Micro-Credit Loan Program

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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.

Lending Limit: 
$50,000
Interest Rate: 
5% fixed
Requirements: 
  • Collateral is required
  • Borrower must provide proof that they are a U.S. citizen or a legal alien, and be a U.S. Virgin Islander or a U.S. resident of the U.S. Virgin Islands for at least five (5) years immediately preceding the application for a loan
  • Proof that the business, which is the basis of the loan, has been in operation for at least one (1) year, unless the business is a start-up
  • 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
  • A current Trade Name Register (if a trade name or d/b/a is used)
  • 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: