Our Economic Impact
The small business community is the backbone of the U.S. Virgin Islands’ economy, driving job creation, preserving local culture, and fostering resilience across St. Thomas, St. Croix, and St. John. The Virgin Islands Small Business Development Center (VI SBDC) serves as the primary engine for their growth and success.
Driving Economic Growth by the Numbers
The VI SBDC’s no-cost, confidential advising and training directly translate into measurable economic benefits for the territory. By assisting businesses in key areas like finance and strategy, we ensure the local economy remains robust and dynamic.
| Metric | VI SBDC Impact in the USVI (Illustrative Goal/Result) | Economic Value |
|---|---|---|
| Capital Infusion | Helped clients secure $3 Million in loans and grants. | Facilitates business expansion, hiring, and critical inventory investment. |
| New Businesses | Counseled 479 entrepreneurs who launched successful businesses. | Diversifies the local economy and adds new jobs and services. |
| Jobs Created/Retained | Supported the creation or retention of over 670 local jobs. | Directly improves the employment rate and quality of life for USVI residents. |
A Network of Strength: Our Strategic Partnerships
A best practice of the VI SBDC is our ability to build and maintain strong strategic partnerships. This essential network multiplies our capacity to serve clients and ensures businesses have access to every available resource, from local incentives to federal funding.
We actively collaborate with key government agencies and local organizations, including:
• Financial & Development: USDA (U.S. Department of Agriculture), VIEDA (Virgin Islands Economic Development Authority).
• Regulatory & Commerce: DLCA (Department of Licensing and Consumer Affairs), and local Chambers of Commerce.
We also maintain a strong relationship with Thomas USAF Group, a leading provider of large government-guaranteed loans, offering a vital financial pathway for growing USVI businesses.
Fostering Resilience and Outreach
The SBDC’s impact is reinforced by our proactive approach to community engagement and business resilience:
• Disaster Preparedness: We equip entrepreneurs with resiliency plans and access to disaster relief funding, essential for the USVI to quickly recover from natural disasters.
• Community Communication: We are highly engaged in public outreach. The SBA and VI SBDC have been on local radio discussing our collaborative efforts and support for the territory.
• Resource Sharing: We ensure critical information reaches the community through various channels:
• Social Media: Posting several supporting documents and links from the SBA, ASBDC (America’s SBDC), and other key resources.
• Newsletters: Sending out special edition newsletters filled with timely resource links and essential business updates.
• Economic Diversification: By supporting emerging sectors like technology, agribusiness, and light manufacturing, the VI SBDC helps the USVI diversify its economy beyond its traditional sectors.
Ready to Contribute to the USVI’s Economic Future?
Partnering with the VI SBDC means joining a powerful ecosystem dedicated to your business success and the enduring economic vitality of the U.S. Virgin Islands. Your next breakthrough is supported by a comprehensive network of expertise and financial resources.
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Our Economic Impact
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