by Mindy Aguon
Guam - Financial relief is on the way for the island farmers who recently suffered losses as a result of the recent heavy rains. The Guam Economic Development Authority's board of directors approved a bridge loan program during its special board meeting for $20,000 per farmer for a cap up to $500,000.
Board chair E.J. Calvo says the board took responsible action, saying, "We put our best foot forward to provide immediate assistance to the farming industry and to the best we can and going forward I think our action today gave us a little more experience and precedence to be able to act quicker next time because we're creating a product that GEDA can react to future disasters."
As part of the board action, there's a possibility of 0% percent interest and no payment for six months. Should the loan be extended, the interest would be four percent up to a 24-month term. There is additionally a 90-day application period from the public announcement which should be open this week. Calvo says the GEDA team will work to expedite those loans and make them available adding he hopes the emergency fund will be made available through legislative approval to repay those GEDA funds on behalf of the farmers because of the emergency situation.
Department of Agriculture has 508 farmers registered with about two-thirds who filed claims.
An inmate is found dead at the Department of Correction prison overnight. Corrections officers reported inmate Luis Hocog was found unresponsive inside his Post 16 cell around 11 pm on Friday. The officer contacted the platoon commander of the situation and requested for medical assistance, a news release stated.More >>
An inmate is found dead at the Department of Correction prison overnight. Corrections officers reported inmate Luis Hocog was found unresponsive inside his Post 16 cell around 11 pm on Friday. The officer contacted the platooMore >>