Northern Mariana Islands Approved for Up To $57 Million in SSBCI Funding
August 7, 2024
Delaney Sexton
Contributing Editor
Northern Mariana Islands Approved for Up To $57 Million in SSBCI Funding
“This approval is a significant step forward for our small local businesses,” says Commonwealth Economic Development Authority (CEDA) Chairman Frank M. Rabauliman.
The CEDA announced that the U.S. Department of Treasury approved up to $57 million for the Northern Mariana Islands. With the allocation, two programs will be supported. A loan participation program will provide up to 60% of the principal loan amount, and a collateral support program will offer certificates of deposit covering up to 50% of the principal loan amount.
CEDA will collaborate with participating banks to disburse the funds in three tranches. The first will be nearly $19 million, and 80% of it will have to be disbursed before requesting the second tranche.
“We are dedicated to using these funds to stimulate economic growth and support the entrepreneurial spirit in our community,” says Development Corporation Division Chairman Frank Lee Borja.