The University of the Virgin Islands Research and Technology Park (UVI RTPark) is excited to announce its upcoming Virgin Islands Catalyst Fund Business Loan Summits: Driving Success by Igniting Growth and Inspiring Innovation.
According to the RTPark’s Executive Director and CEO Eric Sonnier, the two one-day sessions for business owners in the territory will focus on accelerating business growth, job creation, and economic development. The summits will take place from 10 am to 12 pm on Wednesday, March 19, at the Medical Simulation Center on UVI’s Albert A. Sheen Campus, St. Croix, and Thursday, March 20, at the XIIID (13D) Innovation Center on UVI’s Orville E. Kean Campus, St. Thomas. Lunch will be provided at 12p and there is an opportunity for private consultations after lunch.
The V.I. Catalyst Revolving Loan Fund, established by Legislative Act 8464 with an initial capitalization of $5 million, launched in early 2022. As mandated by the legislation, it is managed by the RTPark’s Community Impact Fund, Inc. (CIF), a 501(c)(3), non-profit entity. The CIF makes loans to eligible businesses approved by the RTPark’s Loan Review Committee.
The loan fund is designed to supplement rather than fully finance business needs. It complements traditional capital sources in the USVI, such as banks, and is commonly known as “gap financing.” Loans can be utilized for various purposes, including acquiring or leasing land and buildings, purchasing equipment, and securing operating capital. Eligible applicants must be enterprises based in the territory with a valid VI business license for at least 18 months and have maintained good standing with the VI Bureau of Internal Revenue and the Lieutenant Governor’s Office of Corporations & Trademarks.
The areas for business growth identified in the fund’s legislation include telecommunications, healthcare, energy services, sustainable agriculture, manufacturing, visitor economy, financial technical services, business process outsourcing, and the creative economy, Sonnier said. “Those areas designated for economic and community development closely align with the work of the RTPark. Being a driving force behind the sustainable development of the U.S. Virgin Islands is important to both entities, so providing support in the form of loans and other resources is a collaboration that makes sense for all parties involved.”
Ronnie N. Johnson, Chief Credit Officer of the Community Impact Fund, added “Our priority is to support businesses that meet the territory’s growing demands. To date, the gap financing fund has assisted businesses in healthcare technology, workforce training, and farming,” he said. Approved loans can range from $25,000 to $250,000.
The summit agenda features an introduction to the loan program, along with 30-minute private consultation sessions for the first 20 business owners on each island who register and meet the loan eligibility criteria. For more details and to register visit www.vicatalystfund.com. Admission and lunch are free. Interested business owners unable to attend can email ronnie.johnson@cifvi.org to schedule a consultation.
Sonnier strongly encourages the participation of entrepreneurs, underscoring the importance of this opportunity to gain critical financial insights and strategies to scale their businesses and secure financial stability. “Our goal is to provide actionable knowledge and real-world tools to inspire innovation and drive business success.”
