On Tuesday, the Virgin Islands Economic Development Bank held its governing board meeting virtually on Zoom and voted to approve several items and decline a term loan for Out Da Pot LLC.
The meeting began with a public hearing for the Virgin Islands Economic Development Commission, where Historic Heritage Holdings, LLP, presented testimony in an attempt to receive VIEDC tax incentives on St. Croix to operate as a hotel, family office, and venture capital managing and investment entity. Later, the Economic Development Bank Board unanimously approved the State Small Business Credit Initiative – Standard Operating Procedure and unanimously approved the following measures:
Approved up to $132,500 or up to 50 percent in the collateral support program from the State Small Business Credit Initiative to First Bank Puerto Rico to Twin City Mobile Integrated Healthcare, LLC.
Approved up to $1,642,200 or up to 80 percent below guarantee program support from the State Small Business Credit Initiative to Merchants Commercial Bank on behalf of Your Environmental Solution, LLC.
Approved a $500,000 term loan for 10 years at an interest rate of the Wall Street Journal prime rate plus 1.5 percent for a development loan fund for the build out, purchase of appliances and machinery, and working capital for In the Mix Cakery, LLC.
The board also:
Declined a term loan to Out Da Pot, LLC.
Later in the meeting, the Economic Zone Commission held its decision meeting to vote on two applications. The board unanimously approved the application for The Mango Works, LLC to enter the Enterprise Zone Plan Program for 90 percent tax exemptions on corporate income tax, 100 percent exemption on gross receipt taxes and 100 percent exemption on property tax. They will also invest $140,000 on the revitalization of their building at #13 Wimmelskafts Gade in the Savanne-Downstreet Enterprise Zone.
The board additionally voted unanimously to approve the application for Noel Charles to receive tax credits and invest $112,000 into the property, with $80,000 toward rehabilitation, at #1 Store Gronne Gade in the Garden Street Enterprise Zone.
Members Kevin Rodriguez, Jose Penn, Philip Payne, Anise Hodge, and Positive Nelson were present.
