GEDA Loan Programs
|Agriculture Development Fund (ADF) Program|
|Guam Development Fund Act (GDFA) Program|
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GEDA currently administers two economic development loan programs – the Guam Development Fund Act (GDFA) and the Agriculture Development Fund (ADF). The GDFA provides financial assistance through loans and loan guarantees to private enterprises and industries primarily engaged in agriculture, fishing, manufacturing, tourism and their support industries. The ADF loan program was designed to aid the development of locally produced agricultural products.
Guam Development Fund Act (1968)
The Guam Development Fund Act Loan Program or GDFA was created in 1968 by a direct appropriation of $6 million from U.S. Congress. The purpose of the GDFA is to provide financial assistance through loans and loan guarantees to private enterprises and industries thus promoting the economic development of Guam. The Guam Economic Development and Commerce Authority, a pubic corporation, was created to assist in the implementation and administration of GDFA. This program is geared toward businesses that engage and support activities in the areas of Agriculture, Fishing, Manufacturing, Tourism, and their support industries. GDFA enables start-ups and existing businesses to secure financing for the acquisition of long-term fixed assets, working capital and to provide funding for the purchase of supplies and inventory.
Agricultural Development Fund (1988)
The Agricultural Development Fund or ADF was created in 1988 by Public Law 19-19, Section 12 which appropriated $96,000 to fund the program. A joint project with the Department of Agriculture and the UOG College of Agriculture and Life Sciences which is designed to aid with the development of locally produced agricultural products. GEDA is responsible for the program’s administration, financial and business management, and marketing activities.
The program’s intended market is limited to individuals, corporations and partnerships that engage in commercial agricultural business. Activities include agriculture, aquaculture, and horticulture and other closely related areas. The program enables bona fide farmers and a commercial farming enterprise to obtain a Line-of-Credit to finance working capital and to provide funding for the purchase of supplies and inventory.
The ADF Program was modified to a Line-of-Credit which is offered to bona fide farmers and fishermen only. The GEDA Board of Directors approved this modification on December 2003. All direct loan inquires are now being referred to the USDA-Farm Service Agency (FSA) Office.