DURING the Marianas Business Pride Friends of Business Summit on Wednesday at Saipan World Resort, Department of Finance Secretary David DLG Atalig announced that the Office of the Governor will launch the BOOST Program Grant on Thursday, Aug. 18.
Funded through the American Rescue Plan Act, this grant aims to provide financial assistance to CNMI businesses and nonprofit organizations.
BOOST — which stands for Building Optimism, Opportunities, and Stability Together — is a project of the Office of the Governor and the Department of Commerce, with the intent of supporting the viability of businesses and the employment opportunities they offer CNMI residents.
It intends to further the government’s goal of creating a more diverse economy while increasing Commonwealth tax revenue.
“This is just an additional program to assist small businesses, like the Department of Commerce has programs, like [the Commonwealth Economic Development Authority] has business programs, loan programs. We are just adding to the mix, making sure that we diversify and help our economy get back to those pre-pandemic days,” Atalig said.
The funds can be used for new businesses, existing businesses, and new industry diversification grants.
For new businesses, the funds can be used for working capital, furniture, fixtures, equipment, inventory, architecture and engineering, environmental impact assessments, regulatory permits, and operational costs.
New businesses will also be counseled by the Small Business Development Center and other qualified consultants.
For existing businesses, the program will support expansion.
As for new industry diversification grants, these are for research and development, feasibility studies, equipment and start-up costs.
“We’re also looking to tie this into a lot of the Commonwealth plans that we have for industry diversification [including] the qualifying certificate program…, the comprehensive economic development strategy, the comprehensive sustainability development plan with [the Office of Planning and Development], and other business [programs],” Atalig said.
Eligibility
To be eligible, applicants must be duly registered businesses or nonprofit organizations in the CNMI with a valid business license, tax clearance, and certificate of good standing.
The applicant must have less than 250 employees and generate no more than $10 million in average annual receipts.
Businesses that are ineligible for this grant include gaming and casinos, adult entertainment establishments, and businesses with 50% gross income derived from marijuana.
“This program is designed to help new and current businesses that are in the CNMI. If you are legally operating in the CNMI or can legally operate in the CNMI, you will be qualified for these grants,” Atalig said.
For more information, contact the Department of Commerce, visit www.boostcnmi.com, email info@boostcnmi.com, or call (670) 484-2772.
The BOOST Program Grant is an initiative of the Office of the Governor and the Department of Commerce.
