(a) The VI Catalyst Revolving Loan Fund Program is established to provide loans to eligible entities for catalyst projects to achieve one or more of the following goals:(1) To sustain local economic growth;(2) To stimulate job creation and development;(3) To catalyze commercial, residential, and industrial growth and development;(4) To increase attractiveness for job creation and retention; and(5) To increase accessibility to capital funding.
(1) To sustain local economic growth;
(2) To stimulate job creation and development;
(3) To catalyze commercial, residential, and industrial growth and development;
(4) To increase attractiveness for job creation and retention; and
(5) To increase accessibility to capital funding.
(b) The Corporation shall administer the Program to provide financial assistance and development services for catalyst projects, as defined in subsection (a) of section 490F.
(c) The Executive Director shall take such steps, including the expenditure of appropriated funds, as may be necessary to provide organizational, governance, and administrative structure to the Program.
(d) In furtherance of organizing and administering The Catalyst Fund, the Executive Director may retain staff and enter into and execute service agreements with outside providers for legal, accounting, underwriting, audit and consultant expertise, including the expenditure of funds as necessary or advisable in connection with such retention and execution.
(e) Financial assistance for catalyst projects through the Program must be provided at competitive interest rates with flexible terms as determined by the Loan Review Committee, to support the projects directly and to attract additional third-party capital.
(f) Payment of interest and principal on loans may be deferred at the discretion of the Loan Review Committee.
(g) The Executive Director may assign all accounts that are inactive and delinquent more than 180 days from when they are first due and owing to a third-party collection agency for collection.
(h) The Program must be to the extent practicable complementary to, and not competitive with, commercial lenders and other territorial and federal programs.