23 May 2013

American Samoa's Treasury hopes to meet business Federal initiative

11:26 am on 23 May 2013

The American Samoa Treasury Department is working closely with its federal counterpart to meet the State Small Business Credit Initiative mandate.

The Treasury has until the end of this month to modify American Samoa's approved proposal as to how the SSBCI money is to be spent.

The United States Treasury Department had approved 10.4 million US dollars for American Samoa under the SSBCI, which was created under the federal Small Business Jobs Act of 2010.

The territorial government Treasurer Dr Falema Pili says one third of the approved funds, 3.46 million US dollars, was drawn down, and a little over 55,000 was spent by the previous administrators of the program for salaries and travel.

He says qualified local businesses have yet to receive any of the drawn down money.