Guaranteed lending by the U.S. Small Business Administration (SBA) reached a new high in the U. S. Virgin Islands during Fiscal Year 2024. The Puerto Rico & U.S. Virgin Islands District Office approved 22 loans for USVI businesses totaling over $9.8 million dollars in Fiscal Year 2024, surpassing the previous high set last year of 18 SBA-guaranteed loans approved. USVI-based Merchants Commercial Bank was the most prolific SBA lender in the Virgin Islands for FY 24 finishing just ahead of Popular Bank. It is the first time a USVI-chartered bank has led the way for SBA lending in the Virgin Islands for the year.
SBA’s Senior Area Manager, Wayne Huddleston, gave credit to lenders for the increase. “Our lending partners are fantastic. The tremendous efforts to get deals done for Virgin Islands businesses by SBA lenders both in the territory and from the outside this past year has been remarkable. There are a lot of good entrepreneurs in the USVI that can grow because of the financial services they provide. I am truly grateful for their partnership.” SBA’s Fiscal Year 2024 lending also showed a marked spike in small dollar loans, reflecting the agency’s reforms to improve access to affordable capital and modernize lending criteria according to Huddleston.
Puerto Rico and U.S. Virgin Islands Deputy District Director, Ricardo Martinez, emphasized the agency’s ongoing commitment to supporting small businesses in the territory through its partnerships with area lenders and SBA Resource Partners. “The year over year increase in SBA lending for the U.S. Virgin Islands reflects great credit upon our lending partners and resource partners on the front lines supporting local small businesses. They provide critical support to the USVI economy. I am grateful for their partnership with SBA and look forward to continued growth in 2025.”
For businesses seeking a loan to start or grow a small business in the U. S. Virgin Islands, SBA recommends reaching out to one of the local resource partners available to assist. “Securing a loan is not always easy, but SBA provides the resources to help. Our partners at the VI Small Business Development Center and SCORE stand ready to assist any small business seeking the capital it needs. SBA Resource Partners know what lenders need to see to approve a loan application and can help guide business owners through the process.” expressed Rivera.
Small businesses can also visit SBA’s Lender Match page to be matched with participating SBA Lenders that can provide funding with competitive rates and fees.
