2019 US Virgin Islands Code
Title 11 - Commerce, Technology and Trade
Chapter 23 - Small Business Development
Subchapter I - Small Business Development Agency
§ 1258. Technical assistance and management training; financial assistance to organizations to provide technical assistance
(a) In order that eligible persons, as defined in section 1252 of this chapter, may establish and operate small business concerns in the United States Virgin Islands, the Director shall provide technical assistance. The technical assistance provided shall include, but not be limited to the following:
(1) aid in preparing loan applications and presentations.
(2) consulting services relating to business organization, business management, accounting services, legal requirements, and general entrepreneurial skills.
(3) ongoing consulting services to new or reorganized small business concerns.
(4) referral services to provide a contact between the applicant and banking and financial institutions and with existing public and private small business assistance programs.
(5) disbursement control over any funds, including loans, secured to finance a small business concern if it is determined that such control will assist an eligible person in obtaining a loan from a private bank or other financial institution, public or private.
(b) No technical assistance under the provisions of this section shall be granted to any eligible person unless he has the primary managerial responsibility for the small business concern he represents.
(c) The Director is authorized to provide financial assistance to public and private organizations to pay all or part of the cost of projects designed to provide technical and management assistance to individual and small business concerns eligible for assistance under the provisions of this chapter.
(d) Financial assistance under subsection (c) of this section may be provided for projects including without limitation—
(1) planning and research, including feasibility studies and market research;
(2) the identification and development of new business opportunities;
(3) the furnishing of centralized services with regard to public services and government programs, including programs authorized under this chapter;
(4) the establishment and strengthening of business service agencies, including trade associations and cooperatives;
(5) the encouragement of the placement of subcontracts by major business with small business concerns, including the provisions of incentives and assistance to such major business so that they will aid in the training and upgrading of potential subcontractors or other small business concerns;
(6) the furnishing of business counselling, management training, legal advice and other related services, with special emphasis of the development of management training programs using the resources of the business community, including the development of management training opportunities in existing business, and with emphasis in all cases of sufficient scope and duration to develop entrepreneurial and managerial self-sufficiency on the part of the individuals served.
(e) All projects under the provisions of subsections (c) and (d) of this section shall promote the ownership, participation in ownership, or management of small business concerns by persons eligible for assistance under the provisions of this chapter.
(f) To the extent feasible, services under this section shall be provided in a location which is easily accessible to the individuals and small business concerns served and at such time or times as are most convenient for a majority of those to be served.
(g) The Director shall provide for a separate and continuing evaluation of programs and projects under this section, including, but not limited to the following—
(1) full information on and analysis of the character and impact of technical and managerial assistance provided;
(2) a history of all applicants for assistance, including the location, income characteristics and types of businesses and individuals assisted;
(3) the extent to which private resources and skills have been involved in these programs;
(4) the dollar amounts of loans generated by such technical assistance, including the types of loans which were granted and the type which were not granted;
(5) the value of small business assisted, including the number of new jobs created and the number of new employees and their characteristics;
(6) the economic contribution returned to the Government of the United States Virgin Islands by such small businesses; and
(7) the opinions as to the worth of such technical and managerial assistance as expressed by lending institutions making loans to such small business concerns. Such evaluation together with recommendations as the Director deems advisable shall be included in the report required by section 1263 of this chapter.
