§ 1278a. Construction of subchapter
Nothing in this subchapter shall be construed to limit incubators to government-funded entities. Private or non-profit incubators may be formed under the provisions of this Act.
§ 1279. Small Business Incubators Fund
(a) There is established in the Treasury of the Virgin Islands the Small Business Incubator Fund. (b) The Fund consists of grants, gifts, loans, appropriations made from time to time by the Legislature and all other moneys from the Small Business Incubators Program.
§ 1274. Incubator grants, loans and loan guarantees
(a) Application. A local sponsor may submit an application to the Board to obtain a grant, loan or loan guarantee to establish an incubator. Each application shall: (1) Demonstrate that: (A) a facility exists that can be transformed into an incubator at a specified cost; or (B) in the case of new and expansion construction, […]
§ 1275. Responsibilities of local sponsors
A local sponsor, or the organization receiving assistance through the local sponsor, has the following responsibilities and duties in establishing and operating an incubator with assistance from the Program: (a) Secure title on the facility or a lease with the intent to secure title to the facility. (b) Manage the physical development of the incubator […]
§ 1276. General powers and duties of the Board
The Board shall: (a) adopt such rules, statements of policy, procedures, forms and guidelines as may be necessary for the implementation of this subchapter, including the encouragement of incubators in economically distressed areas such as territorially and federally designated enterprise zones; (b) Make loans and loan guarantees or grants or a combination of loans and […]
§ 1277. Indicators of Program impact
On or before March 1 of each year, the Board shall submit a report to the President of the Legislature which must include, but not be limited to: (1) The number of applications for incubators submitted to the Board; (2) The number of applications for incubators approved by the Board; (3) The number of incubators […]
§ 1278. Nondiscrimination
No loan or loan guarantee may be made to a small business or local sponsor unless the business or local sponsor certifies to the Board, in a form satisfactory to the Board, that it shall not discriminate against any employee or against any applicant for employment because of race, religion, color, national origin, sex or […]
§ 1264. Offenses and penalties; false statements; overevaluation of securities
(a) Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of obtaining for himself or for any applicant any loan, or extension thereof by renewal, deferment of action, or otherwise, or the acceptance, release, or substitution of security therefor, or for the purpose of influencing in […]
§ 1265. Small Businessman of the Year Award
(a) There is hereby established the Small Businessman of the Year Award to be awarded to a client of the Small Business Development Agency who has demonstrated good business practices over a period of three years and who has been proficient and dynamic in the development of his small business concern. (b) The recipient of […]
§ 1271. Short title
This subchapter shall be known and may be cited as the Small Business Incubators Act.