By: Lisa Abraham
Director
Palau SBDC
Gearing up to meet the Palau
Small Business Development Center’s (SBDC) mission in supporting economic
growth through sustainable business development, the Palau SBDC has partnered
with Pacific Islands Trade and Investment (PIT&I) out of Australia to continue
to fund the Palau SBDC’s financial support services targeted for businesses currently
in business one year or more. Eligible
businesses can receive consulting services through the Palau SBDC for
recordkeeping/accounting set-up for better business management and/or getting
help updating the businesses historical financial statements for application
for a business expansion loan.
The agreement between the Palau
SBDC and PIT&I is to support business sustainability and expansions in
Palau for the purpose of creating job opportunities and retaining job positions
utilizing the Palau SBDC Financial Monitoring Services Program.
To be considered for the Palau
SBDC Financial Monitoring Services Program developed for businesses in the
Republic of Palau, you must meet the following eligibility requirements:
- Must be a client of the Palau SBDC.
- Must be a citizen of United States, the Republic of
Palau, or any U.S. affiliated territories.
- Must be an existing business for a minimum of one (1)
year
- Must be at least 18 years of age to legally sign any
legal documents
- Must have a business legally registered under Palau
laws & regulations
- Must not be delinquent on any lending institutions
located in or adjacent to the Palau government
- Must meet the definitions of a “Small Business” as
defined by the SBA regulations.
Apart from the Palau SBDC’s role
with the financial monitoring program, the Palau SBDC also provides free
confidential counseling to startup and existing businesses. One of the primary uses of our services is to
assist interested loan applicants with their business plans which are needed to
determine feasibility and credibility of the loan request. Similarly, the Palau
SBDC offers trainings and workshops throughout the year targeted at individuals
venturing into or currently in business as well as the general public
interested in learning more on business.
For more information about the Palau SBDC or the Palau SBDC
Financial Monitoring Services Program, please call 587-6004 or e-mail Ms. Lisa
K. Abraham, the Palau SBDC Director, at lees@pacificsbdc.com.
You can also visit us at www.pacificsbdc.com
to find resources to help bring your business to life and to learn more about
the Pacific Islands SBDC Network and its mission.
