2019 US Virgin Islands Code
Title 11 - Commerce, Technology and Trade
Chapter 23 - Small Business Development
Subchapter I - Small Business Development Agency
§ 1252. Eligibility for assistance; definition of small business concern
(a) A person shall be eligible for all forms of assistance under this chapter if—
(1) he owns at least fifty percent (50%) legal or equitable interest in a small business concern, either established or to be established, in the United States Virgin Islands; and
(2) he is or will be active in the management or operation of a small business concern on a full-time basis and such small business concern is or will be his principal means of support; and
(3) he was born in the United States Virgin Islands; or his mother or father was born in the United States Virgin Islands and he has been a bona fide continuous resident of the United States Virgin Islands for at least five years; or he has been a bona fide continuous resident of the United States Virgin Islands for at least 10 years.
(b) A small business concern, including firms, partnerships of all kinds and corporations, shall be eligible for all forms of assistance under this chapter if at least a fifty percent (50%) legal or equitable interest therein is owned by a person or persons eligible for assistance under the provisions of subsection (a) of this section.
(c) For the purpose of this chapter, a small business concern shall be deemed to be one which—
(1) is owned wholly or in part by a person eligible for assistance under the provisions of subsection (a) of this section; and
(2) whose receipts from all sources of any year cannot reasonably be expected at the time of application for assistance under the provisions of this chapter to exceed:
(A) $1,000,000, whose investments total $20,000 and which employs at least two persons; or
(B) whose receipts exceed $1,000,000, but are not more than $1,500,000, whose investments total at least $30,000 and which employs at least three persons; or
(C) whose receipts are more than $1,500,000 but less than $2,500,000 whose investments total at least $40,000 and which employs at least four persons; or
(D) whose receipts exceed $2,500,000 but are less than $3,000,000, whose investments total at least $50,000 and which employs not less than 5 persons; or
(E) whose receipts exceed $3,000,000 but are not more than $4,000,000, whose investments total at least $60,000 and which employs not more than 50 persons; and
(d) Notwithstanding any other provision of this section, the Director of the Virgin Islands Small Business Development Agency with the approval of the Loan Policy Board may grant any form of assistance available under this chapter to a small business concern that does not meet all of the eligibility requirements required by this section provided that (1) at least fifty-one percent (51%) of the legal or equitable interest in such small business concern is owned by two or more persons each of whom has been a bona fide continuous resident of the United States Virgin Islands for at least 10 years or was born in the United States Virgin Islands, or his mother or father was born in the United States Virgin Islands and he has been a bona fide continuous resident of the United States Virgin Islands for at least five years, and that (2) one of such persons is or will be active in the management or operation of such small business concern and such small business concern is or will be his principal means of support.
(e) Notwithstanding any other provision of this section, the Director of the Virgin Islands Small Business Development Agency, with the approval of the Loan Policy Board, shall adjust the maximum receipts number set out in subsection (c)(2) every five years from the effective date of this subsection for to reflect annual inflation in the territory as published by the Bureau of Economic Research.
