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Post-Disaster Relief Revolving Loan Fund

Economic Development Administration Post-Disaster Relief Revolving Loan Fund 

In May 2013, the Virgin Islands Economic Development Authority (VIEDA) was awarded $2.0 million by the Department of Commerce’s Economic Development Administration (EDA) to support VIEDA Post-Disaster Relief Revolving Loan Fund focused on natural disaster resiliency and economic diversification, with the VIEDA matching $409,638, for a total project cost of $2,409,638

Lending Limit: 
Interest Rate: 
Wall Street Journal Prime + 1.5% (fixed at closing)
  • Borrower and/or borrower's business must have been affected by tropical storms Otto and/or Tomas in 2010.
  • Maximum direct loan to a single borrower is $75,000.00

  • Borrower must be a displaced St. Croix worker or owner of a small U.S. Virgin Islands business, particularly minority-owned.

  • Must be a legal resident.

  • Loan is secured by collateral.

  • Interest rate based on the Wall Street Journal Prime Rate + 1.50% (fixed at closing)

  • Maximum term of 15 years based on collateral.
  • Application fee of $150.00;
  • A commitment fee of one percent (1%) based on the loan amount upon approval;
  • Borrower must have a favorable credit rating and be current in his obligation with the U.S. Internal Revenue Service, and the Virgin Islands Bureau of Internal Revenue;
  • Cannot be used to repay a delinquent Federal, State or Local Income tax;
  • A denial letter from a local commercial bank is required and must include the date, loan amount, purpose of loan and reason for denial.
Application Process: