In a continued effort to support local enterprises, Merchants Commercial Bank (MCB), in partnership with the Federal Home Loan Bank of New York (FHLBNY), has awarded eight small businesses and non-profits in the U.S. Virgin Islands with Small Business Recovery Grants (SBRG). The grants, ranging from $5,000 to $10,000, are designed to offer critical relief to organizations grappling with the financial challenges brought on by inflation, rising energy costs, and supply chain constraints.
Unlike many other recovery initiatives that follow large-scale emergencies, the SBRG program targets businesses that may be facing economic hardships or are in the early stages of development. This periodic disaster relief program is one of the key ways smaller banks like Merchants can remain agile in securing funds and resources for the local market. This year’s recipients include VI Christian Ministries, The Leader’s Branch, Speedy Redemption Vegan Raw Food and Sandwich Deli, Seven Four, Island Green Building Association, CRC Payroll Management, Buddha Sushi House, and Alliance Point Charter.
For these businesses and non-profits, the grants provide a lifeline—offering financial support to help mitigate the effects of economic pressures and aid in advancing new business initiatives, according to Merchants representatives. Last year, MCB was able to provide relief to five local businesses; this year, the bank has broadened its reach, helping more organizations navigate an unpredictable economic landscape.
Valdamier Collens, president of Merchants Commercial Bank, emphasized the importance of these grants for both the businesses and the community at large. “As a financial institution founded in the U.S. Virgin Islands, we understand that small businesses and non-profits are essential components of a thriving community,” Collens said. “By providing grant funding to this sector, we contribute directly to the growth and sustainability of these organizations. MCB’s commitment goes beyond banking—it’s about fostering partnerships that strengthen our community and support long-term economic growth.”
With the help of FHLBNY, MCB continues to demonstrate its dedication to local businesses by actively seeking and applying for grant opportunities. The SBRG program enables the bank to be nimble in its response to the needs of the territory, ensuring that small businesses have the resources necessary to grow and succeed, according to Collens.
This year’s grant recipients represent a diverse range of sectors, each playing a crucial role in the territory’s economic ecosystem. From promoting sustainable building practices to expanding vegan cuisine options and supporting payroll management services, the awarded businesses reflect the resilience and innovation that define the local market.
As businesses across the territory face growing economic challenges, initiatives like the Small Business Recovery Grant help ensure that local enterprises remain strong, contributing to the broader goal of a thriving and resilient Virgin Islands community, Merchants officials said.
