Pago Pago, AMERICAN SAMOA — More than 400 home loans - for new homes and repairs - and over 100 small business loans, were approved by the Development Bank of American Samoa (DBAS) between 2013 and 2019. During the same period, DBAS distributed just over $18 million.

This is according to Gov. Lolo Matalasi Moliga’s State of the Territory Comprehensive Report to the Fono and the US Interior Department last month.

HOME LOANS

According to data in the report, a total of $14.95 million was disbursed:
• 319 home loans totaling $6.51 million under the Direct Mortgage Loan;
• 55 new homes totaling $2.97 million through the HUD HOME Loan;
• 73 homes repaired totaling $671,758 under HUD CDBG-Decent Affordable Home Loan Program (DAHLP);
• 31 new homes totaling $4.79 million under the VA Native American Direct Loan.

SMALL BUSINESS LOANS

Data shows a total of $3.16 million for small business loans:
• Community Services Block Grant for 10 businesses totaling $441,375
• Direct Micro Loan with 48 small businesses totaling $96,000
• Direct Commercial Loan - 12 business start-ups - $280,000
• Special Projects Loan - 17 new and existing businesses - $1.02 million
• HUD CDBG-Small Business Loan - 2 small businesses  - $35,225
• Economic Development Revolving Loan Fund (EDRLF) - 21 new and existing businesses - $1.28 million.

Lolo explained that the EDRLF is a program made available through a partnership between DBAS and the Commerce Department to fund economic efforts. The program created 565 jobs in the past six years. Reportedly, 397 jobs still remain from the 565 jobs created by EDRLF funding.

According to the governor, DBAS’ primary function is to serve the local community by providing affordable financial programs for the private sector to finance start-up or expansion ventures as well as affordable home loans for new construction and repairs with the overall goal of improving the quality of life in American Samoa.

“It is a conduit for economic diversification yielding financial capacity to the people of American Samoa to participate in their development process and has been a source of fair housing in the territory,” he added.