Benefiting from the 2010 State Small Business Credit Initiative (SSBCI), the US Virgin Islands (USVI) will receive an additional $4.5 million from the US Treasury to help small businesses grow. The USVI is one of several US territories and to date has received about $13 million from the program.
The SSBCI was “designed to strengthen state programs that support lending to small businesses and small manufacturers.” The territory has done just that, helping small firms access capital easier. Nationwide, the program has had a positive impact, helping to create or retain an estimated 190,000 jobs. Although the program is set to end in 2017, support from both Republicans and Democrats seems to be a driving factor for its potential renewal.
It’s always great when programs are benefiting businesses that both political parties (by in large) can agree on. In my eyes, the next step is an increase from its current $1.5 billion amount to help organizations suffering from a decrease of lending opportunities.