Institution Contact Details |
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| Name of Institution |
Federated States of Micronesia Development Bank |
| Postal Address |
PO Box M, Kolonia, Pohnpei, FM 96941 |
| Country |
Federated States of Micronesia |
| Telephone |
(691) 320 2840/320 5300 |
| Fax |
(691) 320 2842 |
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Website Address |
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Skype |
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Contact Person |
Ms Anna Mendiola |
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Position |
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Current Legal Status of the Institution |
Government-owned Corporation |
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Objectives |
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Brief History |
FSM Development Bank was established by Congress in 1979 to provide capital financing to businesses to help develop and promote the private sector and generate employment and promote export. In 1996 Congress passed public law 8-47 making FSM Development Bank to a independent corporation to generate its own revenues to cover its own operations while maintaining its primary mandate to finance riskier development projects that promote economic development. FSMDB is now governed by a seven member Board of Directors.
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Ownership
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Government Owned |
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Operations related to |
53% all project funded is considered microfinance. Products avaliable include: commercial term loans for micro, small and medium enterprises. Line of credits, housing loan programs.
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Main Funding Sources |
Government Contripution |
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Main Challenges |
Small market, distance to major markets, limited funding source, limited entrepreneurial and business managers. |
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Other Networks |
Not Applicable |