Guam - Ahead of a public hearing this Friday, the Guam Economic Development Authority is happy to announce that the Bank of Guam has come on board as the first financial institution to sign a participation agreement relative to President Barack Obama's State Small Business Credit Initiative.

According to GEDA administrator Karl Pangelinan, in the last week, the Bank of Guam issued the program's first loan of nearly $15,000 and hopes to issue more soon.

Last year GEDA was awarded up to $13.1 million through the credit initiative that could translate into possibly $131 million in lending to small businesses and manufacturers that aren't getting the loans they need to expand and create jobs. He adds the banks issue the loans and GEDA guarantees 75% of the loans up to $500,000. GEDA meanwhile will hold a presentation this Friday at the Guam Legislature.