American Samoa government's newly confirmed Commerce Department director believes that rules pertaining to bad credit by business people seeking loans, should be waived by the government owned Development Bank of American Samoa.
Keniseli Lafaele was yesterday fully confirmed by the Fono as the new director for the next four years.
During his confirmation hearing before a House of Representatives committee, he said that the single most lingering problem facing business owners is financing.
Samoa News quotes Lafaele saying that to stimulate the growth of the local economy, rules need to be relaxed by the bank to allow for local people with compromised credit histories to still qualify for loans.
He said credit reports from credit bureaus should not be considered because there are a lot of Samoans with bad credit history, but it is what all banks use as a basis for approving a loan application.
