On September 1, 2020, Governor Oliver and Lt. Governor Perman met with the Board of Directors and the Management staff of the Small Business Guarantee Finance Corporation (SBGFC). The purpose of the meeting was to update the Governor, Lt. Governor, and cabinet members present on the current status of this state-owned subsidiary/corporation. The meeting was significant because it was the first meeting the leadership of this corporation had with the new leadership of the Pohnpei State Government. It is a very important program created by state law to strengthen private sector development. SBGFC not only provides or secures financial capital needed for business development but equally important serves as a capacity-building outfit for entrepreneurial and business management skills for business owners.
In attendance with Governor Oliver and Lt. Governor Perman was Director of the Department of Resources and Development, Mr. Hubert Yamada, Director of Treasury and Administration, Ms. Christina Elnei, Public Affairs Officer, Mr. Kapilly Capelle, and State Budget Officer, Mr. Leon Panuelo, Jr.
SBGFC was represented by the Chairman of the Board, Mr. Salvason Salvador, Board Members Mr. Joseph Felix Jr., and Mr. Rullens Phillip with Mr. Thomas Pablo Administrator and Mr. Kerman representing the management.
Governor Oliver thanked the Executive Director and Board for their presentation. Noting the presence of other lending institutions in Pohnpei, he asked what can SBGFC do, in addition to their lending programs, to help the people of Pohnpei realize economic goals and enhance their living standards. Specifically, Governor Oliver asked about providing financial education on how to start up a business, file taxes, read and prepare financial statements, book-keeping, and other business fundamentals.
SBGFC’s mandate is to provide, promote, develop and widen in both scope and service reach, various alternative modes of financing for small enterprises including, but not limited to direct and indirect project lending, venture capital, financial leasing, secondary mortgage, and/or re-discounting of loan papers to small business. SBGFC is attached to the State Department of Resources and Development. For more information on SBGFC and their programs, call 320-2968.
