12 Guam Code Ann. § 54103
Current as of: 2023 | Check for updates
|
Other versions
) 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 Guam for a minimum of two (2) consecutive years, small
corporations and partnerships, a majority of whose company equity ownership is held in majority by U.S. citizens who have resided on Guam for a minimum of two (2) consecutive years, for the purpose of stimulating and promoting small business growth. Additionally, the Authority shall be authorized to use money from this Fund for equity participation in a new company, or in an existing company, for the
purpose of such company=s expansion. The Authority shall base its decisions regarding equity participation on the merits of the project, and
on other factors which the Authority may determine warrants participation by the Authority.
(b) The Authority shall place special emphasis on assisting local companies in the proposed outsourcing of BOS functions in Guam, as defined in §58128.7, Title 12, Guam Code Annotated. Consequently, pursuant to the powers, duties and responsibilities given the Authority in Division 2 of Title 12 of the Guam Code Annotated, the Authority is directed to ensure that those Guam-based business concerns participating in the Performance of BOS Activities as Contractors or Subcontractors, or otherwise, are granted special consideration, without necessarily compromising the credit-worthiness of each specific project in granting them loans or in taking equity interests therein to encourage, assist, develop and expand this particular aspect of the business private sector in Guam’s economy.
resided on Guam for a minimum of two (2) consecutive years, small
corporations and partnerships, a majority of whose company equity ownership is held in majority by U.S. citizens who have resided on Guam for a minimum of two (2) consecutive years, for the purpose of stimulating and promoting small business growth. Additionally, the Authority shall be authorized to use money from this Fund for equity participation in a new company, or in an existing company, for the
purpose of such company=s expansion. The Authority shall base its decisions regarding equity participation on the merits of the project, and
on other factors which the Authority may determine warrants participation by the Authority.
(b) The Authority shall place special emphasis on assisting local companies in the proposed outsourcing of BOS functions in Guam, as defined in §58128.7, Title 12, Guam Code Annotated. Consequently, pursuant to the powers, duties and responsibilities given the Authority in Division 2 of Title 12 of the Guam Code Annotated, the Authority is directed to ensure that those Guam-based business concerns participating in the Performance of BOS Activities as Contractors or Subcontractors, or otherwise, are granted special consideration, without necessarily compromising the credit-worthiness of each specific project in granting them loans or in taking equity interests therein to encourage, assist, develop and expand this particular aspect of the business private sector in Guam’s economy.
SOURCE: Formerly 12 Guam Code Ann. § 2212. Added by P.L. 21-42:12(b). Amended by P.L.
24-295:8. Subsection (b) amended by P.L. 27-103:2.