Lack of private funding is cited as the reason why projects that have been approved for funding under the Small State Business Credit Initiative or SSBCI have not moved off the ground.
In April we reported that four applications for SSBCI funding were being reviewed for possible funding.
Director of Commerce Keniseli Lafaele said the projects were tourism, renewable energy, botanical processing and education related,
ASG was awarded $10 million for SSBCI which is one of the initiatives under former president Obama’s Reinvestment and Recovery Act,
Responding to KHJ News questions today about the status of the SSBCI Program. Lafaele said lack of private funding to match US Treasury funds is the culprit.
He said the Development Bank of American Samoa, ASG Retirement Fund and Territorial Bank of American Samoa are not able to provide private matching at this time.
He indicated however that they will be meeting this week with a key official from the ANZ Bank to discuss possible funding from the commercial bank.
Lafaele said, “hopefully the meeting will be fruitful in terms of providing much needed matching funds to kick start the SSBCI program.”
The Director of Commerce added that in their discussion with Pacific neighbors, they aim to seek investors to invest in American Samoa
