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| Press Release Detail |
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| VIEDA lending staff, bank representatives receive training on the State Small Business Credit Initiative to assist local small businesses |
| (01-13-2012) |
CHARLOTTE AMALIE, ST. THOMAS, USVI - The VI Economic Development Authority (VIEDA) held two training sessions this week on the implementation of the State Small Business Credit Initiative (SSBCI) Program in the Virgin Islands. These sessions were conducted by representatives of the Capital Services Team of the Michigan Economic Development Corporation (MEDC) on January 11 and 12 at the VIEDA in St. Thomas. The SSBCI Program was established by the 2010 Small Business Jobs Act to increase the availability of credit for small businesses, and to generate jobs and other economic development benefits in every state and territory.
The attendees included the VIEDA’s lending staff, local bank managers and loan officers. These sessions also provided bank representatives an opportunity to become more informed about their role, and partnership with the VIEDA, in assisting small businesses through the SSBCI Program.
“This training is extremely important because the Authority must seize every opportunity to strengthen its partnership with local banks as we continue to support our local small businesses through this program,” said Percival E. Clouden, Chief Executive Officer of the VIEDA.
Through the SSBCI Program, local banks can apply to the VIEDA for funding if the bank determines that there is a collateral deficiency when a borrower applies for a loan at their bank.
In 2011, the U.S. Dept. of the Treasury approved the territory’s federal grant request of $13.1 million as a participating state in the SSBCI Program. The VIEDA, the agency that is designated by the governor to implement this program, received approximately $4 million of the grant award this fiscal year. “Small business growth is essential in any economy, and it is imperative that we support the needs of our local small businesses through programs such as the SSBCI,” said Governor John P. deJongh, Jr.
The MEDC has conducted similar trainings in Midwestern states since it had to resolve Michigan’s economic problems which began in 2009. The Capital Services Team of MEDC will continue to assist the VIEDA with this program. “We have worked with over two dozen states and territories. We have found that the key to a successful program is training and partnering with the banks. It is an honor to have been here to have met with the wonderful EDA staff and local bankers. I am confident that the EDA’s SSBCI Program for the U.S. Virgin Islands will be extremely successful at giving businesses access to the capital they need to grow, succeed and create jobs,” said Paul Brown, Vice-President of Capital Services of the MEDC, one of the conductors of the training.
Under the SSBCI Program, the Credit Loan Guarantee Program; the Collateral Support Program; and Payment, Surety and Performance Bonding are approved as the participating state programs.
For more about the State Small Business Credit Initiative (SSBCI), contact the VIEDA at 340.714.1700 in St. Thomas or 340.773.6499 in St. Croix.
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