To help you to start or operate your business, the Virgin Islands Economic Development Authority has various financing options. The following loan programs are administered by the Economic Development Bank, an entity under the VIEDA. These programs offer secured loans unless otherwise indicated.
The State Small Business Credit Initiative Program was created by the 2010 Small Business Jobs Act to support small business lending and encourage financial institutions to be more aggressive in their lending activities.
Maximum Enhancement Amounts
- Collateral Support Program – Up to 50% limited to $500,000 per borrower
- Credit Guarantee Program – Up to 50% of loan or project cost
- Payment, Performance, Surety Bond Program – Up to 30%
Proceeds of the loan can be used for, but are not limited to:
- start-up costs
- working capital
- business procurement
- franchise fees
- renovation, and
- tenants’ improvements to the business site.