(a) The following words and phrases when used in this subchapter have the meanings given to them in this section unless the context clearly indicates otherwise:(a) “Catalyst Project” means a private economic development project created by the combined efforts of the public sector and private sector which includes the rehabilitation, renovation, construction, or other improvement of any building or structure within the Virgin Islands; purchase of furniture, fixtures, or equipment; acquisition of land and building; or financing the general needs of any eligible entity for operations or activities within the Virgin Islands that are consistent with, and intended to further the Virgin Islands economic goals, contribute to its socioeconomic development, accelerate job creation, and improve the welfare and quality of life of the people of this Territory.(b) “Corporation” means the University of the Virgin Islands Research and Technology Park Corporation.(c) “Eligible entity” means a qualified business that:(1) is an existing or new-to-market enterprise located in the Virgin Islands:(2) has a Virgin Islands business license;(3) has been in operation for more than 18 months or admitted in the Corporation or Economic Development Commission tax-exemption programs;(4) is in good standing with the Virgin Islands Bureau of Internal Revenue or has entered into a payment plan approved by the Virgin Islands Bureau of Internal Revenue; and(5) demonstrates that the project meets federal guidelines if federal funds are awarded from The Catalyst Fund.(d) “Executive Director” means the Executive Director of the University of the Virgin Islands Research and Technology Park Corporation.(e) “Loan Review Committee” means the Loan Review Committee of the University of the Virgin Islands Research and Technology Park Corporation with the authority to approve loans.(f) “Program” means the VI Catalyst Revolving Loan Fund Program established in this subchapter.(g) “Qualified Business” means a private, for-profit business engaged in relevant industries and sectors, including business process outsourcing, information Technology/telecommunications, sustainable development, energy services, sustainable agriculture, financial services, fintech, healthcare, advanced manufacturing, visitor economy, and creative economy.(h) “VI Catalyst Revolving Loan Fund” or “Catalyst Fund” means revolving funds by that name established under, and administered pursuant to this subchapter to provide capital for catalyst projects, thereby creating jobs and investment in the Territory.(i) “VI Catalyst Revolving Loan Fund Program” means the program of that name to administer the VI Catalyst Revolving Loan Fund and to provide financial assistance for catalyst projects administered by the University of the Virgin Islands Research and Technology Park Corporation pursuant to this subchapter and criteria, priorities, and guidelines adopted by the Loan Review Committee.
(a) “Catalyst Project” means a private economic development project created by the combined efforts of the public sector and private sector which includes the rehabilitation, renovation, construction, or other improvement of any building or structure within the Virgin Islands; purchase of furniture, fixtures, or equipment; acquisition of land and building; or financing the general needs of any eligible entity for operations or activities within the Virgin Islands that are consistent with, and intended to further the Virgin Islands economic goals, contribute to its socioeconomic development, accelerate job creation, and improve the welfare and quality of life of the people of this Territory.
(b) “Corporation” means the University of the Virgin Islands Research and Technology Park Corporation.
(c) “Eligible entity” means a qualified business that:(1) is an existing or new-to-market enterprise located in the Virgin Islands:(2) has a Virgin Islands business license;(3) has been in operation for more than 18 months or admitted in the Corporation or Economic Development Commission tax-exemption programs;(4) is in good standing with the Virgin Islands Bureau of Internal Revenue or has entered into a payment plan approved by the Virgin Islands Bureau of Internal Revenue; and(5) demonstrates that the project meets federal guidelines if federal funds are awarded from The Catalyst Fund.
(1) is an existing or new-to-market enterprise located in the Virgin Islands:(2) has a Virgin Islands business license;(3) has been in operation for more than 18 months or admitted in the Corporation or Economic Development Commission tax-exemption programs;(4) is in good standing with the Virgin Islands Bureau of Internal Revenue or has entered into a payment plan approved by the Virgin Islands Bureau of Internal Revenue; and(5) demonstrates that the project meets federal guidelines if federal funds are awarded from The Catalyst Fund.
(2) has a Virgin Islands business license;
(3) has been in operation for more than 18 months or admitted in the Corporation or Economic Development Commission tax-exemption programs;
(4) is in good standing with the Virgin Islands Bureau of Internal Revenue or has entered into a payment plan approved by the Virgin Islands Bureau of Internal Revenue; and
(5) demonstrates that the project meets federal guidelines if federal funds are awarded from The Catalyst Fund.
(d) “Executive Director” means the Executive Director of the University of the Virgin Islands Research and Technology Park Corporation.
(e) “Loan Review Committee” means the Loan Review Committee of the University of the Virgin Islands Research and Technology Park Corporation with the authority to approve loans.
(f) “Program” means the VI Catalyst Revolving Loan Fund Program established in this subchapter.
(g) “Qualified Business” means a private, for-profit business engaged in relevant industries and sectors, including business process outsourcing, information Technology/telecommunications, sustainable development, energy services, sustainable agriculture, financial services, fintech, healthcare, advanced manufacturing, visitor economy, and creative economy.
(h) “VI Catalyst Revolving Loan Fund” or “Catalyst Fund” means revolving funds by that name established under, and administered pursuant to this subchapter to provide capital for catalyst projects, thereby creating jobs and investment in the Territory.
(i) “VI Catalyst Revolving Loan Fund Program” means the program of that name to administer the VI Catalyst Revolving Loan Fund and to provide financial assistance for catalyst projects administered by the University of the Virgin Islands Research and Technology Park Corporation pursuant to this subchapter and criteria, priorities, and guidelines adopted by the Loan Review Committee.