Home News Local government EDA TO LAUNCH NEW, IMPROVED WEB SITE

EDA TO LAUNCH NEW, IMPROVED WEB SITE

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Dec. 12, 2002 — The Economic Development Authority is currently working on reconstructing its Web site in an effort to reach new investors. The site will feature information on the authority's program laws and how to get small business loans.
The site will feature all parts of the EDA, especially the Economic Development Commission, according to Nadine Marchena, assistant chief executive officer. "The initial thrust is to try to get as much information about the EDC as possible," Marchena said.
She said the site will be targeted at three main audiences: those interested in doing business in the Virgin Islands, those already doing business locally and the general public.
"It's a marketing tool," Marchena said. "We're trying to make sure it's a clear communication link between us and the rest of the world."
Marchena said the site, which will be launched in January, was "long coming" and "something we saw that we needed to do."
The EDA is the "umbrella agency" that brings together the many economic units of the Virgin Islands, including the EDC, Government Development Bank, Small Business Development Agency, Industrial Development Park Corporation and the Enterprise Zone Program. The authority is charged with bringing investors to the territory and assisting small businesses with getting set up.
The EDA is also noted for providing businesses with tax benefits. Some of the benefits the authority provides to companies investing in the Virgin Islands include: 90 percent exemption on local income tax, 90 percent exemption on dividends, 100 percent exemption on gross receipt taxes, 100 percent exemption on property taxes and 100 percent exemption on excise taxes.
"We're here to increase growth of small businesses in the community, diversify the economy and increase meaningful employment," Marchena said.
Visit the EDA's Web site at www.usvieda.org.

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