American Samoa Business Group Lets Members Know of Lending Policies of Some Banks
The American Samoa Chamber of Commerce is distributing a letter to members with facts and advice on the lending policies of the two commercial banks, ANZ and Bank of Hawaii, and the semi independent Development Bank of American Samoa.
The Executive Board’s letter is in response to concerns from members regarding difficulties in obtaining personal and business loans from the banks.
The letter says commercial banks consider American Samoa a more expensive place to issue loans compared to other locations where they operate.
The letter also states that the commercial banks sometimes charge a higher interest rate for a loan in the territory for a comparable loan in another US location with a lower expense profile.