DBAS Easter Home Renovation Loan Program nets 55 applications
President of the Development Bank of American Samoa Utu Abe Malae said that a total of 55 people applied for the Easter Home Renovation Loan Program.
As of March 27, a total of 25 approvals totaling $248,500 were granted, while another 26 applications totaling approximately $260,000 are still pending. As with the holiday home renovation loan program last year, the total dollar amount of approved loans for the Easter special has exceeded the initial announcement of $200,000 available in direct financing for the program.
Check disbursement, according to Utu, will occur by the third week of April.
Funding for the Easter special program came from customer loan repayments.
The good news is, if you missed your chance to apply for the Easter home renovation loan program, DBAS will again be offering a similar special around July 4.
Special loan programs offered by DBAS loan out a maximum amount of $10,000 per applicant, with a maximum term of 84 months (7 years) at an affordable fixed rate of 9.50%.
Prior to Easter, DBAS awarded a total of $350,000 to locals during their holiday home repairs program late last year.
DBAS initially announced that they only had $200K available for that specific program at the time but when it came time to disburse the checks, the total for all approved loans amounted to $350,000
DBAS boasts an approval rate of about 76%.
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