Government of the Federated States of Micronesia

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.