EDA Will Hold Small Business Seminars

Aug. 7, 2006 – The Economic Development Authority (EDA) will be hosting a series of Small Business Seminars for current and prospective small business owners, according to Frank Schulterbrandt, chief executive officer of the EDA.
All of the seminars will be held from 10 a.m. to noon. The first will kick-off on St. Croix on Monday, Aug. 28, at EDA's headquarters, located at No. 4 King Street (the Old Fleming Building) in Frederiksted. The second seminar will be held on St. John on Tuesday, Aug. 29, in the Legislative Conference Room in Cruz Bay. The third and final seminar will take place on St. Thomas on Wednesday, Aug. 30, at EDA's headquarters at No. 1050 Norre Gade.
The seminars will give local residents an opportunity to learn more about the Economic Development Commission's Small Business Program in addition to the loan programs available through the Small Business Development Agency (SBDA) and the Government Development Bank (GDB). Emphasis will be placed on the increasingly popular Micro-Credit Loan Program, which provides unsecured loans ranging from $1,000 to $50,000 at a fixed interest rate of 5 percent.
"While many residents are familiar with the loan programs, I want the general public to be made aware of the special effort that has been taken to create a Small EDC tax-incentive program exclusively for local residents. The real appeal of this program are the high returns that can be derived on a minimum start-up investment of $20,000 and the hiring of only two employees other than the principals," said Schulterbrandt.
Representatives of the U.S. Small Business Administration and UVI's Small Business Development Center (SBDC) will also be on hand to detail information on the range of services that they provide to current and prospective local entrepreneurs.
Individuals interested in attending the seminars are required to pre-register with the Economic Development Authority by calling 714-1700.

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