CEDA approves 26 loans in fiscal year 2021 | New
The Commonwealth Economic Development Authority approved a total of 26 loans worth $ 1.6 million under its development company division programs in fiscal 2021, according to its report centered on the citizen submitted to the Legislative Assembly by the Executive Director of CEDA, Manny Sablan.
The report states that despite the challenges posed by the public health and economic crises of Covid-19 last year, CEDA “continues to provide funds to businesses large and small. In fact, CEDA’s board of directors has grown. its loan limit on the direct loan program of $ 250,000. to $ 450,000. ”
For the direct loan program that falls under the jurisdiction of the CEDA board of directors, it typically takes 30 to 45 days to decide on a full loan application, the report says.
In FY2020, CEDA said it approved 22 loan requests totaling $ 1.1 million under the Development Corporations Division lending programs.
In Saipan, CEDA said it approved six loan applications for fiscal year 2021, three of which fall under the construction and rental business category, and one retail. The total loan amount approved on Saipan was $ 953,232.
Regarding Rota, CEDA said it approved 17 loan applications, six of which were for construction and rental companies; two for agriculture; two for fishing; two for the food trade; and three for “others”, for a total loan amount of $ 619,000.
On Tinian, CEDA said it approved three loan applications, including two for fishing companies.
As part of the State Small Business Initiative, a bank-led program, CEDA said its Developmental Banking division “is doing relatively well in 2021.”
The CEDA report states that the Developmental Banking division continues to fund capital improvement projects for Saipan, Rota and Tinian “from the profits it earned by wisely investing the interest on a $ 140 million bond. dollars “.
Through statutory appropriations, CEDA said projects funded on Rota totaled $ 199,821; on Tinian, $ 188,812; and on Saipan, $ 695,177.
The revolving loan fund for the Capital Improvement Project established from CIP loan payments from income-generating agencies has totaled $ 5 million to date, the report added.