Deadline to Apply is Friday, February 25
Hagåtña, Guam – Governor Lou Leon Guerrero today directed an additional $5 million to support local businesses through the Guam Economic Development Authority (GEDA) Local Employers’ Assistance Program (LEAP). The program was nearing its initial $50 million budget, and the additional commitment ensures more businesses receive relief. To date, 444 grants have been awarded, with over 400 more expected to be approved for funding. The deadline to apply for LEAP is now Friday, February 25 at 5 p.m.
“Our administration is committed to strengthening our economic recovery efforts by providing relief to businesses and working families. We were among the first in the nation to respond to the financial impacts of the pandemic, and we remain steadfast,” said Governor Leon Guerrero. “LEAP mobilized quickly, and we’re encouraged to provide additional support and resources directly to small businesses. To date, the administration has overseen over $110 million in direct aid to small businesses through multiple programs administered by GEDA.”
“After providing three rounds of financial assistance grants to Guam’s small businesses and as we near the budget cap for our fourth, it has become clear that our business community needs our continued compassion and support,” said Lt. Governor Josh Tenorio. “To the businesses that have applied since we opened two months ago, thank you for holding the line for your workers and our community.”
“We thank Governor Leon Guerrero and Lt. Governor Tenorio for continuing to champion local businesses, along with our fiscal team whose support drives these programs,” said GEDA Chief Executive Officer and Administrator Melanie Mendiola. “As GEDA continues to process applications, preliminary numbers indicate we have reached the $50 million mark. We are grateful this administration is directing additional monies to the program.”
LEAP was established through Executive Order 2021-25 and provides loans to small businesses that meet all eligibility criteria, chief among them a demonstration of business interruption experienced due to the COVID-19 pandemic. Loan funds can be used for eligible business operating expenses with a focus on ensuring businesses have adequate resources to maintain and possibly increase employment. Loans may be forgiven if at least 60% of all proceeds are used for eligible employee wage and benefit costs. For more information, visit investguam.com/LEAP or contact GEDA at 671-647-4332.