by Sabrina Salas Matanane

Guam - The Guam Economic Development Authority's board of directors has approved three requests for loans that were made through their financial assistance program. The board approved a $100,000 loan for Isabel and Vicente Castro for the purchase of a laundromat and retail store, a $40,000 loan for Maria C. Robinson-Blas to purchase digital equipment for MBCOMM and a $35,000 grant for Grant Paul of Portraits to buy camera and digital equipment.

Each of the applicants submitted the necessary documents for the financial assistance and will be required to pay that back. In the past the agency has had difficulty getting individuals and companies to pay back the loans they were given resulting in GEDA pursuing some cases in court and eventually writing the debts off.