20 May 2011

American Samoa business eyes US funds for tourism development

3:53 pm on 20 May 2011

The American Samoa Chamber of Commerce is targeting tourism as a funding priority for a new federally funded business lending programme, for which the territory is eligible.

The Small Business Credit Initiative is being offered by the US Treasury.

It's designed to stimulate economic activity in distressed states and territories by increasing bank lending activities.

The money is available for either expansion or business start ups, through collateral support, loan guarantees or capital access programmes.

American Samoa is eligible for a grant of more than 13 million US dollars under the programme and the chamber of commerce has listed industry and business opportunities that could be targeted.

These include tourism projects such as redevelopment of the Rainmaker Hotel; fixing the tramway and putting a restaurant and bungee jump at Mt. Alava; upgrade of the Iliili golf course and developing a Manu'a hotel and golf course.