Approved DBAS loan applicants could receive
checks as early as Nov. 10
It will indeed be a Merry Christmas and Happy New Year for the score of local applicants whose loans will be approved by the Development Bank of American Samoa for holiday home repair and renovation purposes.
According to DBAS president Utu Abe Malae, the special Christmas home repair loan program is funded with money collected from loan repayments.
The program, which was announced last month, drew in a total of 52 interested applicants by the deadline date. About half of the applications have already been reviewed.
DBAS is making available $200,000 to fund the program, and the maximum loan amount per applicant is $10,000 for a maximum loan term of 84 months (7 years), with a fixed interest rate of 9.5%
DBAS is expected to begin disbursing checks for approved loans as early as November 10.
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