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(a) There is established in the University of the Virgin Islands a Small Business Development Center (hereinafter SBDC). The SBDC shall coordinate local and federal government resources, as well as private sector resources, in the establishment of a program network for the delivery of management and technical assistance through counseling and training to small businesses and prospective small businesses in the Virgin Islands.
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(b) The SBDC is authorized to accept grants of local or federal funds, gifts, devices or conveyances for the furtherance of its stated goals and purposes.