CHARLOTTE AMALIE, St. Thomas, U. S. Virgin Islands – October 26, 2026 – Small business owners and aspiring entrepreneurs gained practical tools to organize their finances and prepare for business financing during a free “Bookkeeping Basics for USVI Business Owners” workshop held October 22, 2026, at the UVI Innovation Center on St. Thomas.
Hosted by SBC Small Business Consulting, the workshop was made possible through the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant, administered by the Virgin Islands Economic Development Authority’s (VIEDA) Economic Development Bank (EDB). SBC Consulting serves as the SSBCI technical assistance consultant, helping entrepreneurs understand and prepare for the business lending process.
Participants explored how to track business activity, account for expenses, assets and owner’s equity, and use balance sheets and profit-and-loss statements to understand business performance. The session also emphasized the importance of keeping business and personal accounts separate.
Putting those lessons into practice, attendees used a free Excel worksheet to record sample transactions. They received the worksheet to adapt for their own businesses, while discussions also explored QuickBooks and other bookkeeping software.
“Good financial records help business owners understand how their businesses are performing and prepare for conversations with lenders,” said EDB Managing Director Monique T. Samuel. “Through this technical assistance, we are helping entrepreneurs build the skills and confidence to take the next step toward financing and growth.”
The workshop marked SBC Consulting’s first in-person session under the initiative, complementing its virtual training offerings. Another in-person workshop is anticipated on St. Croix in spring 2027.
Funded by the U.S. Department of the Treasury, SSBCI supports expanded access to capital for local small businesses. The Territory’s allocation of more than $57 million is being made available in three (3) tranches and facilitates loan guarantees, collateral support, loan participation and bonding support. EDB and participating lenders have obligated the required 80 percent of the first tranche, reaching a key milestone toward accessing the second. To date, 28 small businesses across the Territory have received support through SSBCI loan guarantees.
Participating lenders include Merchants Commercial Bank, FirstBank, Banco Popular, Oriental Bank and Alba Capital.
In addition to SSBCI, EDB administers its own small business loan programs to help entrepreneurs start or grow their businesses. To learn more, visit www.usvieda.org or email info@usvieda.org.
