(MENAFN-Caribbean News Global)
FREDERIKSTED, USVI — During respective board decision meetings held earlier today, the Board of Directors of the Virgin Islands Economic Development Authority voted on the first-ever dual applications for tax incentives EZC and small business loans through EDB.
Savor St Croix has been a VIEDA client from its early days in EDB’s Incubator Program to EZC’s State Trading Expansion Program (STEP) and current participation in the Accelerator Program VI of EZC. Savor St Croix has also been a frequent seller at Made in the USVI pop-up shops. These programs have played a supporting role in providing Savor St Croix with the resources and tools to become a brick and mortar showcase in St Croix as featured. The sole owner, Jahnesta Ritter of Savor St Croix, will invest $218,000 in capital and plans to hire four employees. In return for their capital investment and job creation at 45 King Street in the Christiansted Enterprise Zone in St Croix, USVI, Savor St Croix will receive tax credits equal to 25% of their investment in the rehabilitation.
With the financing and savings, Ritter will build a new roof, floor structure, plumbing and infrastructure, new windows and a new facility. Currently there is a restaurant below and there are plans to include a guest house upstairs. Long-term plans will also involve placing Savor St Croix’s manufacturing plant and retail operations in the same building. Based on the input-output model, the total investment of $474,000 for the Enterprise Zone Commission will support approximately $1,430,000 (direct, indirect and induced) in total economic output in the territory.
The board voted (6 – 0) to approve Savor St Croix for the Enterprise Zone Commission tax incentives.
Simultaneously, Savor St Croix applied for a $500,000 loan from the Economic Development Bank to help with the purchase of 45 King Street, including renovations and all other costs of this transaction.
This one-stop community development project will provide funding through EDB, along with EZC incentives to facilitate a new showcase in the business zone and create a multi-generational business.
Council voted (6 – 0) to approve a $500,000.00 loan to Savor St Croix.
“The applications for rehabilitation presented a unique, impactful community development project between the Economic Development Bank and the Enterprise Zone Commission,” said VIEDA CEO, (CEO) Wayne L. Biggs, Jr. “C “is the kind of loophole services VIEDA can provide to clients while taking a holistic approach to economic development that will ultimately grow local small businesses. We hope to see more eligible entrepreneurs seek VIEDA services to get started.” , grow and grow their businesses right here in our historic cities, as demonstrated today,” CEO Biggs added.
The other recommended dual bid was for DeCastro Enterprise Inc., which will invest $120,000 with the intention of converting into a bed and breakfast and plans to hire one full-time employee and two temporary employees. In return for their capital investment and job creation on Plots No. 260-261 Richmond in the Christiansted Enterprise Zone in St Croix, USVI, DeCastro Enterprises will receive a 90-100% reduction in taxes.
Council voted (5 – 0 – 1) to approve a loan of $395,000.00 to DeCastro Enterprises, Inc. for the purchase and renovation of parcels #260 and 261 in Richmond.
Jolly Green Maintenance is also a great example of the services and programs within VIEDA to rehabilitate buildings in business areas and rejuvenate these historic towns. Council voted (6-0) to approve tax credits for Jolly Green Maintenance located at 32 King Street, Christiansted.
VIEDA’s Board of Directors includes Officers Kevin Rodriquez, President; Gary Molloy, Vice President; and Haldane Davies, PhD, Board Secretary; and members Jose A. Penn, Positive TA Nelson and Philip E. Payne.
The purpose of the Enterprise Zones Commission is to encourage and provide incentives for the development and support of entrepreneurial activity by showing that businesses can successfully locate in Enterprise Zones. The goal of the Virgin Islands Economic Development Bank is to provide access to capital for small businesses and foster entrepreneurship. Through the collaboration of these two pillars of the VI Economic Development Authority, VIEDA provides appropriate funding, technical support and tax incentives of sufficient importance to encourage individuals to participate in the business community of the Territory.
“The Bryan-Roach administration is investing in the people, infrastructure, and future of the territory through transparency, stabilizing the economy, restoring trust in government, and ensuring that stimulus projects are completed. as quickly as possible.”
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