83.2 F
Cruz Bay
Thursday, May 23, 2024
HomeBusinessSt. Thomas businessSBA Loans to Puerto Rico/U.S.V.I. Small Businesses Increase 19 Percent

SBA Loans to Puerto Rico/U.S.V.I. Small Businesses Increase 19 Percent

The U.S. Small Business Administration (SBA) approved $95.5 million in loans to small businesses in Puerto Rico and the U.S. Virgin Islands during fiscal year 2016, a 19 percent increase over the previous fiscal year.

“The SBA continues to foster small business ownership by providing much needed access to capital to existing and aspiring entrepreneurs,” said SBA’s PR/USVI District Director Yvette T. Collazo. “As evidenced by our fiscal year-end results, our numbers continue to grow steadily, allowing for job retention and creation. In these challenging economic times, small businesses continue to start and expand, and look to the SBA to help meet their financial needs.”

As of Sept. 30, the SBA has approved 627 loans for $73.9 million under the agency’s 7(a) Loan Guaranty program, which provides financing for a variety of general business purposes, such as working capital, expansion or renovation of facilities, the purchase of machinery and equipment, and the purchase of land, among others. Through its Certified Development Company program — designed to promote economic development by creating jobs through long-term, fixed financing — the SBA has delivered 65 loans for $21.5 million.

Also, the SBA issued 69 acceptance letters on behalf of 8(a) certified firms in the district for $47 million in federal contracts. With the support of its resource partner network, such as the Puerto Rico Small Business and Technology Development Center, the Virgin Islands Small Business Development Center, the Puerto Rico Women’s Business Institute and SCORE, the SBA has impacted more than 9,000 existing or aspiring entrepreneurs through outreach, counseling and training.

In addition to providing access to capital, federal contracts, and business counseling and training, the SBA district office launched the LGBT initiative in Puerto Rico; it revamped its SCORE chapter to increase counseling and training; it kicked-off its first Boots to Business Reboot series for transitioning military service members and their families; and it held its first Destination HUB event.

For more information on SBA’s programs and services, visit www.sba.gov/pr.

Print Friendly, PDF & Email
Keeping our community informed is our top priority.
If you have a news tip to share, please call or text us at 340-228-8784.

Support local + independent journalism in the U.S. Virgin Islands

Unlike many news organizations, we haven't put up a paywall – we want to keep our journalism as accessible as we can. Our independent journalism costs time, money and hard work to keep you informed, but we do it because we believe that it matters. We know that informed communities are empowered ones. If you appreciate our reporting and want to help make our future more secure, please consider donating.