Loan Programs
CEDA Business Loan Eligibility:
- U.S. Citizen or U.S. National
- CNMI Resident for the past two consecutive years
- At least 18 years of age
- Credit score below 620, requires a co-signor with good credit and sufficient income for debt repayment
- Generally, debt-to-income ratio under 38%
- Business projections show sufficient sales/income to cover the monthly loan payment
- No current delinquency or defaults with any loans, leases, or financing arrangements with any other creditors.
Here’s some additional information and suggestions to use as a guide:
- If you or other applicants have any derogatory info on your credit report, we suggest including a brief explanation about any circumstances that led to that situation.
- CEDA regulations require personal guarantees from corporation shareholders and, also, LLC members.
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If applicable, we recommend that you also include information, in your business plan or projections, as to any zoning and permitting requirements and those costs to open your business.
How can we help to finance the start or expansion of your business?
Here’s three loan options to consider:
01 CEDA
MICROLOANS
0
With complete application, and all required information & documentation review time of 7-10 days.
0
Interest Rate: 5.5% -
0
Term: up to -
02 CEDA
DIRECT LOANS
0
With complete application, and all required information & documentation, the average loan review time is 7-10 days, and average approval time, from the CEDA Board of Directors, is 30-45 days.
0
Interest Rate: 5.5% -
0
Term: up to -
03 STATE SMALL BUSINESS
CREDIT INITIATIVE
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Bank driven program- Passive real estate and gaming loans are prohibited.
Bank of Guam or City Trust Bank are participating banks, and you’d apply directly to either one.
Bank of Guam or City Trust Bank are participating banks, and you’d apply directly to either one.
MICROLOAN AND DIRECT LOAN PROGRAMS
Total of $943,700 Loans Disbursed
0
Construction & Rentals -
0
Retail -
0
Farming / Produce -
0
Fishing & Marine Services -
0
Food / Drink Business -
0
Others -
Type of CEDA Loans Approved in Fiscal Year 2022
SSBCI Total Amount of Loan Disbursed for FY 2022 -
0
How can we help to finance the start or expansion of your business?
Marie N. ColemanLoan Manager
Tel: 670-234-6245 Ext. 307
Email: m.coleman@developcnmi.com
Email: m.coleman@developcnmi.com
Abby C. AtaligLoan Compliance & Collections Officer
Tel: 670-234-6245 Ext. 309
Email: a.atalig@developcnmi.com
Email: a.atalig@developcnmi.com
Frederick C. CruzLoan Officer
Tel: 670-234-6245 Ext. 305
Email: f.cruz@developcnmi.com
Email: f.cruz@developcnmi.com
Elaine M. ManglonaField Representative, Rota Office
Tel: 670-532-9408
Email: e.manglona@developcnmi.com
Email: e.manglona@developcnmi.com
Joyce M. FloresField Representative, Tinian Office
Tel: 670-433-9203
Email: j.flores@developcnmi.com
Email: j.flores@developcnmi.com