“It is critical for small businesses to have access to capital [such as loans] in order to maintain operations, but more importantly, grow in a manner which provides maximum economic benefit for the community,” he added.
In his letter to Bank of Hawaii, First Hawaiian Bank, Bank of Guam and Bank Pacific, Ada said he was “disheartened to know that the financial resources required by small businesses in order to sustain and grow within our economy are non-existent.”
He said a large portion of the solution to economic recovery rests with the financial sector’s willingness to lend resources required for businesses to thrive.
But he said he understands “if the banks are hesitant to lend because of tough economic times.”
He inquired about the available options banks can provide for small businesses and residents who want to start a small business.
“I hope that the apparent trend of CNMI lending practices to small businesses shifts to a favorable and equitable relationship,” he said.
The CNMI Small Business Administration, under the Department of Commerce and the U.S Small Business Administration, aims to help small businesses and pioneering business become successful in this economic crisis, he added.
Commerce, Ada said, ensures that financial assistance options are available to small businesses.
