THE application deadline for the Building Optimism, Opportunities, and Stability Together, or BOOST, Program Grant has been extended to Oct. 18.
BOOST Program Grant Administrator and Bank of Saipan President and Chief Executive Officer John Z. Arroyo made the announcement on Wednesday in a presentation to the Saipan Chamber of Commerce.
The initial deadline was Sept. 18.
Funded through the American Rescue Plan Act, BOOST is financial assistance in the form of grants initiated by the Office of the Governor, the CNMI Department of Commerce, and the CNMI Department of Finance.
“This program really is just to provide a boost to keep you going right now,” Arroyo said. “It’s not something designed to provide you with cash financing assistance that will run out in three or four years, so we’re telling people to just apply for the amount of money that you need right now to keep your business okay.”
He said there are no restrictions that prevent these funds from being used to pay for the salary of the business owner.
However, quarterly reports are required from the grant awardees.
“Basically, what we’re trying to find out is, did the money help you do what you said it was going to help you do? Are you able to retain the number of employees that you had when you applied, or hire employees that you said you were going to hire? Did you use the money the way you said you were going to use it? Are you better off or worse off after you receive the funds?” Arroyo said.
A committee composed of representatives from the Office of the Governor, the CNMI Department of Finance, and the CNMI Department of Commerce will review the applications, then make recommendations to Gov. Ralph DLG Torres for final approval.
A total of $12 million is available through this program, with no specific allocations for each of the senatorial districts.
In an interview, Arroyo said, “every application that’s being received is going to be reviewed.”
An applicant must have no more than 250 employees and generate a maximum of $10 million in average annual receipts.
Nonprofit organizations do not have to be a registered 501(c)(3) organization, but they have to be duly registered and authorized to operate as a nonprofit organization in the CNMI.
In some certain instances, some businesses must show that they were in operation prior to Aug. 8, 2022.
Ineligible businesses include gaming and casinos, adult entertainment establishments, and businesses with 50% or more gross income derived from marijuana.
BOOST funds can be used for a variety of purposes, including, but not limited to, startup costs, operational costs, working capital, business expansion, new industry development, plant and equipment acquisition, and inventory.
BOOST funds must only be used for business operations in the CNMI.
For more information, visit www.boostcnmi.com/.
The BOOST Program Grant is an initiative of the Office of the Governor and the Department of Commerce.
