Guaranteed lending by the U.S. Small Business Administration (SBA) reached a new high in the U. S. Virgin Islands during Fiscal Year 2023.
The Puerto Rico and U.S. Virgin Islands District Office approved 18 loans for USVI businesses totaling over $9.8 million in Fiscal Year 2023. This represents a 28% increase over Fiscal Year 2022 and a 125% increase over Fiscal Year 2021. Oriental Bank and Merchants Commercial Bank led the way in Small Business Administration (SBA) lending for USVI businesses in 2023, combining for more than half of all SBA loans approved.
Regional Administrator Marlene Cintron said, “SBA’s success in the USVI is directly attributed to its leadership as well as the commitment of our USVI lending institutions who have brought businesses in need of financing to the table. The increase also shows that our businesses there are expanding and relying on SBA to help them get to the next level. I look forward to increased activity as USVI’s economic recovery continues to move forward.”
Puerto Rico and U.S. Virgin Islands District Office Director Josue Rivera emphasized the agency’s ongoing commitment to supporting small businesses in the territory through its partnerships with area lenders and SBA Resource Partners.
“The increased SBA lending in the U.S. Virgin Islands reflects great credit upon our lending partners and resource partners on the front lines supporting local small businesses. They provide critical support to the USVI economy. I am grateful for their partnership with SBA and look forward to continued growth in 2024, Rivera said.
SBA’s Senior Area Manager for the U.S. Virgin Islands Wayne Huddleston also credited local
lenders for the increase. “The year after year rise in the number of SBA loans for USVI businesses since the pandemic speaks to the tremendous effort and diligence of our lending partners. Their commitment to SBA lending programs is really paying off for USVI businesses and helping them access funding needed to grow,” said Huddleston.
For businesses seeking a loan to start or grow a small business in the U. S. Virgin Islands, SBA recommends reaching out to one of the local resource partners available to assist. “Securing a loan is not always easy, but SBA provides plenty of resources to help. Our partners at the V.I. Small Business Development Center and SCORE stand ready to assist any small business seeking the capital it needs. SBA Resource Partners know what lenders are looking for and can help clarify the process of obtaining a loan,” Huddleston said.
