Guam News - Guam News
Guam- After working collaboratively with the Guam Visitors Bureau (GVB), Guam Economic Development Authority (GEDA) and Guam International Airport Authority (GIAA), Senator Mike Limtiaco has introduced a measure to help grow the economy.
Bill 60-32 calls to create the "Made in Guam" Business Incubator Program by giving incentives to small businesses to sell Guam Product Seal items at culturally enhanced kiosks throughout the airport.
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“This bill is a bill that is designed to grow our local economy by giving access to our small businesses that make "Made in Guam" products that bear the Guam Product Seal an opportunity to sell their products to the 1.3 million visitors that travel to through our airport on an annual basis” said Limtiaco.
Limtiaco also says a grant program worth up to $200 thousand dollars is also infused into the measure through GEDA and GVB. The money will come from the Tourist Attraction Fund (TAF).
GVB General Manager Karl Pangelinan and GEDA Acting Administrator Henry Taitano both support the program. Pangelinan notes GVB exit interviews show tourists want to see more of Guam’s culture.
“What the visitors want is our culture” said Pangelinan. “And what a better way to have them send off their visit on Guam and to end their experience than by picking something of cultural significance.”
They both support the legislation's attempt to give local entrepreneurs access to the airport at reduced costs to help launch their businesses.
“What we want to do is build a program where we're utilizing the senator's legislation to help get them started over there at the airport, but also give them some support through our other programs to see that they have some long term success” said Taitano.
Businesses are only allowed to participate in the incubator program for 5 years. The bill also creates an advisory board to guide the direction of the program.
Limtiaco adds this is one of several measures that are designed to help grow the economy, help grow a tax base and increase revenues to the government.
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