FREQUENTLY ASKED QUESTIONS
We have the answer to any question you may have about our programs and services. If you don't find the answer you are looking for, please feel free to submit your question and we will be happy to respond within 3 business days.
Are funds allocated to black women especially through the SBDC?
The SBDC provides services to the public. There are currently no funds given to the SBDC to work specifically with any race or ethnic group. According to the 2012 SBDC Impact Brochure:
Can I get a loan or a grant from the SBDC?
The SBDC does not give loans or grants. It provides technical assistance. The staff can assist business owners or prospective business owners with the paper work involved with securing a business loan.
Do you offer grant or loan programs for new start up businesses
The VI SBDC does not offer grant or loan programs for start-up businesses. There are no grants for start-up businesses; however, you may look for grants in general at the federal government website: www.grants.gov.
You may investigate the options of applying for loans through the commercial banks or the VI Economic Development Authority’s Government Development Bank.
How can I find research what local virgin islands government contracts are available?
You may check with the VI Department of Property and Procurement to find out what Virgin Islands government contracts are available.
How can I get an SBA loan?
The U.S. Small Business Administration (SBA) programs are designed to encourage commercial lenders to make loans directly to business owners and entrepreneurs. The SBA does not make direct loans. Our staff of highly-trained business advisors offers FREE counseling to help you with your specific business needs.
How do I apply for an original articles of organization?
You submit Articles of Organization to form a Limited Liability Company (LLC) with the Office of the Lt. Governor, Division of Corporation and Trademarks.
How do I finance my start-up business?
Most businesses are financed through a combination of owner's equity (owner's investment) and a commercial loan. For an entrepreneur seeking a commercial loan, it is reasonable for the lending bank to expect at least 20 percent of the needed financing from the entrepreneur.
How do I register a foreign entity (LLC) in the US Virgin Islands? Are there any privileges that I forfeit by not incorporating my LLC in the US Virgin Islands?
You register a foreign entity with the Office of the Lt. Governor, Division of Corporations and Trademarks. The cost is the same for a domestic or foreign entity.
Please check with the Division of Corporations and Trademarks for more detailed information. The contact information is listed below.
I am considering moving to one of the U.S. Virgin Islands and was wondering about a potential business for myself. What licensure/other requirements are necessary in order to set up a temporary cabana during the day on one of the local beaches which would offer on-site massages? If you are not the appropriate agency to contact about this matter could you please refer me to someone who is better suited to answer this question?
The VI Department of Licensing and Consumer Affairs can answer your questions about licensing requirements for specific businesses. The web address is: http://www.dlca.vi.gov/
The office information is listed below:
Golden Rock Shopping Center
Prop. & Procurement Bldg.
What are the laws to opening a finance business in the Virgin Islands?
The laws regarding a finance business are covered in Title Nine of the Virgin Islands Code.? You may view the Virgin Islands Code at http://www.lexisnexis.com/hottopics/vicode/.
Where can I find demographic information about the U.S. Virgin Islands?
You can access census data.
and download. (this may take a while)
4. After you download the files. Click on “index.html” This should open an interactive tool to navigate the Census data.