Economic Development Administration Loan Fund

PDF version

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.

Lending Limit: 
$75,000
Interest Rate: 
Fixed Wall Street Journal Prime + 1.5%
Requirements: 
  • Borrower must be a "dislocated worker" with the best prospect for establishing or expanding their own businesses
  • Small, particularly minority owned businesses, in St. Croix
  • Small Virgin Islands businesses that foster the Virgin Islands' economic development goals and the best prospect for job creation
  • Businesses offering the best prospects for long term job growth, particularly applicants in manufacturing wishing to locate in the Light Industrial Park in St. Croix
  • Must be a legal resident
  • Loan is secured by acceptable collateral
  • 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: