Small businesses in the Virgin Islands may eventually benefit from a new bill in Congress that will provide greater access to startup and investment capital, lower interest rates on small business loans and boost cash flow for these enterprises.
Delegate Donna M. Christian-Christensen, a member of the House Small Business Committee, said she is encouraged by the availability of such funding for small business owners because they make up the majority of the private sector in the territory.
“This legislation will provide local entrepreneurs with the assistance they need to revive their businesses thereby improving the territory’s economy," she said. "I encourage all eligible companies to take advantage of this and other funding opportunities through the Small Business Administration.”
The new bill would improve the Small Business Investment Company Act, a public-private partnership that provides an alternative avenue from the more traditional route of banks as a source of capital, thus enabling small businesses to become large corporations.
“Although there are no SBICs currently in the V.I., it remains a potential investment tool for small business development in the territory,” Christensen said.
The bill, HR 68, is expected to be brought to the floor in the following weeks and an identical proposal will be considered in the Senate this spring.