26 Jun 2007

Development Bank of American Samoa to receive $500,000 a year

11:40 am on 26 June 2007

The Development Bank of American Samoa is to get a half a million US dollars a year from the American Samoa Government for small business loans.

Governor Togiola Tulafono says the Development Bank has become a lending institution for home construction but one of its key missions is to help small businesses develop.

He said if local businesses had grown to the point where they were exporting overseas the territory would not be so dependent on the two canneries.

The governor said he would be seeking Fono approval in the next legislative session, which starts in July, for an appropriation of half a million dollars for the Development Bank for small business loans.