Guam - It was last week when the Guam Memorial Hospital board of directors accepted the terms for its $25 million loan and yesterday the Guam Economic Development Authority board of directors officially ratified the selection of the Bank of Guam as the lender for the loan. Bank of Guam was the only financial institution who responded to the request for proposal.
It was further announced that GEDA has formed a negotiating team to assist GMH in getting their financing needs addressed. Since the GMH board approved the terms, it's not up to the Bank of Guam to draft the loan agreement which is set to include an interest rate of 5.5%. GMH is hopeful that the fund will be available before the New Year to help with outstanding vendor payables.