State Small Business Credit Initiative (SSBCI)

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The State Small Business Credit Initiative (SSBCI) Program, funded with $1.5 billion, was created by the Small Business Jobs Act of 2010 which was signed into law by President Barack Obama.  Through this Act, the SSBCI Program was created to support small business lending and encourage financial institutions to be aggressive in their lending activities. 

From this $1.5 billion, the U.S. Department of the Treasury awarded $13.1 million in SSBCI funds to the U.S. Virgin Islands in 2011. 

These funds are disbursed in allotments to help local small businesses and small manufacturers gain access to capital to create jobs and sustain their operations. The SSBCI Program was designed to encourage banks to assist small businesses in securing funding for their operations.

State Approved Programs.   Under the U.S. Virgin Islands SSBCI Program, local small businesses can seek financial assistance from the following approved programs: the Collateral Support Program; Credit Guarantee Program; and the Payment, Surety and Performance Bonding Program through local banks that are participants of the USVI SSBCI Program.

Participating Banks.   The local banks that are currently participating in the USVI SSBCI are:  

  • Merchants Commercial Bank
  • Bank of Nova Scotia
  • Banco Popular de Puerto Rico
  • 1First Bank

Maximum Enhancement Amounts

  • Collateral Support Program – up to 50% of the loan amount limited to $500,000 per borrower
  • Credit Guarantee Program – up to 80% of total financing
  • Payment, Performance, and Surety Bond Program – up to 30% of a performance or payment bond

Potential clients can contact local banks that are participating in the SSBCI Progam in the U.S. Virgin Islands to learn about specific loan terms and conditions specified by each bank.


Please refer to this link below for frequently asked questions:


Loan terms are based on participating bank's terms and conditions.


To learn about the uses of the loan guarantee program, please see page six at


  • Sex offender certification must accompany each loan request indicating that no principles have been convicted of a sex offense against a minor

  • Financial institution lenders or other private investors must have at least 20% of their own capital at risk.

  • No passive real estate investment purposes.

  • Reimburse funds owed to any owner, including any equity injection or injection of capital for the business’   continuance.

  • To purchase any portion of the ownership interest of any owner of the business.

  • Refinancing with an existing lender is permitted but it must meet all of the following conditions:
    1. The new credit includes the advancement of new monies
    2. The new credit is based on new underwriting that demonstrates the borrower can pay the debt.
    3. The existing credit was issued for an eligible purpose under the SSBCI program.
    4. The new credit has not been extended for the sole purpose of refinancing the existing debt.

  • Repay taxes held in trust or escrow, e.g. payroll or sales taxes.

  • Repay a delinquent Federal or State Income tax unless the borrower has a payment plan in place with the relevant taxing authority.