Since its establishment in 1985, it has succeeded in its statutory mandate and has proven itself to be a respected developmental financial institution. Providing financial assistance to many investors that had special needs that could not be met through the commercial banking industry.

The Commonwealth Economic Development Authority (CEDA) is a semi-autonomous agency of the government of the Commonwealth of the Northern Mariana Islands (CNMI). CEDA, formerly the Commonwealth Development Authority (CDA) that was established in 1985, now carries additional statutory mandates, foremost is to be proactive in the pursuit of industries and investments that will strengthen the CNMI economy. The CEDA Divisions to carry these functions are:

• The Development Banking Division (DBD) generally shall be engaged in government and public sector activities. The DBD serves as the financial advisor and coordinator to any public borrowing of the CNMI’s departments, autonomous public agencies, municipalities, and public corporations, thru Bond and bank financing.

• The Development Corporation Division (DCD) generally shall be engaged in private sector activities. The DCD via its pilot programs provides direct financing: (1) the Micro Loan Program of $25,000 and below; 2) the Direct Loan Program of up to $450,000; and 3) the State Small Business Credit Initiative (SSBCI), a bank-driven program. CEDA was designated Implementing Agency by the CNMI Department of Commerce  to administer this Program in 2012.

•  CEDA administers and facilitates other investment initiatives;the Qualifying Certificate (QC) Program established in 2020 and the Opportunity Zone (OZ) Program in 2018. The QC Program provides for certain tax incentives for businesses in the CNMI that meet the Program requirements in return for their investment in the CNMI. Under the OZ Program, investors can defer tax on any prior gains if the gains are reinvested in a Qualified Opportunity (QO) Fund, a vehicle for investment in QO zones.