Joey's blog

"There is money to be had!" stated Herbert Thweatt at the July 15th meeting of the American Samoa Chamber of Commerce. As the American Samoa Small Business Development Center Director, Mr. Thweatt was asked to speak to the Chamber regarding the new economic reality in the territory. In his presentation, Mr. Thweatt gave the members a host of information regarding multiple funding sources for people interested in starting or growing their small business. A copy of the U.S. Congress H.R. 2352 was distributed showing efforts by legislators to pass the funding bill for a variety of projects from the establishment of veterans business centers and native American entrepreneurship to women's business and SCORE program improvements. Most interesting of these is an initiative under Title VII of the resolution that would give Small Business Development Centers the ability to make small loans to qualified applicants.

Chasing Money When Times Are Tough

 American Samoa Chamber of Commerce Vice-President Jason Betham offers banking advice:

1.    Make sure your financial statements are up to date.          
       a.    This is usually a part of your loan agreement anyway.          
       b.    Having up to date financials will also allow the bank to act quickly if
              you need additional financing or need to restructure the debt you 
              already have because of reduced cash flow.

2.    Plan ahead!  Don’t wait until you can’t afford your loan payments and fall delinquent before you talk to your bank.   Banks are more willing to help those who are proactive than those who show up requiring “emergency” financing or restructuring.

3.    Talk to your Banker and be HONEST about your situation.  Your banker can’t help you come up with the best solution for your business without full disclosure about your operations. Your banker can review your financials and identify trends for you and provide helpful advice.

4.    File your taxes accurately! The bank will base your ability to repay a loan on official documents such as tax returns.  If you understate your income to reduce your tax bill you may not show enough income to pay a loan.

Jason Marist Betham, Sr. isn't just another pretty face on the Board of Directors of the Chamber of Commerce. He's the Credit Manager of the Development Bank of American Samoa, so he knows of what he speaks. For questions, please contact Jason at DBAS 633-4031. Or comment below.