GEDA Ranks Highest Amongst U.S. Territories in Lending of SSBCI Funds.

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News Date: 16-December-2013

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GEDA Ranks Highest Amongst U.S. Territories in Lending of SSBCI Funds.

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PRESS RELEASE

December 13, 2013

GEDA Ranks Highest Amongst U.S. Territories in Lending of SSBCI Funds.

The U.S. Department of Treasury informed the Guam Economic Development Authority this week that GEDA’s State Small Business Credit Initiative (SSBCI) loan program surpassed all other U.S. Territories and a few States in lending of the federal SSBCI funds.

The U.S. Small Business Jobs Act of 2010 created the SSBCI, which was funded with $1.5 billion to strengthen state and territory programs that support lending to small businesses and small manufacturers to spur up to $15 billion in lending to small businesses.  Participating states and territories use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs.

The total award to Guam was $13,168,350 and according to GEDA’s Assistant Public Finance Manager, R. Gregory Sablan, the first tranche of funds was approximately $4.3M.   “GEDA is currently finalizing the application process and expects to receive another $4.3M in approximately 4 to 6 weeks,” stated Sablan.

Mr. David Rixter of the U.S. Treasury informed GEDA that Guam has met 80% of the lending requirement to apply for the 2nd tranche of funds.

GEDA Administrator, Henry Taitano credits the hard work of its Public Finance Division and staff on its aggressive lending program to our island’s small businesses, saying:  “We are proud of the program’s success since its launch over a year and half ago.   We thank our four participating lenders and congratulate our leading participants, Bank of Guam and Community First Federal Credit Union for their support and participation in the SSBCI program, which is in line with Governor Calvo’s initiative in spurring economic development and creating more jobs on island.”

GEDA is currently servicing approximately 25 SSBCI clients, which equates to roughly $4.8M in loans.  "We are excited to receive the second installment of funds which will allow even more of our island’s small businesses and local entrepreneurs the ability to obtain needed capital to develop and grow their businesses." Taitano said. 

For more information contact GEDA Assistant Public Finance Manager, R. Gregory Sablan rgsablan@investguam.com or Public Information Officer, Steve Dierking at (671) 647-4332 or email sdierking@investguam.com

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