The U.S. Virgin Islands recently received a grant of $521,109 from the U.S. Department of the Treasury, the Virgin Islands Economic Development Authority announced.
This grant allows the Economic Development Bank (EDB) to administer the SSBCI Technical Assistance Grant Program. The program will provide consultants to help qualifying small businesses in the territory. This is in addition to the State Small Business Credit Initiative (SSBCI) Federal Credit Guarantee Program, according to the press release.
The EDB, the lending arm of the VIEDA, will utilize consultants to conduct one-on-one counseling sessions with very small and underserved businesses in the territory to assess their needs, develop action plans, and provide specialized technical assistance services, the press release stated.
Such services include legal, accounting, or financial advisory consultations for qualifying small businesses that can assist with their readiness when applying for funding offered through participating SSBCI lenders to enhance their daily operations, the release stated.
These technical services will be offered at no cost and the official start date will be announced later, it said.
For more information, send an email to info@usvieda.org.
