Pago Pago, AMERICAN SAMOA — The Development Bank of American Samoa (DBAS) distributed more than $4.5 million for new and renovation home loans between 2021 and 2022 — giving the local construction industry a major boost, according to the Governor’s State of the Territory Comprehensive Report.

The report, which also highlights achievements in business loans, provided an overview and results of the DBAS efforts and accomplishments at the institutional level, which the report says has achieved the DBAS mission that is for the most part pertinent in support of ASG’s vision to improve the quality of the lives of the people of the American Samoa.

From the Loans Department’s major accomplishments, the report said that between calendar years 2021 to 2022, DBAS funded a total of 59 home renovations and new home construction loans through its Direct Mortgage Loan Program totaling $1,102,500.00.

Through the Federally funded HUD HOME program, 12 new homes were approved, built, completed, or in progress from 2021 to 2022 for a total amount of $698,786.00.

And due to COVID-19 restrictions and outbreak, all HUD workshops and lottery events were conducted virtually on Facebook Live.

DBAS also reported that through the federally funded Economic Development Revolving Loan Fund (EDRLF) program, one existing business has been funded a total of $10,000.

In addition, DBAS has partnered with the VA Native American Direct Loan (NADL), another federally funded loan program that is for returning Veterans to build their homes in American Samoa. This program approved 11 loans with a loan volume of $2,579,340.

For small business developments from October 2021 to October 2022, DBAS funded these loans:

•           7 small businesses through the direct micro loan of $14,000.

•           2 start-up businesses through the direct commercial loan program for amount of $30,000.

•           1 Direct Special Project Commercial for $50,000.

•           34 Special Project Commercial Loans (Small Business loans) for Farmers with a total amount of $56,000.

•           27 Special Project Commercial Loans (Small Business loans) for Fishermen total amount of $58,000.

DBAS explained that it launched in March 2021 the Special Project Commercial Loans for farmers and in April 2021 launched the Special Project Commercial Loans for fishermen.

These loans helped promote and support small businesses, especially during the COVID-19 pandemic. Special Project Commercial loans for farmers and fishermen succeeded with the approval of a total of 61 loans as it continued through 2022, with a volume of $114,000.

Additionally, DBAS continues to serve the Manu’a islands by providing the same services available in Tutuila for the Manu’a islands. Out of the 61 loans for fishermen and farmers, 20 of the funded loans are from the Manu’a islands.

ARPA FUNDED LOANS

The Comprehensive Report also provided an update on the $8 million awarded to DBAS for its “MAOTA” Affordable Home Loan Project (AHLP), funded through American Samoa’s share of the federal American Rescue Plan Act (ARPA) of 2021.

The report says that 25 applicants were approved last September for a home repair loan or a new home loan, totaling $868,499. A second round of applications was selected later last year and are being reviewed and processed.

As previously reported by Samoa News, 90% - or $7.2 million of the $8 million goes to new construction and renovation throughout the territory, while 10% — or $800,000 — is set aside for administrative costs.