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Pohnpei State Establishes Small Business Loan Guarantee and Finance Corporation

PALIKIR, Pohnpei (FSM Information Service): June 27, 1997 - In its efforts to encourage development of small and medium size business in Pohnpei, the Pohnpei State Legislature enacted State Law No. 31-68-95, to provide loan guarantees to entrepreneurs from commercial banks and other financial institutions.

The law provides that the Corporation will be run by a 7-member board who will be appointed by the Governor with the advice and consent of the State Legislature.

To date, Governor Pangelinan has appointed five of the seven-member board. His most recent appointments were Mrs. Esther Welles and Ronald Etscheit who were confirmed by Legislature and sworn into office by Governor Pangelinan on June 24, 1997.

Other members include Peter Aldis, Youser Anson and Andolin Manuel.