Title 12 — Autonomous Agencies
37 chapters · 1,201 sections in this title.
12 GCA § 54101 Small Business Development Fund
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There is hereby established a special fund called the Small Business Development Fund, hereinafter referred to as the Fund, which shall be maintained separate and apart from any other funds of the Guam Economic Development Authority (the Authority), and independent records and ac…
12 GCA § 54102 Same: Source of Money
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(a) The Governor of Guam and the Director of the Department of Administration shall transfer to the Fund up to six hundred thousand dollars ($600,000) annually of those revenues generated by any increase in the fees collected by the government of Guam for the application for or r…
12 GCA § 54103 Use of Fund Money
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(a) The money in the Fund is to be used by the Guam Economic Development Authority to encourage, assist, develop and expand the small business private sector in Guam=s economy. The money is to be used in the form of loans to individuals who are U.S. citizens who have resided on G…
12 GCA § 54104 Responsibilities
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COL120106 12 GCAAUTONOMOUS AGENCIES It shall be the responsibility of the Authority to: (a) provide the needed funds; (b) assist in providing financial, marketing and management information; (c) approve or disapprove specific proposals; (d) approve loans and/or equity participati…
12 GCA § 54105 Use of Funds
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Funds will be disbursed in accordance with the agreed terms of the loan and in accordance with promulgated rules and regulations for approved applications/projects. Collateral security will be obtained, whenever possible, in accordance with established rules and regulations. Fund…
12 GCA § 54106 Annual Reports
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An annual report shall be made to the Governor and the Legislature, reporting upon the progress made and containing a detailed analysis with respect to the administration and financial commitments of the Fund. SOURCE: Formerly 12 GCA §2215. Added by P.L. 21-42:12(b).
12 GCA § 54107 Rules and Regulations
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The Guam Economic Development Authority shall develop procedures, rules and regulations to implement the intent of this Chapter. SOURCE: Formerly 12 GCA §2216. Added by P.L. 21-42:12(b).
12 GCA § 54108 Construction
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This Chapter shall be liberally construed to accomplish its purpose in aiding in the development of small business on Guam. SOURCE: Formerly 12 GCA §2217. Added by P.L. 21-42:12(b).
12 GCA § 54109 Funding
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COL120106 12 GCAAUTONOMOUS AGENCIES Three Million Dollars ($3,000,000) are appropriated from the General Fund to the Guam Economic Development Authority for the Small Business Development Fund. SOURCE: Formerly 12 GCA §2218. Added by P.L. 21-42:12(b). ---------- COL120106