Financing Options

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To help you to start or operate your business, the Virgin Islands Economic Development Authority has various financing options. The following loan programs are administered by the Economic Development Bank, an entity under the VIEDA. These programs offer secured loans unless otherwise indicated. 

Compare Financing Options

State Small Business Credit Initiative

The State Small Business Credit Initiative Program was created by the 2010 Small Business Jobs Act to support small business lending and encourage financial institutions to be more aggressive in their lending activities.

Maximum Enhancement Amounts

  • Collateral Support Program – Up to 50% limited to $500,000 per borrower
  • Credit Guarantee Program – Up to 50% of loan or project cost
  • Payment, Performance, Surety Bond Program – Up to 30%

Proceeds of the loan can be used for, but are not limited to:

  • start-up costs
  • working capital
  • business procurement
  • franchise fees
  • inventory
  • equipment
  • construction
  • renovation, and
  • tenants’ improvements to the business site.

Post-Disaster Relief Loan Revolving Loan Fund Program

Are you a local retail business in the tourism industry, or a small manufacturer or contractor that has been impacted by Tropical Storms Otto and Tomas in 2010?   If you are a dislocated worker on St. Croix that would like to re-establish or expand a business  that  can increase job opportunities for local residents, this loan program might be for you. 

Frederiksted Loan Program

If you are a business in Frederiksted, St. Croix that has the greatest potential for generating new business activity in Frederiksted, did you know that you can have first priority in receiving a loan through this program at a reasonable interest rate?

Farmers and Fishermen Loan Program

The Farmers and Fishermen Loan Program offers loans for commercial farmers and fishermen. Loans are secured by acceptable collateral.

Micro-Credit Loan Program

The Micro-Credit Loan Program offers a secured loan subject to creditworthiness of applicant and/or guarantor. The loan amount shall be from $1,000 to $50,000.  The maximum loan term is 5 years.

Economic Development Administration Loan Fund

The Economic Development Administration Loan Fund offers loans up to $75,000 for dislocated workers with the best prospect for establishing or expanding their own businesses.

Post-Disaster Relief Revolving Loan Fund

Economic Development Administration Post-Disaster Relief Revolving Loan Fund 

In May 2013, the Virgin Islands Economic Development Authority (VIEDA) was awarded $2.0 million by the Department of Commerce’s Economic Development Administration (EDA) to support VIEDA Post-Disaster Relief Revolving Loan Fund focused on natural disaster resiliency and economic diversification, with the VIEDA matching $409,638, for a total project cost of $2,409,638

Intermediary Relending Program

Do you need funds for community development projects, to create a new business or expand an existing  one?  Do you want to create employment opportunities, save existing jobs or hire persons that have a low income for your business?  If so, this program might be for you.

Small Business Development Loan Program

SBDA loans provide financing for general business purposes and may be :

  • A direct loan by EDA – initiated and funded solely by EDA: or
  • A guaranteed loan (deferred participation) by which EDA guarantees a portion of a loan made by a lender – initiated by a Lender agreeing to make an EDA guaranteed loan to a small business and applying to EDA for its guarantee. If EDA agrees to guarantee a portion of the loan, the Lender funds and services the loan. If the small business defaults on the loan, EDA’s guarantee requires EDA to purchase its portion of the outstanding balance, upon demand by the Lender and subject to specific conditions.

The Development Loan Program offers secured loans from $10,000 to $500,000.

  • Maximum loan term: up to 10 years at the board’s discretion to be determined by use and size of the loan
  • Interest rate is based on the Wall Street Journal Prime plus one and one-half percent (1.50%)
  • Loan is secured by collateral

Development Loan Program

The Development Loan Program offers secured loans from $10,000 to $500,000.

  • Maximum loan term: up to 10 years at the board’s discretion to be determined by use and size of the loan
  • Interest rate is based on the Wall Street Journal Prime plus one and one-half percent (1.50%)
  • Loan is secured by collateral