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11/26/2025 - The Commonwealth Economic Development Authority has opened a walk-in Technical Assistance Program office to help small businesses access the Marianas State Small Business Credit Initiative 2.0 loan program.
Located in Room 106 of the CEDA Building in San Jose, the SSBCI Technical Assistance Program office is open Monday-Friday, from 8am to 5pm.
CEDA executive director Derek Sasamoto said the office is designed to expand outreach, increase awareness and provide hands-on support to entrepreneurs.
“It’s a community-based approach where we provide one-on-one, face-to-face service, as opposed to just sending a contact form to an email or posting something on a website and not knowing who you’re talking to. You’re actually having human interaction and direct feedback with SSBCI TA staff Celena Kalp and Dexter Brennan,” he said.
The TAP office opened last week, and Kalp and Brennan have already met with 18 businesses—from apparel and fishing-gear shops to construction firms. The team accepts walk-ins and calls and also conducts community outreach, visiting small businesses directly.
“We go out into the community, drop flyers and talk to very small businesses. That personable touch is helpful to let people know we’re here,” Kalp said.
The TAP office aims to simplify the SSBCI application process, especially for entrepreneurs who may struggle with paperwork such as financial statements, projections or required legal documents. TA services are free and available to both startups and existing businesses.
“What we’ve done is walk applicants through the process, explain which documents they need to include and guide them to follow the Bank of Guam’s guidelines so everything required by the bank can be submitted in a timely and efficient manner,” Brennan said.
CEDA Loans manager Marie Coleman said common challenges include business owners being too busy to assemble paperwork, lacking financial projections or missing other legal or accounting documents required to complete a loan application.
Sasamoto said CEDA will not only help local businesses access the Marianas SSBCI 2.0 loan program via the TAP office, but that the office will also serve as a conduit for jump-starting the CNMI economy.
“The timing of this is very good, given the difficulties we’re facing now. This program should provide another resource for people to develop their entrepreneurial spirit and pursue their aspirations of opening a business. Times may be uncertain, but that’s why our office is here — to find and access programs that give the community more viable options,” he said.
CNMI has access to up to $57 million in SSBCI funding, released in three tranches. The first tranche is about $19 million; CEDA must commit 80% of this amount by 2027 to unlock the remaining tranches. SSBCI loans are bank-driven and currently offered in partnership with the Bank of Guam and the Bank of FSM, with other banks reviewing participation.
Sasamoto encourages anyone with a business idea—or even just an idea without a business plan—to reach out. With TAP and SSBCI financing, CEDA hopes to stimulate entrepreneurship, retain and create jobs, and strengthen the CNMI’s small- and medium-business sector.
“It’s free money that we’re trying to get out there and circulate through the economy. If you have an idea or a vision and the entrepreneurial spirit, no matter your age or background, and you’re eligible for the program, I encourage you to come and look into it,” he said.
He also emphasized transparency and accountability under Marianas SSBCI 2.0, noting internal controls, Open Government Act requirements, and federal oversight, including quarterly and annual reporting.
Marianas SSBCI 2.0 is a federally funded program that reduces the risk for participating banks so they can offer loans to small businesses. It is not a grant or direct loan program; all applications must be initiated through a participating bank. The program includes loan guarantees to help banks approve financing, which is particularly useful for new or underserved entrepreneurs. Eligible uses include most business purposes; prohibited uses include passive real estate, gaming, delinquent taxes and refinancing within the same institution.
For more information about Marianas SSBCI 2.0, call the TAP office at (670) 486-1233 or (670) 486-1235, or (670) 484-2332.
Report by Mark Rabago
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