2019 US Virgin Islands Code
Title 11 - Commerce, Technology and Trade
Chapter 27 - Commercial Fishing Promotion
§ 1405. Farmers and Fishermen's Revolving Loan Fund
(a) There is hereby created in the Economic Development Bank a fund which shall be known as the “Farmers and Fishermen's Revolving Loan Fund”. The Fund shall be used (1) to provide small, short-term loans to farmers and fishermen in order to encourage and promote limited capital commercial farming and fishing operations in the United States Virgin Islands; and (2) to provide grants to farmers and fishermen who suffer loss or damage resulting from an emergency or major disaster as defined in Title 23, chapter 12 of this Code.
(b) Except as provided in subsection (c) of this section loans made under this section shall not exceed $50,000 to any individual. Interest on loans under this section may not exceed 4 percent per annum. Except as provided in subsection (c) of this section grants under this section may not exceed $1,000 to any individual. Application for a grant under this section shall be accompanied by a notarized statement of loss or damage.
(c) Loans in amounts not to exceed $40,000 to any individual and grants in amounts not to exceed $20,000 to any individual may be made to fulltime farmers and fishermen to replace equipment used in their trade or business which is lost or damaged as a result of an emergency or major disaster as defined in Title 23, chapter 12 of this code. For the purposes of this subsection, “fulltime farmers and fishermen” are those who derive at least 55 percent of their annual gross income from farming or fishing.
(d) The Board of Directors of the Economic Development Bank shall establish rules and regulations governing the eligibility of loan applicants, the security required and the terms of repayment for loans made from the Fund and for the award of grants from the Fund.
