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Economic Development Bank for the U.S. Virgin Islands (EDB) 
Governing Board Decision Meeting 
Thursday, September 11, 2025 
Summary Report 
 
During the Economic Development Bank for the U.S. Virgin Islands (“EDB”) Decision Meeting on 
Thursday, September 11, 2025, the Governing Board heard from staff regarding two (2) loan 
servicing matters, and voted as follows: 
 
Regular Session: 
❖ Action Item: 
 
1. Derick Deport – Release of Collateral  
 
Derick Deport (“Deport”) was granted a $72,000 loan in October 2008 to assist with purchasing a Ford E450 Coach 
Bus, provide working capital, and consolidate debts  Deport is seeking a release of the lien on three (3) taxi medallions 
held as collateral to secure the loan. Deport’s outstanding loan balance was settled in September 2023.  
 
     The Board voted (5 – 0) to: 
 
• Authorize the Chief Executive Officer to execute and deliver to the Deports a Release of 
Lien for the three taxi medallions with serial numbers 0352 and 0490 registered to Derick 
Deport and 0217 registered to Marian Deport held as collateral to secure the loan.  
 
2. Steppin Up Promotions Inc – Offer In Compromise 
 
Steppin Up Promotions, Inc. (“Steppin Up”) was granted a $150,000 loan in March 2012 to acquire the business assets 
of Johleo, LLC d/b/a Subway located in Orange Grove, Christiansted, St. Croix. The total purchase price of $195,000.    
Steppin Up is seeking a release of the collateral real estate in exchange for compromise payment to settle the disputed 
outstanding loan balance.  
 
     The Board voted (5 – 0) to: 
 
1. Authorize the Chief Executive Officer to execute and deliver a Release of Mortgage to 
Massive Management and Consultants, LLC, on behalf of the borrower, Steppin Up 
Promotions, Inc. 
2. Accept a compromise payment of $3,314 as full and final settlement of the loan account 
#182-01-01. 
3. Classify the account as settled for less than full amount and update all internal records 
accordingly.