The U.S. Virgin Islands has been granted $57.8 million through the U.S. Department of Treasury’s State Small Business Credit Initiative (SSBCI) program, a significant investment aimed at increasing financing opportunities for small businesses across the territory. The Virgin Islands Economic Development Authority (VIEDA), which administers the program locally through its Economic Development Bank (EDB), is excited to announce this funding as part of its continued efforts to support local entrepreneurs and foster business growth.
The SSBCI program offers four essential financial assistance options designed to provide small businesses with the resources they need to thrive:
- Collateral Support Program: Provides up to 50% collateral support, with a maximum of $500,000, to assist with lender loan requirements.
- Loan Participation Program: Offers up to a 30% participation rate in the lender’s loan.
- Loan Guarantee Program: Guarantees up to 80% of the lender’s loan, reducing risk for lenders and encouraging loan approval.
- Payment, Surety, and Performance Bond Program: Assists small contractors by covering up to 80% of the 10% collateral security required for performance bonds.
To help local businesses better understand these programs and how they can benefit, VIEDA is hosting a free informational webinar. This webinar will provide an opportunity to learn more about each financial option and engage directly with VIEDA staff to address any questions in real time.
Webinar Details:
- Date: Monday, December 9, 2024
- Time: 10:00 a.m. – 12:00 p.m.
- Location: Online via Zoom
- Registration: [Webinar Registration Link]
This is an excellent opportunity for small businesses to discover how they can access valuable financial resources to help them grow. Don’t miss out on the chance to unlock greater financing opportunities for your business.
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