CDA loan manager Oscar Camacho in his Power Point presentation at American Memorial Park Visitor Center on Friday said identifying these agencies can help enhance the overall economic development of the islands.
Camacho said early this year, the Department of Commerce applied for a $1 million grant to convert the Pacific Gardenia into an incubator facility complete with all the amenities for start-up businesses including situating the Small Business Development Center office in the facility.
He said, unfortunately, the grant application remains pending even as Pacific Gardenia hotel has already been leased for 55 years to Triple J Saipan Inc., which plans to construct a 60-unit apartment in the area.
Camacho said that they also asked Congressman Gregorio Kilili Camacho Sablan for assistance.
He said the U.S. Economic Development Administration has a revolving loan fund program and should CDA be successful in having this locally, it would mean additional funding resources for the CNMI.
The U.S. Department of Agriculture is another agency that CDA may tap.
Camacho said they continue to communicate with Guam regarding programs administered by USDA.
CDA is particularly interested in the agriculture intermediary program.
“We submitted a loan proposal for $500,000 but the request was denied simply because of our track record in handling our loan portfolios. The lesson learned here is that we will improve ourselves and continue to request for federal help,” he said.
Other federal agencies CDA identified as potential funding sources are the Environmental Protection Agency, the U.S. Department of Housing and Urban Development, the Administration for Native Americans and the Small Business Administration.
The Marianas Public Land Trust also has an investment program that involves CDA.
Camacho said Northern Marianas College and CDA should explore how they can complement each other in their shared goals.
The Retirement Fund, the Commonwealth Utilities Corp., the Department of Public Lands, and the mayors of the three municipalities are other entities that can have alliances with CDA, Camacho added.
“We have initiated discussions that will hopefully bring together the agencies to meet and form an alliance that fosters the shared interests in increasing wealth for everyone,” he said.
