CDA vows continued support for its clients and businesses

The Commonwealth Development Authority, with the support of the CDA board of directors, joins the CNMI community in doing its best to stay calm, focused, efficient, and effective, with an unwavering commitment to providing support and assistance for business retention and expansion of our current CDA clients and the entire CNMI business (private) sector, who are committed to surviving this economic downturn by continuing to operate and manage their businesses, while we all look for innovative and effective strategies in being even more resilient in a tough economic environment.

CDA offers ongoing support and assistance for their clients/business owners, on a case-to-case basis, by seeking ways to provide logical and long-term relief, given the anticipated length and severity of the current regional and global economic situation, most especially due to recent and unfolding events. CDA welcomes and appreciates any other suggestions in providing support and relief. Here are some of the effective options borrowers have considered:

1) Loan revisions provides lowered monthly payments and with longer terms for relief and repayment.

2) New loan requests for existing business owners provides working capital to cover business needs and obligations, or to fund new business ideas and other business support.

3) Payment deferrals: Based on verification of income and resources, CDA may provide temporary relief from monthly loan payment. Depending on the amount of those requests, CDA may need to consider whether to restrict new loan applications, if necessary, to prevent further anticipated losses.

CDA is equally committed to supporting and assisting aspiring business entrepreneurs and existing businesses by continuing with their existing loan programs for business loans up to $150,000, by not imposing a restriction on new loans, to help provide financing for start-up costs and working capital for those who are also interested in realizing their dreams of providing a service or a product, which helps to create and retain jobs that also facilitates growth to provide a stable tax base that supports public services.

The CDA Loan department team is readily available and happy to assist. Contact:

Fred C. Cruz (670) 234-6245 Ext. 305 or email: f.cruz@developcnmi.com;

Abby C. Atalig (670) 234-6245 Ext. 309 or email: a.atalig@developcnmi.com

Marie Coleman (670) 234-6245 Ext. 307 or email: m.coleman@developcnmi.com

Or visit CDA at the ground floor of the CDA Building, Beach Road, San Jose, Saipan (across Oleai Beach Bar & Grill). (PR)