|Program||# of Grants||EDA Funds|
|Economic Adjustment Assistance||2||$530,000|
Located more than 4,800 miles from the U.S. mainland, businesses in American Samoa struggle with maintaining connection to U.S.-based services. When the only U.S. affiliated bank in America Samoa signaled its intent to close in 2014, EDA helped to ensure that business lending remained available by providing a $480,000 grant to recapitalize an existing EDA revolving loan fund. Business lending capacity and availability is crucial to small business development and job creation, and the EDA-funded RLF helps meet the need for private capital investment to create jobs within American Samoa. The project is designed to strengthen the economy by promoting entrepreneurship and assisting new and expanding businesses with necessary capital for growth and success.
In addition, using the current Comprehensive Economic Development Strategy (CEDS) as a guide, EDA worked with the Office of Insular Affairs at the Department of Interior to provide technical assistance on how the territory can create additional opportunities for small business growth. To this end, EDA awarded $50,000 to the Development Bank of American Samoa in 2014 to support a feasibility study for a commercial kitchen incubator. The study will examine the need for the incubator as well as its operating, marketing and design options. The incubator has the potential to assist in the long-term diversification and sustainability of the territorial economy.