PIDB Corporate Office, Guam. On January 7, 2017, Yap State Government and Pacific Islands Development Bank (PIDB) executed a Memorandum of Agreement establishing the procedures and guidelines for the implementation of a loan program established under Yap State Public Law 9-35. The Program provides $3 million to be managed and administered by PIDB, providing loans to residents of Yap State who wishes to establish or expand businesses in Yap. The funds will be used to promote three priority developmental sectors, namely tourism, fisheries, and agriculture.
Businesses being financed under the program must be domiciled in Yap State. In a brief signing ceremony the Governor of Yap State, Tony Ganngiyan, expressed confidence that the program will contribute to Yap’s broader objective of strengthening its private sector. “The intent of the program is to make available funds to people and businesses operating in Yap State, especially those businesses that promote tourism, fisheries, and agriculture development in Yap”, said Governor Ganngiyan. “A vibrant and sustainable private sector has always been one of Yap’s highest priorities and putting up the capital to fund these critical sectors is a step in the right direction. We look forward to an effective partnership with PIDB in the implementation of the program and we are confident in PIDB’s ability and experience to administer the program”, he added.
Aren Palik, PIDB President & CEO thanked Governor Ganngiyan and the Yap State Legislature for their trust and confidence in the bank and congratulated them on their foresight in providing funding for the loan program. “One of the key prerequisites to financing economic development in general is capital. We will work diligently and collaborate with Yap state government to ensure that the program generates foreign exchange earnings and create socio-economic benefits to Yap State”, Palik said. The program offers special loan terms and lower interest rate not only to attract applicants but also to promote Yap’s priority developmental sectors. “The bank will consider loans to both start-ups and expansion of existing businesses. PIDB’s role will be to administer the program and ensure its successful implementation pursuant to State Law 9-35 and the Memorandum of Agreement between PIDB and Yap State.”, he added.
Residents of Yap State are encouraged to apply for loans under this program. You may apply through our website www.pacificidb.com or contact Pacific Islands Development Bank for information at (671) 477-0047. You may also seek assistance and guidance from Yap State Department of Resources and Development or thru Yap’s member on PIDB Board of Directors, Mr. John Masiwemai.