82.1 F
Charlotte Amalie
Thursday, July 18, 2024
HomeBusinessSt. Croix businessSBA Loans to USVI Small Businesses Increase in First Six Months of...

SBA Loans to USVI Small Businesses Increase in First Six Months of 2017

The U.S. Small Business Administration (SBA) approved $4.9 million in loans to Virgin Islands small businesses during the first six months of fiscal year 2017, which is a $3.3 million increase over loans delivered during the same period in fiscal year 2016.

“These loan results for the second quarter of fiscal year 2017 reflect the dedicated efforts of our staff and resource partners to help foster the Virgin Islands’ small business community,” said SBA District Director Yvette T. Collazo.  “These numbers also confirm that entrepreneurship is at the core of the islands’ economic development and continues to be instrumental in achieving self-sustainability.”

As of March 31, 2017, loans in the territory were delivered under the SBA’s 7(a) Loan Guaranty program, which is the agency’s primary lending vehicle. It provides long-term financing to acquire equipment and machinery, inventory, fixtures and accessories, to make renovations, purchase land, build new buildings and purchase existing businesses. It also helps with the repayment of debts.

“The SBA is committed to helping Virgin Islands entrepreneurs gain access to the financial assistance they need to get started, grow and create the jobs that will help the economy move forward,” Collazo said. “We continue strengthening our strategic alliances with local community-based organizations and government agencies to provide the necessary resources to existing and potential small business owners.”

The SBA has two offices in the V.I. The senior area manager for St. Thomas-St. John is Hipólito ‘C.J.’ Castro, who can be reached at 776-3206, ext. 3004.  On St. Croix, Senior Area Manager Wayne Huddleston can be reached at 718-5381.

Any individuals interested in business counseling or technical assistance, should contact the Virgin Islands Small Business Development Center, led by State Director John Osoinach, at 776-3206.

For more information on SBA programs and services, visit www.sba.gov/pr.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.

Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.