The VI Economic Development Authority (VIEDA) held two training sessions this week on the implementation of the State Small Business Credit Initiative (SSBCI) Program in the Virgin Islands. These sessions were conducted by representatives of the Capital Services Team of the Michigan Economic Development Corporation (MEDC) on Jan. 11 and 12 at the VIEDA on St. Thomas. The SSBCI Program was established to increase the availability of credit for small businesses and to generate jobs and other economic development benefits in every state and territory. The attendees included the VIEDA’s lending staff, local bank managers and loan officers.
Through the SSBCI Program, local banks can apply to the VIEDA for funding if the bank determines that there is a collateral deficiency when a borrower applies for a loan at their bank.
In 2011, the U.S. Dept. of the Treasury approved the territory’s federal grant request of $13.1 million as a participating state in the SSBCI Program. The VIEDA received approximately $4 million of the grant award this fiscal year. “Small business growth is essential in any
economy, and it is imperative that we support the needs of our local small businesses through programs such as the SSBCI,” said Governor John P. deJongh Jr.
The Capital Services Team of MEDC will continue to assist the VIEDA with this program.
Under the SSBCI Program, the Credit Loan Guarantee, the Collateral Support, and the Payment, Surety and Performance Bonding programs are approved as the participating state programs.
For more about SSBCI, contact VIEDA at 714-1700 on St. Thomas or 773-6499 on St. Croix.
