U.S. Virgin Islands Secures $57.8 Million for Small Business Support Through SSBCI Program

The V.I. Economic Development Authority has announced a major milestone for the territory's small business community: $57.8 million in funding from the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI). The funding is designed to enhance financing opportunities for small businesses and help foster fostering growth and sustainability. Administered locally by EDA’s Economic Development Bank (EDB), the SSBCI program introduces four key financial support initiatives aimed at bolstering small business development: Collateral Support Program: This initiative provides up to 50% collateral support, with a cap of $500,000 per lender's loan. Loan Participation Program: Offers up to 30% participation rate support for loans provided by lenders. Loan Guarantee Program: Supports up to 80% guarantee on the lender’s loan. Payment, Surety, and Performance Bond Program: Assists small contractors by covering up to 80% of the 10% collateral security required for performan...