North Mariana Island Loans is based in (obviously) the Mariana Islands, and we service mainly resorts and small business around the area throughout the year. It’s hard to be a business owner in the Mariana Islands, as it’s very heavily influenced on the tourism trade. So, through the difficult times in the year when the residents need finances, we often help.
We offer very low interest rates on our loans because we know that it will be difficult if impossible for many of the small business owners in the area to repay loans throughout the wet months. That is why our repayment dates always start on the end of the first hot month. We know that the business owners are flush with cash, and the tourism industry starts to boom.
This does mean that companies and small businesses must pay a large part of their earnings back. Usually this means a sizable chunk from the first month. This is partially why we have to offer low interest rates. We cannot expect people to pay roughly 50% of their first month profits. However, we do not have a choice as we allow companies the winter period as a grace period. Not many companies provide that offer, and that is around the world.
Any area of country that relies in the tourism industry usually follows these problems. Once it gets too late in the season, the industry very quickly drops off for 3 to 6 months depending on where you are. We suffer from the same thing here, and reasonable loans are the only way for some to survive through to the next year.
Eventually we want to become a loan company for all areas around the world that are heavily tourist focused. We know that a lot of people have difficult times when they base their business or livelihoods from tourism, so we want to support people better around the world.