Development Bank of American Samoa

PUBLIC LAW 11-40 OF THE AMERICAN SAMOA GOVERNMENT

 THE DEVELOPMENT BANK OF AMERICAN SAMOA (DBAS) WAS CREATED IN 1969 BY PUBLIC LAW 11-40 OF THE AMERICAN SAMOA GOVERNMENT. THE PURPOSE OF DBAS WAS BASED ON ITS MISSION STATEMENT AND GOALS, WHICH WERE FORMED AS INTEGRAL COMPONENTS OF ITS STRATEGIC PLAN. THROUGHOUT THE YEARS DBAS EVOLVED INTO A SOCIO-ECONOMIC DEVELOPMENT AGENCY FOR AMERICAN SAMOA IN ORDER TO PROVIDE THE TERRITORY WITH LENDING AND INVESTMENT SERVICES. DBAS WAS CREATED TO ASSIST IN THE PROMOTION OF PRIVATE ENTERPRISE AND TO MEET THE NEEDS OF ECONOMIC DEVELOPMENT FOR AMERICAN SAMOA. ALSO DBAS WAS CREATED TO BE THE CONDUIT FOR U.S. FEDERAL ASSISTANCE PROGRAMS TO FACILITATE HOUSING FOR LOW INCOME FAMILIES AND INDIVIDUALS AND TO PROMOTE AND DEVELOP ENTREPRENEURSHIP.