1 Apr 2014

Manu'a group in American Samoa set to get financial boost for businesses

11:30 am on 1 April 2014

The Manu'a island group of American Samoa is set to receive business development funds for the first time.

In an effort to boost the islands' economy, the territory will include new amounts in the budget for developing small businesses and the Manu'a group will receive a portion of the US$1 million total.

The acting president of the Development Bank of American Samoa, Ruth Matagi-Faatili, told senators the bank received $600,000 dollars from the government and $200,000 has already been set aside for Manu'a.

She says the money can be borrowed by residents to establish new businesses, but no funds will be disbursed until the bank board sets guidelines for the loan program.

Manu'a senators urged the bank to make sure that Manu'a residents asking for assistance are made to establish their business within the island group.