VI_DAILYNEWS/PAGES [A04] | 06/29/13
00:10 | SUPERIMPVI
VIRGIN ISLANDS
Small business incubator program looking for participants
By AMANDA NORRIS
Daily News Staff
ST. THOMAS — At its monthly
meeting, the board of directors of the
V.I. Economic Development Authority
received an update on a small business
“incubator program” launched in
January that will provide aspiring
entrepreneurs with technical and mate-
rial support.
The board members — V.I. Labor
Commissioner Albert Bryan Jr.,
Nathan Simmonds, Henry Smith,
Property
and
Procurement
Commissioner Lynn Millin-Maduro
and Jose Penn — voted to authorize
the creation of a bank account for $1
million in federal grants secured in
January to operate the incubator pro-
gram.
Cusa Holloway, director of the pro-
gram, said three clients are using office
spaces at the Economic Development
Authority’s industrial park facility on
St. Croix and that the goal is to enroll
another six by the end of the year.
The program can support up to 15
aspiring entrepreneurs during the next
three years, and the grant money comes
from the U.S. Economic Development
Administration as part of funds ear-
marked for disaster relief following
Tropical Storms Otto and Tomas. The
purpose of the funding is to foster eco-
nomic resilience by growing sustain-
able businesses in the territory, accord-
ing to the U.S. Economic Development
Authority’s web site.
“We are especially interested in food
service, agri-business, tourism and
information technology type business-
es,” Holloway said.
The program gives aspiring business
owners an EDA-sponsored home base
— including computers, telephones,
faxes and rent-free offices — from
which to launch a business. The pro-
gram also offers participants profes-
sional consulting services in areas such
as accounting and marketing, accord-
ing to Holloway.
“Reinvigorating the entrepreneurial
spirit of the residents of this communi-
ty is one way to create an avenue to
spark economic viability and sustain-
ability,” Holloway said. “The incubator
will serve as an informal business uni-
versity.”
The program is intended to shelter
entrepreneurs from full overhead costs
during the start-up phase, until they are
strong enough to “graduate.”
The Economic Development
Authority board also unanimously
voted Friday to commission a study by
Price Waterhouse Coopers consultants
to compare the tax incentive program
of the Virgin Islands with the tax incen-
tive program of Puerto Rico. The dis-
cussion of the agenda item generated a
lengthy debate about possible deficien-
cies in the Economic Development
Authority’s marketing plan.
Chief Executive Officer Percival
Clouden stressed that the study will
provide critical information that will
help the Economic Development
Authority make decisions about hiring
a marketing firm to handle future pro-
motional efforts for the Economic
Development Commission.
Bryan, the board chairman, ques-
tioned the Economic Development
Authority’s delay in issuing a request
for proposals for an outside marketing
firm, stressing that the authority urgent-
ly needed to have a targeted, aggres-
sive campaign to attract new business-
es to operate within the territory as
EDC beneficiaries.
“Is there a marketing unit within the
EDA? No, we have a lead-generation
firm now, but we need to do more,”
Bryan said.
Clouden insisted that the study will
give precise data that can help the
Economic Development Authority
evaluate marketing proposals from out-
side firms.
“The marketing information must be
around what our strengths are and what
the competition is doing. How are we
going to beat the competition? It’s
going to direct how we market,”
Clouden said. “To answer a proposal,
we have to give some parameters that
they have to come back to us with.”
—ContactAmandaNorrisat714-9104
or email anorris@dailynews.vi.
Monday
The Government Services and
Housing Committee will meet at 10
a.m. in the Lawaetz Conference
Room on St. Croix to hear about a
bill to increase the V.I. Housing
Authority’s maximum home loan
amount for veterans from $110,000
to $220,000; a bill relating to the V.I.
Water and Power Authority; a bill
establishing the “Single Payer Utility
Fund”; and a bill relating to the pur-
chase or resale of scrap metal and
establishing licensing requirements
for scrap metal dealers and recyclers.
Tuesday
The Finance Committee will meet
at 9 a.m. in Ottley Legislative Hall
on St. Thomas to hear budget testi-
mony from:
• Education Department, 9 a.m.
• Office of the Territorial Public
Defender, 3 p.m.
Wednesday-Friday
No meetings.
July 8
The Education and Workforce
Committee will meet at 9 a.m. in the
Lawaetz Conference Room to hear
testimony about a bill enacting the
Virgin Islands Charter Schools Act of
2013; a bill relating to bullying pre-
vention and gang resistance educa-
tion; a bill relating to courses of study
in public schools; and a bill requiring
the employment of at least one CNA,
LPN or EMT in each school.
July 9
The Finance Committee will
meet at 9 a.m. in Ottley Legislative
Hall on St. Thomas to hear testimo-
ny about a bill authorizing the use
of proceeds of the Series 2012
bonds to buy new radios and
improve tower communications
capabilities on St. Croix for the V.I.
Police Department; an act to estab-
lish a Revenue Estimating
Conference; and a bill relating to
Customs duties.
Senate Agenda
4 The Virgin Islands Daily News
Saturday, June 29, 2013