Despite the demographic composition of the Virgin Islands’ registered and licensed business community, there exists a significant disparity between the number of minority and women businesses in the Territory available and qualified for contracting opportunities, and the number of government contracts awarded to those businesses.
To support the growth and development of our local, small and historically disadvantaged business community, the Virgin Islands must promote equal opportunity in contracting for all persons, without discrimination for minority group members and women and business enterprises owned by them and must eradicate the barriers that have impaired access by minority and women-owned business enterprises to territory contracting opportunities. The Legislature realizes that it is crucial that the Territory take active measures to ensure that these businesses receive an opportunity to grow and develop, thereby increasing the Territory’s tax receipts while creating necessary and sustainable local job opportunities.
It is the intent of this chapter to provide for increasing the participation of minority and women-owned businesses in the Territory’s contracting and providing equal opportunities in employment, without discrimination.
It is not the intention of the Legislature by this chapter to provide loans for the capitalization of small business concerns when such funds are reasonably available from private banks or other financial institutions, public or private; however, it is the Legislature's intention to promote and encourage such banks and financial institutions to make loans on a risk basis after giving consideration to the technical and managerial assistance to be provided to loan applicants under the provisions of this chapter.
Finally, the Legislature finds that the programs and activities established and authorized by this chapter are in the public interest; and they are intended to maintain and strengthen the over-all economy of the United States Virgin Islands and to promote the general welfare of its citizens.