Do you need funds for community development projects, to create a new business or expand an existing one? Do you want to create employment opportunities, save existing jobs or hire persons that have a low income for your business? If so, this program might be for you.
- Available only to applicant businesses located in the District of St. Thomas/St. John
- Must be citizens of the United States or reside in the United States after being legally admitted for permanent residence
- 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.