DOC’s revolving loan fund now available at TBAS
Pago Pago, AMERICAN SAMOA — On Tuesday February 16, 2021, the Territorial Bank of American Samoa (TBAS) announced the start of the new Economic Development Revolving Loan Fund — a business loan program for new and existing small businesses located within the Territory.
Small businesses needing capital to start up and/or expand are encouraged to apply for this new credit product from TBAS. Maximum loan amount is $250,000 repayable over a maximum term of ten years at a favorable interest rate. The minimum loan amount is $1,500.
“Territorial Bank of American Samoa (TBAS) continues to support business in American Samoa through developing new and innovative banking products that assist our future and existing business owners to have the proper capitalization to support profitability,” states David Buehler, President and CEO of TBAS.
“We have all had a very challenging 2020, so providing a new business credit product with the assistance of a US Economic Development Administration (EDA) grant sponsored by ASG Department of Commerce (DOC) to enable American Samoan businesses to become established and grow is an important initiative. TBAS is proud to provide new banking offerings for American Samoa.”
“Access to capital is critical to underserved communities like American Samoa, especially during times like these. I encourage young entrepreneurs, veterans, women and other business minded people to learn more about this program and how it may be able to support your goals. It is our hope that this program will help businesses expand and also encourage new entrepreneurs to make their business dreams become a reality.” says DOC Director Petti Matila.
You can pick‐up an application at the Business Banking Center at the bank’s Centennial Building location or call 633‐8143, Ext 300. Applications are subject to certain credit and underwriting requirements.