Guam Business Resource Guide

6.1.3 Alternative Financing Sources
Pacific Islands Development Bank
PIDB promotes investment of public and private
capital and finances projects and programs contributing
to the development of the Bank’s members.
Guam is a members state of PIDB.
Contact Information:
GCIC Building
Hagåtña, Guam 96910
(671) 477-0047
Website www.pacificidb.com
USDA-FSA Financial Assistance Program
Farm Service Agency (FSA) makes direct and guaranteed
farm ownership (FO) and operating loans
(OL) to family-size farmers and ranchers who cannot
obtain commercial credit from a bank, Farm
Credit System institution, or other lender. FSA
loans can be used to purchase land, livestock,
equipment, feed, seed, and supplies. These loans
can also be used to construct buildings or make
farm improvements.
"Direct" farm loans are made by FSA with U.S. Government
funds. FSA also services these loans and
provide loan customers with supervision and credit
counseling so they have a better chance for success.
Farm Ownership, Operating, Emergency and
Youth loans are the main types of loans available
under the Direct program Direct loan funds are also
set aside each year for loans to minority applicants
and beginning farmers.
Contact Information:
Laurie F Talbo, Farm Loan Specialist
Guam County FSA Office
400 Route 8, Suite 306
Maite, GU 96910
Ph: (671) 472-7359
Fax: (671) 472-7580
Website: www.fsa.usda.gov
Pacific Islands Microcredit Institute at
the Guam Small Business Development Center
At the University of Guam
Funded by the Bank of Guam and Guam Housing
and Urban Development Authority
Serves the Following Communities:
Low to Moderate Income Areas (based on U.S.
Dept. of HUD requirements)
Poverty Level
People with Disabilities
Specifications:
Graduated Loans in amounts from $100 up to
$15,000
Interest Rate: 12% Simple (50% of Interest goes
to personal savings)
Collateral not required
Good Credit not required
Peer Group Lending (co-signers required)
Eligibility Requirements:
18 yrs or older
Meet GHURA Low to Moderate Income Limits
(per household)
1 Person @ $26,460 to 8 Persons @ $49,920
maximum
Applicants above the Low to Moderate Income
Limits are eligible pending availability of loan
funds and meeting all other require ments
Complete a Business Plan that is accepted by
PIMI and Peer Group
Membership in Peer Group
Process:
A completed Application is submitted to PIMI
Executive Director.
Upon qualification, applicant attends microbusiness
training at the Guam SBDC.
Upon completion of a feasible business plan,
participant graduates from the business training
program.
Participant joins a peer group
Peer group grants first loan (all loans are
guaranteed by each peer group member.)
Minimum # in Group For First Loans Less than
2 $2,000
3 $3,000
4 $4,000
Peer group is assigned to a Mentor and meets
every two (2) weeks.
Borrower makes loan payments every two (2)
weeks as defined in the Business Plan.
For more information contact:
Denise Mendiola Hertslet
PIMI Executive Director at
735-2594 or denise@pacificsbdc.com.
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