Caribbean News Now!

About Us Contact Us

Countries/Territories

Jump to your country or territory of interest

Advertise with us

Reach our daily visitors from around the Caribbean and throughout the world. Click here for rates and placements.

Contribute

Submit news and opinion for publication

Subscribe

Click here to receive our daily regional news headlines by email.

Archives

Click here to browse our extensive archives going back to 2004

Also, for the convenience of our readers and the online community generally, we have reproduced the complete Caribbean Net News archives from 2004 to 2010 here.

Climate Change Watch

The Caribbean is especially vulnerable to rising sea levels brought about by global warming. Read the latest news and information here...

Follow Caribbean News Now on Twitter
Connect with Caribbean News Now on Linkedin



News from the Caribbean:


Back To Today's News

$3 million boost for USVI small businesses
Published on August 16, 2014 Email To Friend    Print Version

ST THOMAS, USVI -- The VI Economic Development Authority (VIEDA) has approved 24 loan guarantee support applications in the amount of $3 million to help local small businesses through local banks that are participants of the state small business credit initiative (SSBCI) program in the US Virgin Islands.

At the end of the third quarter of fiscal year 2014, VIEDA’s statistics revealed that the approval of these loan guarantee support applications between January 20, 2012, and June 30, 2014, have helped local small businesses get access to funding to help them sustain, or grow, their business. These approvals saved 215 jobs and created 37 new jobs in the Territory.

VIEDA, which has been designated by Governor John deJongh to administer this program in the US Virgin Islands, currently guarantees up to 50 percent of the total loan amount applied for at SSBCI participating banks in the USVI by local small business owners.

According to VIEDA's chief executive officer Percival Clouden, "One of the main reasons small businesses fail is due to their lack of access to capital. Through our partnerships with local banks that are participants of the SSBCI, the VIEDA is committed to ensuring that local small businesses get access to the funding they need to operate their business while they retain and hire employees."

Under the USVI’s SSBCI program, loan guarantees enable small businesses to obtain term loans or lines-of credit. If approved, the VIEDA provides banks with a percentage guarantee as security for the loan or line of credit. The USVI’s SSBCI loan enhancement programs include the collateral support program; credit guarantee program; and the payment, surety, and performance bond program.

The USVI SSBCI program is a loan and bonding program that is designed to help create and grow small businesses, and create jobs and tax revenues for the US Virgin Islands.

The SSBCI is a federal loan guarantee program under the US Department of the Treasury, which was funded with $1.5 billion to strengthen state programs that support private financing to small businesses and small manufacturers. In 2011, the USVI was awarded $13.1 million from the US Department of the Treasury as a participating state under the SSBCI program that was established by the Small Business Jobs Act of 2010. The SSBCI program represents a significant change in the federal approach to economic development.

In May 2014, state directors and other officials from SSBCI programs representing 48 states, Washington D.C., and four territories -- including the US Virgin Islands -- gathered in Washington for the fourth national SSBCI conference where attendees shared insights, success stories, and best practices. Across the nation, SSBCI has already disbursed more than $1 billion of nearly $1.5 billion in funds, according to the US Department of the Treasury.
 
Reads: 5094





Click here to receive daily news headlines from Caribbean News Now!



Back...

Comments:

No comments on this topic yet. Be the first one to submit a comment.

Back...

Send us your comments!  

Send us your comments on this article. All fields are required.

For your contribution to reach us, you must (a) provide a valid e-mail address and (b) click on the validation link that will be sent to the e-mail address you provide.  If the address is not valid or you don't click on the validation link, we will never see it!

Your Name:

Your Email:

(Validation required)

Comments:
Enter Code



Please note that, if you are using an AT&T domain email address, e.g. att.net, bellsouth.net, sbcglobal.net, the verification email will likely not be delivered. This is outside of our control and the only remedy seems to be for readers to complain to AT&T





Disclaimer
User comments posted on this website are the sole views and opinions of the comment author and are not representative of Caribbean News Now or its staff. Caribbean News Now accepts no liability and will not be held accountable for user comments.
Caribbean News Now reserves the right to remove, edit or censor any comments. Any content that is considered unsuitable, unlawful or offensive, includes personal details, advertises or promotes products, services or websites or repeats previous comments will not be approved.
Before posting, please refer to our Terms of Use and Privacy Policy.



Other Headlines:



Regional Sports: