The owner and his companies have been in business for nearly 40 years, and he has successfully operated his wholesaling, retailing, and real property investment businesses. The two businesses are well-established companies in Guam and have weathered several significant economic impacts over the years.
Due to the COVID-19 pandemic, tourism has been locked down and there is no indication when Japan and Korea will allow their citizens to travel to Guam for vacation. The owner expects to lose out on more than $2 million in revenues and believes it will take longer than a year for business to get back to normal. However, based on his expansion plans, he expects revenues to increase by $3 million annually once tourism is back to normal.
To get through this period, the company requires working capital, and they are applying for this $1,680,000 RD B&I CARES Act loan request.
|NAICS||448190, 424330, 424320|
|Guaranty Type||USDA RD B&I CARES|
|Loan Term||10 yrs|
|Participation Availability Amount||$0|
|Minimum Participation Amount||$84,000|
|Original Loan Amount||$1,680,000|
|Full Loan Documentation||Link|