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Charlotte Amalie
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EDA to Reach Out to St. John Businesses

July 8, 2004 –– If you're a small business owner or wannabe on St. John, the territory's Economic Development Authority may be able to help you. Learn the details at a July 15 seminar. It will be held from 6 to 8 p.m. at the Battery conference room, located across the courtyard and up the stairs from the St. John Administrator's Office.
"We'll be talking about how to get a loan and get into business," the EDA's Averricia D. Williams said.
While the agency has held similar seminars on St. Thomas and St. Croix, she said, this is its first foray to St. John. Additional outreach efforts on the island also are being planned, she said.
The EDA has five units — the Economic Development Commission, Industrial Park Development Commission, Government Development Bank, Small Business Development Agency and Enterprise Zone Commission.
Representatives from all five units will make presentations at the seminar. In addition, Warren Bush of the University of the Virgin Islands Small Business Development Center will outline what SBDC can do to help.
Williams said that while residents are probably familiar with the Economic Development Commission program that gives tax breaks to large companies that invest huge sums of money, the agency also has an incentive program for small business owners.
An owner must make a $20,000 investment and hire two people, she said, adding, "We'll talk about the qualifications for that."
The agency units have numerous loan programs available to small business owners, she said.
For more information on EDA programs, call 714-1700.

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