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Frequently Asked Questions

General Information

The VI SBDC is a partnership between the University of the Virgin Islands (UVI) and the U.S. Small Business Administration (SBA). We provide small business owners and aspiring entrepreneurs with no-cost, confidential business advising, technical assistance, and training to help them start, grow, and sustain their businesses in the territory.

Most of our services are provided at no cost. Our one-on-one business advising is free of charge. Some specialized training workshops or seminars may require a nominal registration fee to cover materials or speaker costs, but many are offered for free.

Any small business owner or individual planning to start a business in the U.S. Virgin Islands (St. Thomas, St. Croix, or St. John) is eligible. We serve everyone from “pre-venture” entrepreneurs to well-established firms looking to expand.

Starting a Business in the USVI

Business name registration (Trade Names) and entity formation (LLCs, Corporations, etc.) are handled through the Office of the Lieutenant Governor, Division of Corporations and Trademarks. You can use their online Catalyst system to search for name availability and submit your registration documents.

Business licenses are issued by the Department of Licensing and Consumer Affairs (DLCA). The process typically involves:

    1. Submitting an application to DLCA.
    2. Obtaining Zoning Approval from the Department of Planning and Natural Resources (DPNR).
    3. Passing inspections from the Fire Service and/or Department of Health (depending on your business type).
    4. Providing a Tax Clearance Letter from the Bureau of Internal Revenue (BIR).

Yes. A business plan is your roadmap for success and is almost always required by lenders if you are seeking financing. The VI SBDC can provide you with templates and work with you one-on-one to refine your plan.

No. The VI SBDC can assist you in developing your own business plan.

There are a multitude of choices for your business entity but the most common are: sole proprietorship, partnership, C Corporation, S Corporation or Limited Liability Company(LLC). Choosing the legal structure for your business usually is a function of liability and tax considerations. Also, as businesses mature, their legal structure may change to accommodate growing complexities. Look at the principles and/or investors for considerations of liability, residency or tax consequences that can influence the choice. Secondly, examine the nature of the business to gauge risks inherit in its operations. Finally, consult with your accountant and legal advisor for input on legal entity choice.

Financing & Loans

No. The VI SBDC is not a lending institution and does not provide grants. However, we help you get “loan-ready.” We assist with financial projections, business plans, and loan applications so you can successfully apply for funding from banks or the SBA.

No, the SBA does not make direct business loans. However, it does provide guarantees which eliminate some of the risk to its lending partners, such as banks, community development organizations and microlenders. SBA partners lend money to small businesses based on the guidelines for each of its three loan programs. The SBA also makes some direct loans under very specific circumstances through their Disaster Loan Program. For more information, visit the SBA Disaster Assistance page.

The SBA does not lend money directly to small businesses. Instead, it provides a guarantee to lenders (like local banks), which reduces their risk and makes it easier for you to get approved. Common programs include the 7(a) Loan Program and the 504 Loan Program.

Yes. We often work with the Virgin Islands Economic Development Authority (VIEDA), which offers various loan programs and tax incentive programs (such as the EDC program) for businesses that meet specific criteria.

Typically, you will need the following documents: a credit report, personal financial statement, tax returns for the last three years (if currently in business, both business and personal tax returns), as well as copies of contractual agreements (for example, a copy of a lease). Depending on the situation, lenders will likely want to see a business plan, or at a minimum, financial statements demonstrating how the loan will benefit the business and be paid back. If you are seeking financing for your business, contact the VI SBDC for assistance.

Consulting & Training

You can sign up for services directly through our website by clicking the “Request for Advising” button. Once registered, an advisor from the office nearest you (St. Thomas or St. Croix) will contact you to schedule an initial session.

Your advisor will act as a “thought partner.” They can help you with:

• Developing a marketing strategy.

• Reviewing financial statements and cash flow.

•  Preparing a loan package.

• Government contracting and certifications.

• Operational improvements and onshoring (Manufacturing).

Yes. To better serve the territory, many of our training workshops are held as webinars. We also maintain an on-demand library of recorded sessions so you can learn at your own pace.

Locations & Support

• St. Thomas: 8666 Lindbergh Bay (UVI OEK Campus)

• St. Croix: 6300 Estate Peter’s Rest, Christiansted

• St. John: Services are provided via the St. Thomas office or via virtual appointments.

The best way to stay updated is to sign up for our email newsletter or follow us on social media (Facebook and Instagram), where we post weekly schedules for workshops and community events.

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