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 DBAS loan program awards $350K to locals
for holiday home repairs
Although the initial amount of loan awards was expected to total $200,000 the Development Bank of American Samoa ended up increasing that amount by $150,000, bringing the total amount of holiday home repair/renovation loans to a whopping $350,000.
According to DBAS credit manager Jason Betham, a total of 46 applications were accepted. Of that number, 35 loans were approved and checks were disbursed as of Nov. 16.
“The number of applicants indicates a great need for home repairs island-wide,” Betham remarked. “We stopped taking applications when we knew we had enough to use the $200,000 that was available. We were fortunate to find the additional funding of about $150,000 to make all the loans that were approved.”
The public was buzzing last month when DBAS announced, through the media, that a total of $200,000 was being made available to local residents who wanted to make repairs and renovations to their homes for the upcoming holiday season.
“This is not actually a ‘new program’,” Betham explained. “It is our Direct Home Repair Program that had been closed due to the unavailability of funds.” Betham said that DBAS is hoping to open both this and the Direct New Home Construction Program from time to time as funds are accumulated.
(Direct programs are funded from the repayments of existing DBAS loans).
Applications were reviewed on a first come, first served basis. Betham said that the selection process was conducted by DBAS loan officers who recommended approval or decline after applying the bank’s credit policies.
Betham reviewed each recommendation for support before submitting the paperwork to DBAS CEO Utu Abe Malae who, upon approving the applications, forwarded the documents to the loan committee (comprised of two board members), for final approval.
Those who missed out on applying for the holiday home repair loan program are reminded that DBAS will also be making available, funds under the HUD program by next month, as advertised.
DBAS boasts an approval rate of about 76%.
Betham concluded, “This program was launched in the spirit of renovating homes for the Christmas holidays but it came just in time to spiffying up the territory for the Pacific Arts Festival next year!”
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