Guam § 54103 - Use of Fund Money.

§ 54103. Use of Fund Money.

(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 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.