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TBAS can now take applications for SBA Paycheck Protection Program

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Approval for TBAS participation was granted Wednesday
fili@samoanews.com

Pago Pago, AMERICAN SAMOA — The Territorial Bank of American Samoa (TBAS) has received applications from local businesses that are pending approval for funding under the US Small Business Administration’s Paycheck Protection Program (PPP) — the federal program, which assists businesses impacted by the coronavirus pandemic.

TBAS had applied to SBA to be a lender and the bank’s president and chief executive officer David A. Buehler said told Samoa News yesterday that TBAS received the approval on May 6th.

Prior to TBAS’ approval, ANZ Amerika Samoa Bank was the only SBA approved lender for American Samoa.

Asked if TBAS is prepared to start taking application for this federal program, Buehler responded, “we have applications pending approval, which we are working on now and we welcome more applications.”

“We welcome all applications for PPP guaranteed loan assistance to help territorial businesses with their cash flow needs during this challenging time,” Buehler said in a bank news release Wednesday announcing approval of TBAS as an SBA lender.

Asked for comments now that TBAS is an SBA lender not only the for the PPP program but other SBA programs, Buehler told Samoa News, “We have been planning to become an authorized regular SBA lender which we will continue to pursue.”

“We look forward to processing all requests to help our business community,” he said.

Businesses may obtain an application from TBAS office on the ground floor of the Centennial Building or SBA online [www.sba.gov] — which also provides more details.  TBAS requests that businesses bring with them all supporting documents for the PPP program.

TBAS loan department contacts for information: Ruth Glodowski at 633-8143 ext. 157 or email rglodowski@nytbas.com or Michelle Sasala at ext. 151 or email msasala@mytbas.com.

In its public awareness program on SBA loans/grants for the COVID-19, ASG Commerce Department director, Keniseli Lafaele announced on KVZK-TV on Wednesday night that SBA has approved TBAS as a lender, while the Development Bank of American Samoa has also applied to be an authorized lender.

Congresswoman Aumua Amata in a news release Wednesday announced the TBAS’ approval as a lender. (See yesterday’s Samoa News for details.)