GEDA ranks highest in lending of funds - KUAM.com-KUAM News: On Air. Online. On Demand.

GEDA ranks highest in lending of funds

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by Krystal Paco

Guam - If you're an aspiring small business owner, now's the time to jumpstart your dreams.

This good news comes with the Guam Economic Development Authority's announcement that their State Small Business Credit Initiative Loan Program has surpassed all other U.S. territories and a few states in lending of the federal funds.

GEDA administrator Henry Taitano said, "The U.S. Treasury is so happy with our success and I do want to credit our public finance team for that. That we are about to what they call 'tranches' we are about to request a second tranche which will be like an allocation if you will of another $4.3 million because we now have met a threshold."

The total award to Guam was close to $13.2 million.

Taitano says the SSBCI program is a great tool backed by the U.S. Treasury to create employment on Guam, resulting in 100 jobs locally.

He adds that when this money is brought to Guam through the GEDA program, the funds stay on island. As the loans are paid off, there will be more money to reloan as well.

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