Join our newsletter

Financing

Hands Holding US Dollar Bills

Development Loan Program

The Development Loan Program offers secured loans from $10,000 to $500,000 with a maximum term of 10 years.
Interest rate: Wall Street Journal Prime +1.5% (fixed at closing)

  • 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 ten (10) 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​
  • 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 fee of $150.00
Learn More

Micro-Credit Loans

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

Interest Rate: 5% fixed

  • Borrower must provide proof that they are a U.S. citizen or legal permanent resident, and be a U.S. Virgin Islander or a resident of the U.S. Virgin Islands for at least five (5) years immediately preceding the application for a loan
  • Proof that the  borrower is a principal owner of the business with at least 51% ownership
  • 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​
  • 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 must include the date, loan amount, purpose, and reason for denial
  • Collateral is required​
Learn more
a person holding a cell phone and a laptop on a table

Fredriksted Loan Program

This loan is ideal for companies in Frederiksted, St. Croix, looking to generate new business activity. The Fredriksted Loan Program offers secured loans up to $20,000 with a reasonable interest rate to help high-potential companies further contribute to the business ecosystem in Fredriksted.

Interest Rate: Wall Street Journal Prime + 1.5% (fixed at closing)

  • Loan recipient must be a resident of the Virgin islands for at least ten (10) years
  • Current U.S. Virgin Islands Business License for the business, which is the basis of the loan​
  • 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 must include the date, loan amount, purpose, and reason for denial
  • Collateral is required​
  • Business must be operated on a full-time basis by the loan recipient
  • Gross sales shall not exceed $300,000 per year
  • Loans will not exceed a term of five (5) years
  • Guaranteed loans shall not exceed 30,000 with a maximum 90% guarantee
  • Maximum interest rate on a direct loan shall not exceed 12% annually
  • Equity position of the borrower, exclusive of land, shall be no less than 20% of the amount of the loan requested
Learn More

Intermediary Relending Program

Do you need funds for community development projects, business creation, or business expansion? Do you want to create employment opportunities, save existing jobs, or hire those with low incomes for your business?
If so, this program might be for you with a $100,000 lending limit to eligible businesses.

Lending Limit: $100,000
Interest Rate: Wall Street Journal Prime + 1.5% Fixed

  • Available only to applicant businesses in the District of St. Thomas/St. John
  • Must be citizens of the United States or reside in the United States after being legally admitted for permanent residence
  • 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 must include the date, loan amount, purpose, and reason for denial
  • Collateral is required​
Learn More
Banknotes and Calculator on Table
A Fisherman Sitting and Holding a Fishing Net

Farmers and Fishermen Loan Program

The Farmers and Fishermen Loan Program offers up to $50,000 in loans for commercial farmers and fishermen.

Interest Rate: 4% Fixed
Application fee of $150

  • Borrower must be engaged in commercial fishing or commercial farming for a minimum of 3 years​
  • Gross sales must be a minimum of $1,000 annually​
  • Collateral is required​
Learn More
man in white dress shirt sitting beside woman in black long sleeve shirt

State Small Business Credit Initiative

The State Small Business Credit Initiative (SSBCI) Program, established under the 2010 Small Business Jobs Act, aims to bolster small business lending and offer financial institutions additional reassurance to extend credit, thereby fostering increased levels of financing. The American Rescue Plan Act (ARPA) reauthorized and expanded the SSBCI in 2022.

  • Collateral Support Program (CSP) – up to 50% of the loan amount
  • Loan Participation Program (LPP) – up to 30% participation in a loan originated by the participating lender
  • Loan Guarantee Program (LGP) – up to 50% for impactful transactions
  • Payment, Surety and Performance Bond Program – guarantees an average of 10% of a performance or payment bond from a private surety company.

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 tenant's improvements to the business site

  • Loan terms are based on the participating bank's terms and conditions.
  • Funds cannot be used to:
    • Reimburse funds owed to any owners
    • Reimburse equity funds to any owner
    • Obtain passive real estate credits
    • Repay a delinquent Federal, State, or Local Income tax
  • Sex offender certification must accompany each loan request, indicating that no principals have been convicted of a sex offense against a minor
  • Lender must have 20% capital at risk
  • No refinancing is allowed with the existing lender
  • The lender's client must be current in his obligation with the U.S. Internal Revenue Service and the Virgin Islands Bureau of Internal Revenue.
Learn More

Small Business Development Loan Program

Are you a native-born U.S. Virgin Islander; or a five-year resident of the U.S. Virgin Islands and one of your parents is a native-born U.S. Virgin Islander; or a ten-year resident of the U.S. Virgin Islands? Are you active in the management of your business full-time? Is your business your principal means of support? This program may be for you, with a loans of up to $100,000.
Interest Rate: Wall Street Journal Prime + 1.5% (fixed at closing)

  • Application fee of $150.00
  • A commitment fee of one percent (1%) based on the loan amount upon approval
  • Must be born in the United States; or mother or father was born in the U.S. Virgin Islands and has been a bona fide continuous resident of the U.S. Virgin Islands for at least 5 years; or has been a bona fide continuous resident of the U.S. Virgin Islands for at least 10 years.
  • 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
  • A denial letter from a local commercial bank is required and must include the date, loan amount, purpose of loan and reason for denial
  • Collateral is required

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.
Learn More
man writing on paper

Economic Development Administration Loan

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.
Interest Rate: Fixed Wall Street Journal Prime + 1.5%

  • 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 Industrial Park in St. Croix
  • Must be born in the United States; or mother or father was born in the U.S. Virgin Islands and has been a bona fide continuous resident of the U.S. Virgin Islands for at least 5 years; or has been a bona fide continuous resident of the U.S. Virgin Islands for at least 10 years.
  • 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
  • Collateral is required
Learn More

How the Economic Development Authority
Can Help You

Unlock new horizons within the US Virgin Islands with the business potential our territory offers with the help of the USVI Economic Development Authority.
With tailored tax programs, incentives, financing options and more.

Learn more
Events & News
Careers
Resources
clients
FAQS

St. Croix

340-773-6499
116 King Street
Frederiksted, VI 00840

St. Thomas/St. John

340-714-1700
8000 Nisky Shopping Center, Suite 620
St. Thomas, VI 00802

© 2001 - 2024 United States Virgin Islands Economic Development Authority

Instagram Youtube Facebook Twitter Linkedin Envelope
The Virgin Islands Economic Development Authority is an equal opportunity provider, employer, and lender.