THE Commonwealth Economic Development Authority has approved a total of 26 loans amounting to $1.6 million under its Development Corporation Division programs in fiscal year 2021, according to its citizen-centric report submitted to the Legislature by CEDA Executive Director Manny Sablan.
The report stated that despite the challenges brought by the Covid-19 public health and economic crises last year, CEDA “continues to provide funding to small and big business entrepreneurs. In fact, CEDA board increased its loan cap on the direct loan program from $250,000 to $450,000.”
For the direct loan program that falls under the purview of the CEDA board, it usually takes 30 to 45 days to decide on a complete loan application, the report stated.
In FY 2020, CEDA said it approved 22 loan applications for a total of $1.1 million under the Development Corporation Division loan programs.
On Saipan, CEDA said it approved six loan applications for FY 2021, three of which fall under the construction and rental business category, and one retail. The total amount of loan approved on Saipan was $953,232.
On Rota, CEDA said it approved 17 loan applications, six of which were for construction and rental businesses; two for farming; two for fishing; two for food business; and three for “others,” for a total loan amount of $619,000.
On Tinian, CEDA said it approved three loan applications, two of which were for fishing businesses.
Under the State Small Business Initiative, a bank-driven program, CEDA said its Developmental Banking Division “fared relatively well in 2021.”
CEDA’s report stated that the Developmental Banking Division continues to fund capital improvement projects for Saipan, Rota and Tinian “from earnings it earned in investing wisely the interest of a $140 million bond.”
Through legislative appropriations, CEDA said the projects funded on Rota totaled $199,821; on Tinian, $188,812; and on Saipan, $695,177.
The capital improvement project revolving loan fund established from payments of CIP loans from revenue-generating agencies totaled $5 million to date, the report added.
