§ 1271. Short title

This subchapter shall be known and may be cited as the Small Business Incubators Act.

§ 1272. Definitions

The following words and phrases when used in this subchapter have the meanings given to them in this section unless the context clearly indicates otherwise: (a) “Board” means the Loan Policy Board of the Virgin Islands Small Business Development Agency established in section 1253(d) of subchapter I of this chapter. (b) “Incubator” means a facility […]

§ 1273. Establishment of program

There is established under the direction of the Virgin Islands Small Business Development Agency a grant, loan, loan guarantee and technical assistance program for the establishment, operation and administration of small business incubators, to be known as 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 […]

§ 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.