The essence of the American economic system is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The initiation, preservation, and expansion of such competition is basic not only to the economic well-being of […]
(a) A person shall be eligible for all forms of assistance under this chapter if— (1) he owns at least fifty percent (50%) legal or equitable interest in a small business concern, either established or to be established, in the United States Virgin Islands; and (2) he is or will be active in the management […]
(a) In order to carry out the policies of this chapter there is created a subsidiary entity under the name of “Virgin Islands Small Business Development Agency” (herein referred to as the Agency) within, and wholly administered and operated by the Economic Development Authority. (b) The management of the Agency shall be vested in the […]
(a) The Agency shall have power to adopt, alter, and use a seal, which shall be judicially noticed. The Director is authorized, subject to the provisions of chapter 25 of Title 3 of the Virgin Islands Code, to select, employ and recommend for appointment such officers, employees and agents as shall be necessary to carry […]
(a) The Director is authorized, subject to the provisions of section 1256 of this chapter and subject to the prior approval of the Loan Policy Board, to make, participate (on an immediate basis) in, or guarantee loans, repayable in not more than 15 years, to any small business concern (as defined in section 1252 and […]
Loans made pursuant to section 1255 of this chapter (including immediate participation in and guaranties of such loans) shall have such terms and conditions as the Loan Policy Board shall determine, subject to the following limitations— (1) there is a reasonable assurance of repayment of the loan; (2) the financial assistance is not otherwise available […]
The Director is authorized, subject to the prior approval of the Loan Policy Board, to guarantee the payment of rents on behalf of any small business concern eligible for assistance under the provisions of this chapter when it is determined that such guarantee is consistent with the purposes of this chapter. In those instances where […]
(a) In order that eligible persons, as defined in section 1252 of this chapter, may establish and operate small business concerns in the United States Virgin Islands, the Director shall provide technical assistance. The technical assistance provided shall include, but not be limited to the following: (1) aid in preparing loan applications and presentations. (2) […]
There is established in the Treasury of the United States Virgin Islands a special fund to be known as the SBDA Managerial and Technical Assistance Fund (hereinafter referred to as the “Fund”). Said Fund shall be maintained for the purpose of deposit therein of funds received from the Federal Small Business Administration to provide managerial […]
(a) The Director shall take such steps as may be necessary and appropriate, in coordination and cooperation with the heads of all government departments, agencies and authorities, so that contracts, subcontracts, and deposits made by the Government of the United States Virgin Islands or in connection with programs with Government funds are placed in such […]
(a) In order to insure that all programs and activities related to the purposes of this chapter are carried out in a coordinated manner— (1) the Director is authorized to call upon other Government departments and agencies to supply such statistical data, program reports, and other materials, information and assistance as he deems necessary to […]
(a) In order to insure that all programs and activities related to the purposes of this chapter are utilized to the maximum extent possible, and to insure that information concerning such programs and other relevant information is readily available, the Director is authorized as he deems appropriate to collect, prepare, analyze, correlate, and distribute such […]
The Director shall not duplicate the work or activities of any other department or agency of the Government of the United States Virgin Islands and nothing contained in this chapter shall be construed to authorize any such duplication unless such work or activity is expressly authorized for in this chapter.
(a) Not later than 120 days after the close of each fiscal year, the Director shall prepare and submit to the Governor and the Legislature, a full and complete report on the activities of the programs and activities established by this chapter during such year. (b) The Director shall prepare and retain a file on […]
(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 […]
(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 […]
