Automatic loan payment deferral for CDA borrowers

The Commonwealth Development Authority, through its board of directors, will continue to prioritize support for the relief and recovery of businesses, as the economic impact from the coronavirus pandemic has become even more apparent. As a result of heightened emergency measures that are needed to win the battle against the highly contagious and deadly coronavirus pandemic, CDA will grant an eight-month (240-day) automatic loan payment deferral for CDA borrowers to defer their payments from March 2020 and ending on Oct. 31, 2020. No action is required by borrowers to defer their payments.

The deferred loan payments will be added to the end of the loan.

Customers just need to remember that they will have to make those payments eventually.

Interest will accrue during the eight-month loan payment deferral period. (Loan interest rates range from a low of 2% to a max of 9%—with rates averaging 6%).

For new CDA loans and loan revisions, those borrowers will also have the option to start their first loan payment during the month of November 2020.

For those who opt to continue making their regular monthly loan payments or partial payments to reduce their debt sooner, (which has historically happened during previous loan deferral periods) here are the payment options available, due to the emergency measures and physical distancing to prevent the spread of the highly contagious coronavirus, COVID-19.

On Saipan, Tinian, and Rota:

Borrowers may deposit direct payments through Bank of Guam to CDA Bank of Guam checking account. Email m.coleman@developcnmi.com or call 670-234-6245 Ext. 307 to obtain the CDA checking account number. On the bank deposit slip, include the borrower name or loan number to ensure payment is credited to your loan. You may email CDA a copy (scanned or snapshot) to the aforementioned email or drop a copy of the deposit slip in the CDA drop box located outside the CDA building on the first floor, right outside the office.

For credit/debit card payments, call (670) 234-6245 Ext. 307, Monday to Thursday, between 1pm and 3pm, or send card information and amount of payment, by email to m.coleman@developcnmi.com

Borrowers may also mail check payments to: CDA, Attn: Loan Department, P.O. Box 502149, Saipan, MP 96950

For borrowers with scheduled automatic loan payments, contact CDA if you’d like to temporarily cease those payments for all or part of the deferral period. Contact us at above email and phone number.

On Saipan, for check payments, use the drop box located outside the first floor of the CDA office in the CDA building, located on Beach Road, across the Oleai Beach Bar & Grill (Cash payments are discouraged. (PR)