“Providing Access to Capital for Local Small Business”

The Economic Development Authority (EDA) administers business development programs through its “Lending Unit”.  The Lending Unit is comprised of two entities - the Government Development Bank of the Virgin Islands (GDB) and the Virgin Islands Small Business Development Agency (SBDA). These entities assist with local community development by providing financial and technical assistance to the local business community.  Through various loan products, the GDB and SBDA provide access to capital for small and medium-sized businesses to be used to start a business, for business expansion, to purchase an existing business, to purchase inventory, to purchase materials & supplies, to purchase machinery & equipment, to purchase furniture & fixtures, for leasehold improvements and for working capital.

The Lending Unit gives would-be entrepreneurs the financial resources and technical assistance required to create, expand and own small businesses. Through its assistance to businesses, it has spurred employment growth opportunities for local residents.

Small businesses are a critical segment of the Virgin Islands economy.  In the nation as a whole, small businesses employ almost 60 percent of the workforce and account for approximately 40 percent of the gross domestic product.  In the Virgin Islands, small businesses play a very vital role as they account for a greater percentage of the local economy.  The EDA works to promote ownership and expansion of small businesses among Virgin Islands residents through the Lending Unit.  Through this program, taxi drivers, fishermen, farmers, retail owners and various service providers have realized their entrepreneurial dreams.

In addition, to ensure the viability of these businesses, the Lending Unit also offers technical and managerial assistance to entrepreneurs directly or via referrals to the Small Business Development Center (SBDC), which is housed at the University of the Virgin Islands.