Hagåtña, Guam – The Leon Guerrero-Tenorio Administration, through the Guam Economic Development Authority’s (GEDA) Growth Accelerator Program, awarded a total of $325,000 in incubator grants to 13 small businesses. Each of the businesses successfully completed the Guam Unique Merchandise and Art (GUMA) 16-week training and mentoring program for entrepreneurs. Upon completion, participants qualify to apply for incubator grant funding. Today, awardees were announced during a ceremony held at the Office of the Governor of Guam.
“As we invest in our local businesses, we are also investing in the future of Guam. Their success ripples through our community, creating job opportunities, fostering economic growth, and contributing to the unique identity of our island,” said Governor Lou Leon Guerrero. “Despite the ongoing recovery from the pandemic followed by Typhoon Mawar, GUMA experienced a standout year in 2023, witnessing its largest cohort ever, with 74 participants successfully completing the training and mentoring program and graduating in June.”
“Through strategic grant programs, we continue to empower the backbone of our economy, providing not just financial support but also fostering a culture of innovation and growth,” said Lt. Governor Joshua Tenorio. “These funds will support the vision, dreams, and future success of our local enterprises through the purchase of machinery, equipment, laptops, cameras, and even rent. These tools are necessary to expand production capacity, enhance operations, and elevate the overall quality of these businesses and their offerings. We will continue to do our part to support our entrepreneurs and small businesses, just as we have with the Local Employers Assistance Program (LEAP).”
Ranging from mobile automotive repair to agriculture and digital services to apparel, the funding provided will purchase much needed equipment and hardware to expand their businesses. GUMA will continue to mentor the incubators for 2 years while the SBDC will provide individual counseling.
Required grant application documents include a complete business plan with budgets, financial projections, and three quotes for grant funding needs. Candidates then pitch their businesses in a “Shark Tank” presentation to a GUMA panel of business, merchandising, and financial specialists. Since its creation in 2013, GUMA has graduated over 700 participants from its training programs and incubated 132 businesses with their incubator grants.
“We are grateful for all the wonderful support that our GUMA program has received over the years from GEDA, the Office of the Governor, the Small Business Development Center at the University of Guam, DFS Guam, and our private sector partners as we continue to do our part to be the premier catalyst for entrepreneurship in Guam,” added GUMA Executive Director Monica Guzman.
To view today’s ceremony in its entirety, visit https://www.facebook.com/govlouguam/videos/924004455743382 For more information, contact 671-646-3448, email info@gumaguam.com, or visit gumaguam.com.
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