76.2 F
Charlotte Amalie
Wednesday, February 24, 2021
Home Business St. Croix business SBA Loans in U.S.V.I. Increase 28 Percent During Fiscal Year 2019

SBA Loans in U.S.V.I. Increase 28 Percent During Fiscal Year 2019

U.S. Small Business Administration

The U.S. Small Business Administration approved (SBA) approved 439 loans for $78.2 million to small businesses in Puerto Rico and the U.S. Virgin Islands during fiscal year 2019, a 35 percent and 28 percent increase, respectively, over the previous year. Of the total loans approved, 189 for $39 million were for small businesses in rural areas.

“Fiscal year 2019 brought with it many challenges, but also much success,” said SBA Puerto Rico and U.S. Virgin Islands District Director Yvette T. Collazo. “While it is true that our economy continues to recover two years after the devastation left behind by hurricanes Irma and Maria, it is also true that our entrepreneurs are resilient and persevering. Our results speak for themselves. Small businesses continue to start and grow, and they look to the SBA to help meet their financial needs.”

As of Sept. 30, the SBA approved 384 loans for $56.7 million under the agency’s 7(a) Loan Guaranty program, which provides financing for a variety of general business purposes, such as working capital, expansion or renovation of facilities, the purchase of machinery and equipment, and the purchase of land, among others. Through its Certified Development Company program — designed to promote economic development by creating jobs through long-term, fixed financing — the SBA delivered 55 loans for $21.5 million.

Also, to facilitate access to capital to more aspiring and existing small businesses, during fiscal year 2019, the SBA welcomed Cooperativa de Ahorro y Crédito Jesús Obrero and stateside micro-lender Latino Economic Development Center (LEDC) to its family of authorized lenders in Puerto Rico.

In addition, Puerto Rico micro-lender Corporación para el Fomento Económico del Comercio y de las Comunidades (COFECC) received approval to expand its coverage to the U.S. Virgin Islands.

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

Print Friendly, PDF & Email




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.

JOIN OUR MAILING LIST

STAY CONNECTED

20,265FansLike
4,124FollowersFollow

FROM FACEBOOK

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Load more
Print Friendly, PDF & Email