Grant Program

(a)The Authority and the Guam Economic Development Authority shall jointly develop a grant program for businesses participating in the "Made in Guam" Business Incubator Program. Grants may be made available to participating businesses and qualified participants of the “Individuals with Significant CH. 1 ANTONIO B. WON PAT INTERNATIONAL AIRPORT AUTHORITY, GUAM Disabilities Vending Act.” as described in Section 2. Article 7 of Chapter 41, Division 5 of Title 17 Guam Code Annotated, with the proceeds being used to defray the startup costs of product development, marketing and sale of the item(s) that meet the definition for products that may display the Guam Product Seal. The maximum grant award shall not exceed Ten Thousand Dollars ($10,000.00). The terms and conditions for the grant program shall be developed by the Guam Economic Development Authority, who shall be responsible for the screening of each business’s grant application, making a determination on the amount of the grant award, and ensuring the proceeds from each grant are spent in accordance with the approved terms and conditions. The Guam Economic Development Authority may receive up to five percent (5%) of the total amount appropriated to fund administrative costs for the grant program. Grant funds shall come from GEDA’s operating budget and shall not exceed One Hundred Thousand Dollars ($100,000), throughout the inception of this Act.

(b)Twenty Thousand Dollars ($20,000) in grants will be awarded to persons with disabilities.