GEDA board to provide financial relief to island farmers - KUAM.com-KUAM News: On Air. Online. On Demand.

GEDA board to provide financial relief to island farmers

Posted: Updated:

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.

  • NEWS HEADLINESMore>>

  • Calvo officially requests for disaster declaration

    Calvo officially requests for disaster declaration

    Gov. Eddie Calvo has sent his official request to President Donald Trump for a major disaster declaration. He is asking that the entire territory be made eligible for public assistance, individual assistance and the Hazard mitigation grant program. CalvoMore >>
    Gov. Eddie Calvo has sent his official request to President Donald Trump for a major disaster declaration. He is asking that the entire territory be made eligible for public assistance, individual assistance and the Hazard mitigation grant program. Calvo More >>
  • Trial pushed back again for prison murder

    Trial pushed back again for prison murder

    Trial is pushed back yet again for the defendants charged in connection to last year's murder at the Department of Corrections. As reported, Edrite "Manson" Isar was found dead in his jail cell at the Hagatna lockup. Though it was initially believed he diMore >>
    Trial is pushed back yet again for the defendants charged in connection to last year's murder at the Department of Corrections. As reported, Edrite "Manson" Isar was found dead in his jail cell at the Hagatna lockup. Though it was initially believed he diMore >>
  • Lost Indonesian teen found in Guam waters after drifting for 49 days

    Lost Indonesian teen found in Guam waters after drifting for 49 days

    A miraculous rescue happened in waters just off Guam. An Indonesian teen was found drifting in our waters after after strong winds blew him more than a thousand miles away from his home in North Sulawesi. The Strait Times reports Aldi Adilang, 19, was a lMore >>
    A miraculous rescue happened in waters just off Guam. An Indonesian teen was found drifting in our waters after after strong winds blew him more than a thousand miles away from his home in North Sulawesi. The Strait Times reports Aldi Adilang, 19, was a lMore >>
Powered by Frankly