On Tuesday, the Virgin Islands Economic Development Commission Board considered applications from a consulting and development firm, a business anticipating renovating and operating Hotel 1829, and approved applications for PMX 1 LLC and TBCA USVI LLP.
The public hearing began with the board receiving information from Bloom Analytics, LLLP on St. Croix. Members from the company spoke about the benefits they can offer to the territory and highlighted their thoughts on why they should be eligible to participate in the EDC’s tax incentive program.
Erika Kellerhals spoke on behalf of Bloom Analytics and shared with the board that the company is a Category IV designated service business, full service consulting and development firm offering analytics, marketing, and consulting services to embedded finance companies. They will also offer underwriting models. For their employees, they will offer $50,000 in life insurance coverage, 401K plans, short and long-term disability, 12 paid holidays, up to 15 paid time off days, bereavement leave, medical leave, and other benefits. The group also will commit $50,000 to local charities yearly and a minimum of $27,500 for public school programs.
Some members of Bloom Analytics are owners of Cane Bay Partners on St. Croix, a company already partnering with the EDC.
Kirk Chewning, co-founder of Bloom Analytics, wanted to clarify to the board that the company will not provide lending services.
“Bloom is not a lender, will not be a lender, does not own any principal or anything. It’s merely a platform and services company to enable others to be able to provide either credit or payment terms to consumers,” said Chewning.
The board also received testimony from MJB Caribbean Ventures, Inc. (dba Hotel 1829) on St. Thomas. Mark Wiechnik and his wife moved to St. Thomas in 2016 to operate At Home in the Tropics Bed and Breakfast. Now, they want to expand their business.
“We’ve been looking for the opportunity to rehab a historic property in St. Thomas, and we found it right around the corner at Hotel 1829,” said Wiechnik.
The pair is looking to restore the hotel and are seeking EDC benefits. They want the property to be a hotel, bar, cafe, and event space.
Wiechnik said that they already provide a 401K plan, health insurance, and will provide life insurance, management training, leave, and time off for it’s employees, and comply with EDC regulations.
After hearing from both groups, the board adjourned the meeting and shortly after began their decision meeting. After the executive session, the board voted to approve applications from PMX 1 LLC and TBCA USVI LLP, both management and consulting companies.
Members Kevin Rodriguez, Jose Penn, Philip Payne, Terrence Nelson, and Gary Malloy were present.
