Pacific Islands Development Bank will release some $1 million in loans for CNMI residents this year to stimulate business activities in the Northern Marianas, Commonwealth Development Authority Executive Director Maria Lourdes S. Ada said.
PIDB will lend a maximum amount of $50,000 to a qualified loan applicant.
“An applicant can borrow as much as $50,000 only so we can spread the wealth to as many applicants rather than just one client benefiting from it,” Ada said.
“We want to spread the wealth and reach out more people—after all, this money belongs to the people of the commonwealth,” she added.
It is PIDB that will approve the loan applications, Ada said.
“Struggling entrepreneurs or anybody in the commonwealth who wants to start up a business or who already have a business can avail of the PIDB loan program,” she said.
The loan maturity will depend on the client’s repayment ability, the nature of the business and the credibility of the borrower, Ada said.
Formed in July 1989 by the Association of Pacific Islands Legislature, PIDB is owned by the governments of the Federated States of Micronesia, Palau, Guam and the CNMI.
