Sen. James Urging Business-Minded Residents Territory-Wide To Take Advantage Of EDA Loan Programs

ST. CROIX — Senate President Neville James is encouraging residents, property owners, small business owners, and budding entrepreneurs in the community to take advantage of the many loan programs and business initiatives offered by the Virgin Islands Economic Development Authority (VIEDA), a press release the senator’s office issued late Tuesday says.

According to the release, last October the 31st Legislature’s full body attended a meeting with VIEDA, where the agency made available to senators an account of the current services they provide to the community. Mr. James said he was encouraged by the opportunities brought forth.

“Many advances were made by the 31st Legislature in 2015 to bridge the economic divide and set the Virgin Islands on a path of sustainability. Moreover, policy makers wholly recognize that the new vehicle to sustaining a stable economy solely depends on residents investing in the community by becoming small businessmen and women,” he said.

VIEDA hosts a variety of loan programs which are specifically tailored for niche markets, but also present attractive development loans and initiatives which make building business much more manageable.

The Frederiksted Loan Program, for example, offers special loans to those interested in starting a business in the Frederiksted community on St. Croix, while the Farmer and Fisherman Loan Program awards loans for commercial farmers and fisherman across the territory. Additionally, they have the Micro-Credit Loan Program which offers smaller loans between $1,000 and $50,000.

Mr. James also strongly encouraged residents interested in entrepreneurship to participate in VIEDA’s Incubator Program, which offers guidance and support services to business owners through business development seminars and counseling, as well as financial and technical assistance.

And he said that this program, in association with supportive institutions within the private and public sectors, provide an excellent environment for small businesses to flourish because it promotes collaboration and a resourceful entrepreneurial spirit.

“At a time when the unemployment rate on St. Croix is 15 percent, and 14 percent Territorywide, now is the time where Virgin Islanders, the rank and file members of this community, take the reins and lead us back toward economic stability. VIEDA’s support places this vital component of our recovery within reach,” Mr. James concluded.

For more information on VIEDA and the opportunities they provide, contact their St. Croix office at 773-6499 and their St. Thomas office at 714-1700.