GEDA's Destinu Guåhan attracts more applicants for funding
BY MAUREEN N. MARATITA
Journal Staff
The Guam Economic Development Authority’s team is readying itself to deal with a wave of potential investors in Destinu Guåhan, GEDA’s Venture Capital program.
GEDA has $10 million in venture capital funding through the State Small Business Credit Initiative, according to Journal files.
The funding was first announced in January 2023, as part of $58.6 million to operate three programs: a loan guarantee, collateral support, and an equity/venture capital program. GEDA then stood up Destinu Guåhan Venture Corp. to oversee the program – the first of its kind for GEDA.
The SSBCI is a national program of the U.S. Department of the Treasury.
Businesses who apply to the Destinu Guåhan program must provide a business plan with detailed financial details, a ten-year exit plan to buy out the program’s stake, and evidence of the required 51% cash match.
Christina Garcia, acting CEO of GEDA, told the Journal, “Putting this in legal documentation was a lot harder than anticipated and so it has taken a while for our attorneys to draft the required documents.” Now that the legal templates have been created, she said “… we will be a lot quicker to fund future investments.” Christina Garcia addresses the Guam Legislature on April 24, 2024.
The program has additional businesses looking to partner with GEDA. “We have at least six more applications to take through this process and move forward,” Garcia said.
The GEDA team has been fully focused on Destinu Guåhan, she said. Edward S. Camacho, business and development manager; has been promoting the program “and has been conducting one-to-one meetings with very interested businesses. John San Nicolas, GEDA’s public finance assistant manager; has been the point of contact to take these applications to the finish line,” Garcia said.
Camacho said other businesses are in discussion with GEDA. “We are talking to about 10 other companies that are considering the venture capital program. Some of these companies are finalizing their plans …, “ he said. “We anticipate another five to seven applications will be submitted in the coming months.
The first two recipient companies — Fish Eye Marine Ventures Inc. and Vertical Industries Inc. — will soon be able to finalize the partnership with GEDA, Garcia said.
“We hope to sign the documents next week (the week of June 9) and fund the businesses immediately afterwards.” mbj
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