Development Loan Program

PDF version

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
Lending Limit: 
$500,000
Interest Rate: 
Wall Street Journal Prime + 1.5% (fixed at closing)
Requirements: 
  • Borrowers must provide proof that they are a person born in the U.S. Virgin Islands; or a U.S. citizen or legal permanent resident and a resident of the U.S. Virgin Islands for at least five (5) years immediately preceding the application for a loan
  • Current U.S. Virgin Islands business license for the business which is the basis of the loan
  • Proof that the borrower is a principal owner of the business with at least fifty-one (51%) percent ownership
  • Current Virgin Islands tax clearance letter
  • Application fee of $150.00;
  • A commitment fee of one percent (1%) based on the loan amount upon approval;
  • Borrower must have a favorable credit rating and be current in his obligation with the U.S. Internal Revenue Service, and the Virgin Islands Bureau of Internal Revenue;
  • Cannot be used to repay a delinquent Federal, State or Local Income tax;
  • A denial letter from a local commercial bank is required and must include the date, loan amount, purpose of loan and reason for denial.
Application Process: