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CDA to host free Small Business Expo on Saipan
Expo will highlight $13M in guaranteed funding to help CNMI’s small businesses secure loans
The Commonwealth Development Authority announced Friday that it is hosting a free Small Business Banking Expo on Oct. 25, 2014. The expo will be held at the Hyatt Regency Saipan’s SandCastle Theatre from 9am to 12pm. Local bankers and other lenders have been invited to host tables where small businesses can learn more about products and services that can help a business succeed. Businesses on Saipan, Tinian, and Rota are encouraged to take advantage of this opportunity.
In particular, the expo will be showcasing the State Small Business Credit Programs. Approximately $13 million in guaranteed funding is available to qualified businesses, including non-U.S. citizens who operate a business in the Commonwealth. Participating banks can use the program to bridge financing gaps for otherwise bankable businesses. These loans can be used to start or grow a business or even refinance existing debt. The program works through local financial institutions that may already have a relationship with the business.
SSBCI was created by the Small Business Jobs Act of 2010, which President Obama signed into law on Sept. 27, 2010. Funded with $1.5 billion, the program is expected to spur up to $15 billion in new lending to small businesses and manufacturers as states use federal funds to leverage private investment dollars.
Lenders and bankers can register to exhibit at the event and media may contact Aaron Wood at 670.234-6245 x 308 or loan@cda.gov.mp for more information. (CDA)
