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HomeNewsArchivesVIHFA and VIEDA Host Workshop on Financing Options for Contractors

VIHFA and VIEDA Host Workshop on Financing Options for Contractors

The Virgin Islands Housing Finance Authority (VIHFA) and the Virgin Islands Economic Development Authority (VIEDA) will host “Building Blocks,” a two-hour workshop to inform contractors and developers about alternative financing options now available to them in the territory. The main focus of “Building Blocks” will be two initiatives that were recently funded, the Small Contractors Program offered by VIHFA and the State Small Business Credit Initiative Program (SSBCI), administered by VIEDA. These initiatives are intended to provide support to small businesses and to spur economic growth in the area of development.
The workshops will be held on St. Croix, April 17, and on St. Thomas, April 18, from 10 a.m. to noon in VIHFA’s training rooms on both islands.
The purpose is to apprise contractors on the details of both programs and to provide an understanding as to how to gain access to financing for their projects. Contractors will learn how to access lines of credit to build high-quality, affordable housing through VIHFA’s Small Contractor Program, which was recently funded with $1M. “This workshop will provide contractors with the knowledge necessary to tap into funds that will assist them with moving their projects forward and expanding affordable home ownership opportunities in the territory,” said Adrienne L. Williams, executive director of VIHFA.
In addition, representatives from VIEDA will provide contractors with information on how to access collateral support for their projects, loan guarantees; as well as surety, payment, and performance bond support through the State Small Business Credit Initiative Program (SSBCI). SSBCI is a federal program designed to strengthen state and territorial programs that support private financing to small businesses and small manufacturers. The Virgin Islands Government has received over $13 million from the United States Department of Treasury for this program which is now available to contractors.
“Every one dollar that is utilized from both of these programs will generate three dollars back into our economy; therefore, it is imperative that we do all that we can to put contractors back to work,” said Percival Clouden, executive director VIEDA, “and both of these programs represent the building blocks necessary to achieve this goal,” said Clouden.
The workshops are free of cost and contractors are encouraged to call and register today. Space is limited. Persons interested in attending “Building Blocks” should call 777-4432 on St. Thomas and 772-4432 on St. Croix.

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The Virgin Islands Housing Finance Authority (VIHFA) and the Virgin Islands Economic Development Authority (VIEDA) will host “Building Blocks,” a two-hour workshop to inform contractors and developers about alternative financing options now available to them in the territory. The main focus of “Building Blocks” will be two initiatives that were recently funded, the Small Contractors Program offered by VIHFA and the State Small Business Credit Initiative Program (SSBCI), administered by VIEDA. These initiatives are intended to provide support to small businesses and to spur economic growth in the area of development.
The workshops will be held on St. Croix, April 17, and on St. Thomas, April 18, from 10 a.m. to noon in VIHFA’s training rooms on both islands.
The purpose is to apprise contractors on the details of both programs and to provide an understanding as to how to gain access to financing for their projects. Contractors will learn how to access lines of credit to build high-quality, affordable housing through VIHFA’s Small Contractor Program, which was recently funded with $1M. “This workshop will provide contractors with the knowledge necessary to tap into funds that will assist them with moving their projects forward and expanding affordable home ownership opportunities in the territory,” said Adrienne L. Williams, executive director of VIHFA.
In addition, representatives from VIEDA will provide contractors with information on how to access collateral support for their projects, loan guarantees; as well as surety, payment, and performance bond support through the State Small Business Credit Initiative Program (SSBCI). SSBCI is a federal program designed to strengthen state and territorial programs that support private financing to small businesses and small manufacturers. The Virgin Islands Government has received over $13 million from the United States Department of Treasury for this program which is now available to contractors.
“Every one dollar that is utilized from both of these programs will generate three dollars back into our economy; therefore, it is imperative that we do all that we can to put contractors back to work,” said Percival Clouden, executive director VIEDA, “and both of these programs represent the building blocks necessary to achieve this goal,” said Clouden.
The workshops are free of cost and contractors are encouraged to call and register today. Space is limited. Persons interested in attending “Building Blocks” should call 777-4432 on St. Thomas and 772-4432 on St. Croix.