Community Center

Deadline for SBA Working Capital Loans in St. Croix Set for January 16, 2024

The U.S. Small Business Administration has issued a reminder to small businesses, agricultural cooperatives, aquaculture businesses, and most private nonprofit organizations in St. Croix, U.S. Virgin Islands, that the deadline to apply for federal economic injury disaster loans is January 16, 2024. These loans are intended to assist those who have incurred losses due to drought conditions that began on March 21, 2023. The SBA's Economic Injury Disaster Loan (EIDL) program is open to farm-related and nonfarm-related entities that have experienced financial losses directly due to the disaster. However, agricultural producers, farmers, and ranchers, except aquaculture enterprises, are not eligible for these disaster loans. Nurseries are also eligible to apply for loans to cover losses caused by the drought. The maximum loan amount is set at $2 million. The interest rates are 4% for small businesses and 2.375% for private nonprofit organizations. Loan terms can extend up to 30 years. E...