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Bridge Capital QC application under review
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Posted on Dec 21 2005
The Commonwealth Development Authority is now reviewing the qualifying certificate application of international financing company, Bridge Capital.
Despite the local business community’s reservations about the program, the company is pursuing QC under the government’s Tax Incentives Act of 2000.
CDA board chairman Tom Glenn Quitugua said the business proponents presented their proposal to the entire board last week.
Before this, the group presented its project in a public hearing.
“We had a very encouraging discussion with them. We are now reviewing their proposal,” said Quitugua.
Quitugua said Bridge Capital’s proposal is “very innovative” and “a large scale.”
He said it is considered a big scale project because its minimum lending amount is “very high” at over $1 million.
As such Bridge Capital, which is currently based in U.S. Virgin Islands, would cater mainly to business borrowers.
If granted a QC, and given that the certificate is acceptable to the company, Bridge Capital would move its USVI office to Saipan.
Earlier, the Saipan Chamber of Commerce expressed its support to Bridge Capital’s QC application, saying that its presence in the CNMI would make the Commonwealth as a financial gateway to Asia.
Bridge Capital describes itself as an international lending, investment and consulting services company that primarily arranges high yield, short term real estate secured loans in excess of $1 million for customers that cannot obtain bank financing.
It is founded in1995 by business partners John Baldwin and Shawn Scott.
Based on data, Baldwin founded the company 10 years ago and arranged loans in excess of $1 billion over the next several years.
He and business associate Shawn Scott founded Bridge Capital (USVI), LLC in 2003 and established their offices on the tropical island of St. Croix.
During a public hearing, the investors reportedly pledged to increase up to $2 million its lending for eligible CNMI borrowers.
To avoid competition with local financial services, the company would only entertain customers who have been rejected by a commercial bank.
