by Ken Quintanilla

Guam - The Guam Economic Development Authority's board of directors spoke on several ongoing efforts to increase business on Guam at this morning's meeting. Administrator Karl Pangelinan says he is still engaged with local financial institutions who are racing for who's first to issue a loan as part of President Barack Obama's State Small Business Credit Initiative.

Guam was awarded up to $13.1 million dollars in funding, which would translate into possibly 131 million dollars in lending to small businesses and manufacturers that are not getting the loans they need to expand and create jobs. "Right now, it's just the educational process with the banks and we just to arm them with the marketing tools so they can go and sell this program to would-be borrowers," said Pangelinan.

He adds the board also approved the qualifying certificate application of Grow Guam, LLC, which includes a corporate tax income rebate of 75% for 20 years.