The VIEDA Insider

The monthly newsletter

of the Virgin Islands Economic Development Authority

Volume 2 | Issue No. 7 February 2023

Airports P3 Investor Forum in the USVI

Rendering of Cyril E. King Airport Terminal Expansion

-Source: VI Port Authority website

The Virgin Islands Port Authority (VIPA) hosted an Airports P3 Investor Forum in the Standard Aviation Hangar at the Cyril E. King Airport (CEKA) on St. Thomas on February 1, 2023. The presentation was followed by a tour of the airport's airfield and terminal on St. Thomas. A tour of the airport facilities on St. Croix was conducted on February 2, 2023. The VI Economic Development Authority's Chief Executive Officer Wayne L. Biggs, Jr., joined the Office of the Governor, VIPA and other USVI officials as he delivered a presentation on the USVI tax incentive program and economic development opportunities in the Territory. See Airports P3 Investor Forum in the Standard Aviation Hangar at the Cyril E. King Airport (CEKA) on St. Thomas here.

More information: https://vipaairportsp3.com/

INSIDE THIS ISSUE:

Airports P3 Investor Forum in the USVI
SSBCI Program
Webinar on the VI Slice Moderate-Income Homeownership
Community Focus
Business Highlight: M1 Enterprises

Federal Assistance for USVI Small Businesses

A big help for USVI small businesses arrives

with the State Small Business Credit Initiative (SSBCI)

To continue supporting local small businesses and entrepreneurship, and to expand their access to capital in the Territory through local banks, the Virgin Islands Economic Development Authority (VIEDA) announces that the U.S. Virgin Islands was approved to receive up to $57.8 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden’s American Rescue Plan.

See news release from the U.S. Department of

the Treasury here.

*Note: Correction made through this newsletter re: the funding amount for the USVI. The correct amount is $57.8 million for the USVI. Following the alert from the VIEDA team, the U.S. Dept. of the Treasury's Public Affairs Office acknowledges that the error was made on Treasury's part as the news release was distributed.

VI Slice Moderate-Income Homeownership Program

VIEDA to host webinar on

VI Slice Moderate-Income Homeownership Program on March 1

Moderate-income individuals and families seeking homeownership opportunities in the U.S. Virgin Islands can learn about the VI Slice Moderate Income Homeownership Program during the VI Slice webinar on March 1, 2023 at 10AM. To join and participate, register here.

Community Focus

VIEDA at Agrifest 2023

What does the VIEDA team enjoy more than Agrifest? Sharing information about the VIEDA's programs and services and economic development opportunities in the USVI. The VIEDA was also a sponsor of Agrifest 2023 which was held at the Rudolph Shulterbrandt Agricultural Complex in Estate Lower Love on St. Croix, USVI. See more images of the VIEDA on the VIEDA's social media pages.

Business Highlight

USVI Business Highlight:

*Note: M1 Enterprises, USVI, LLC is not a VIEDA client. However, the VIEDA Marketing Dept. served as a resource to M1 Enterprises, LLC, about options for doing business in the U.S. Virgin Islands to help bring new jobs and additional skills to the Territory.

M1 Enterprises, USVI, LLC

With a childhood surrounded by farmland, livestock, and poultry in the Midwest USA, it is no surprise that Doug Rideout loves seeing things grow. The Arkansas native has fallen in love with the U.S. Virgin Islands and is eager to do his part to bring economic growth to his “other home.” Take a look the M1 Enterprises, LLC, story here.

M1 Enterprises, USVI, LLC, CEO Doug Rideout and his wife Shelly Rideout, MSHI, RHIA -Submitted Photo

Featured Resources

To learn more about

the VIEDA, its programs, services and other resources, see the following links:

About the VIEDA

Tax incentives for Small Businesses

Low-interest financing for small and medium-sized businesses

Tax incentives and exemptions to rehabilitate distressed properties within an enterprise zone

Hotel Development Program

Learn how moderate-income families can get their slice of the VI pie with the VI Slice Moderate Income Homeownership Program.

See links below:

VI Slice Program Fact Sheet

VI Slice "How It Works"

Flow Chart

Frequently

Asked Questions

If you are eligible for the

VI Slice Program, or are preparing to get ready for homeownership in the USVI, register for the VI Housing Finance Authority Homebuyer Education Course here.

Get access to resources and information that are available at the VI Department of Labor.

See link below:

https://www.vidol.gov/

About the Virgin Islands Economic Development Authority: The Virgin Islands Economic Development Authority (VIEDA) is a semi-autonomous governmental instrumentality. It promotes economic growth, job creation, and wealth generation in the U.S. Virgin Islands. The VIEDA assumes, integrates and unifies the functions of these four entities: Economic Development Commission, Virgin Islands Economic Development Park Corporation, Economic Development Bank and the Enterprise Zone Commission. The VIEDA accomplishes its mission by attracting investors to the Territory to establish or relocate their business in the U.S. Virgin Islands. It also provides financial assistance for new and existing small to medium-sized businesses in the Territory and assists V.I. residents and business owners with rehabilitating their properties located in distressed areas that were once vibrant economic centers of activity in the Territory. Learn more about the VIEDA at www.usvieda.org or send an email to info@usvieda.org.

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