference hosted by the U.S. Treasury at the Federal Reserve Bank of Chicago. He adds all participating states and territories in attendance including those from the CNMI, American Samoa and the U.S. Virgin Islands are discussing a number of issues surrounding the program as well as sharing best practices.
Pangelinan adds he's getting good feedback from bank regulators on how to view the program along with how the us treasury can better assist.
It was last year when GEDA was awarded up to $13.1 million through the SSBCI that would translate into $131 million in lending to small businesses and manufacturers. Since Bank of Guam signed on as a participating lender, Pangelinan says close to a half-million dollars in loans have already been approved.