The Economic Development Authority (EDA) was created as an umbrella quasi-government instrumentality to integrate and unify the functions of the Government Development Bank, the Economic Development Commission, the Industrial Park Development Corporation, the Small Business Development Agency and the Enterprise Zone Commission. More commonly referred to as the GDB, EDC, IPDC, SBDA and EZ, these five entities are now under one executive board in order to achieve maximum efficiency of operations, while avoiding duplication of services.

The entity is charged with the responsibility of developing comprehensive programs for the economic development of the territory. In so doing, we will focus on small to medium-sized business loans with flexible terms and conditions, growing the loan portfolio, ensuring entrepreneurial coaching to increase the awareness of small businesses in the territory, implementing a payment and performance bonding program for local contractors so that they can qualify for local and federal projects, implementing an incubation program, increasing the capital of the GDB, developing the depressed areas in our communities by providing a high quality of service at all levels of the Authority. The EDC shall be engaging in local, national and international marketing strategies to help build and expand the program. The ultimate result will be an improvement of the standard of living in the territory.

Finally, it will be the management and staff’s objective to bring the Authority to self-sufficiency, employing the initiatives outlined above.

Percival Clouden
Chief Executive Officer