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Virgin Islands Statutes, Title 11

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Virgin Islands/Statutes

← All Virgin Islands coverage

Title 11, Commerce, Technology and Trade

12 chapters · 141 sections in this title.

All chapters in Title 11141 Ch 23, Small Business Development36 Ch 1, Uniform Electronic Transactions Act20 Ch 29, Monopolies and Restraints of Trade18 Ch 30, Foreign Money Claims16 Ch 21, Trade Names13 Ch 16, Uniform Trade Secrets Act10 Ch 17, Price Controls9 Ch 15, Interest and Usury8 Ch 27, Commercial Fishing Promotion6 Ch 25, Motor Vehicle Information Disclosure3 Ch 13, Business Records2

36 sections·Filtered byTitle 11✕Ch 23✕

11 V.I.C. § 1251 Declaration of policy
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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 o…
11 V.I.C. § 1252 Eligibility for assistance; definition of small business concern
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(a) A person shall be eligible for all forms of assistance under this chapter if—(1) he owns at least fifty percent (50%) legal or equitable interest in a small business concern, either established or to be established, in the United States Virgin Islands; and(2) he is or will be…
11 V.I.C. § 1253 Small Business Development Agency; director; loan policy board
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(a) In order to carry out the policies of this chapter there is created a subsidiary entity under the name of “Virgin Islands Small Business Development Agency” (herein referred to as the Agency) within, and wholly administered and operated by the Economic Development Authority. …
11 V.I.C. § 1254 General powers, appointment and compensation of personnel; use of other services and facilities
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(a) The Agency shall have power to adopt, alter, and use a seal, which shall be judicially noticed. The Director is authorized, subject to the provisions of chapter 25 of Title 3 of the Virgin Islands Code, to select, employ and recommend for appointment such officers, employees …

11 V.I.C. § 1255 Loans, participations and guaranties; authorization; limitations; conditions

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(a) The Director is authorized, subject to the provisions of section 1256 of this chapter and subject to the prior approval of the Loan Policy Board, to make, participate (on an immediate basis) in, or guarantee loans, repayable in not more than 15 years, to any small business co…

11 V.I.C. § 1256 Loan terms and conditions

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(1) Loans made pursuant to section 1255 of this chapter (including immediate participation in and guaranties of such loans) shall have such terms and conditions as the Loan Policy Board shall determine, subject to the following limitations—(1) there is a reasonable assurance of r…

11 V.I.C. § 1257 Guarantee of rental payments

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The Director is authorized, subject to the prior approval of the Loan Policy Board, to guarantee the payment of rents on behalf of any small business concern eligible for assistance under the provisions of this chapter when it is determined that such guarantee is consistent with …

11 V.I.C. § 1258 Technical assistance and management training; financial assistance to organizations to provide technical assistance

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(a) In order that eligible persons, as defined in section 1252 of this chapter, may establish and operate small business concerns in the United States Virgin Islands, the Director shall provide technical assistance. The technical assistance provided shall include, but not be limi…

11 V.I.C. § 1258a SBDA Managerial and Technical Assistance Fund

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(a) There is established in the Treasury of the United States Virgin Islands a special fund to be known as the SBDA Managerial and Technical Assistance Fund (hereinafter referred to as the “Fund”). Said Fund shall be maintained for the purpose of deposit therein of funds received…

11 V.I.C. § 1259 Government contracts

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(a) The Director shall take such steps as may be necessary and appropriate, in coordination and cooperation with the heads of all government departments, agencies and authorities, so that contracts, subcontracts, and deposits made by the Government of the United States Virgin Isl…

11 V.I.C. § 1260 Coordination

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(a) In order to insure that all programs and activities related to the purposes of this chapter are carried out in a coordinated manner—(1) the Director is authorized to call upon other Government departments and agencies to supply such statistical data, program reports, and othe…

11 V.I.C. § 1261 Information center

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(a) In order to insure that all programs and activities related to the purposes of this chapter are utilized to the maximum extent possible, and to insure that information concerning such programs and other relevant information is readily available, the Director is authorized as …

11 V.I.C. § 1262 Duplication of activities

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The Director shall not duplicate the work or activities of any other department or agency of the Government of the United States Virgin Islands and nothing contained in this chapter shall be construed to authorize any such duplication unless such work or activity is expressly aut…

11 V.I.C. § 1263 Annual reports; applicants' files

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(a) Not later than 120 days after the close of each fiscal year, the Director shall prepare and submit to the Governor and the Legislature, a full and complete report on the activities of the programs and activities established by this chapter during such year. (b) The Director s…

11 V.I.C. § 1264 Offenses and penalties; false statements; overevaluation of securities

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(a) Whoever makes any statement knowing it to be false, or whoever willfully overvalues any security, for the purpose of obtaining for himself or for any applicant any loan, or extension thereof by renewal, deferment of action, or otherwise, or the acceptance, release, or substit…

11 V.I.C. § 1265 Small Businessman of the Year Award

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(a) There is hereby established the Small Businessman of the Year Award to be awarded to a client of the Small Business Development Agency who has demonstrated good business practices over a period of three years and who has been proficient and dynamic in the development of his s…

11 V.I.C. § 1266 Tax deduction for employment of persons with disabilities

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(a) A small business concern that hires persons with disabilities is entitled to receive an annual income tax deduction of five percent of the annual salary of the person with disabilities. To qualify for the deduction, the small business’ concern must have employees with disabil…

11 V.I.C. § 1270 Definitions

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(1) For the purposes of this subchapter, the term:(1) “Agency” when written in lower case, means an agency, department, office, board, commission, or instrumentality of the executive branch of the Government of the Virgin Islands.(2) “Business enterprise” means a business entity …

11 V.I.C. § 1270a Establishment of program; purpose and functions; regulations

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(a) The Small, Local, and Disadvantaged Business Enterprise Program is established within the Virgin Islands Small Business Development Agency. (b) The Small Business Development Agency shall administer the Virgin Islands Small, Local and Disadvantaged Business Enterprise Program…

11 V.I.C. § 1270b Business qualifications; application to participate

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(a) A business enterprise may not participate in a program established under this subchapter unless the business enterprise has demonstrated its capability to perform and has been issued a certificate of registration under the provisions of this subchapter or has been issued a pr…

11 V.I.C. § 1270c Certifications

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(a) The Chief Executive Officer shall provide for the certification of the following business enterprises:(a) Local business enterprises—A business enterprise is eligible for certification as a local business enterprise if the business enterprise:(1) Has its principal office loca…

11 V.I.C. § 1270d Participant preferences; contract requirements; penalty for violation

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(a) Each department, agency, and authority including an agency that contracts or procures in whole or in part through the Department of Property and Procurement, shall exercise its contracting and procurement authority so as to meet, on an annual basis, the goal of procuring and …

11 V.I.C. § 1270e Reports

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(a) Each agency shall submit a quarterly report to the Chief Executive Officer and to the Commissioner of the Department of Property and Procurement no later than 30 days after the end of each quarter, except for the fourth quarter report. The fourth quarter and annual report mus…

11 V.I.C. § 1270f Services to certified business enterprises

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(a) The Small Business Development Agency shall provide the following services to certified business enterprises:(1) Specialized programs to assist certified business enterprises in securing capital and repairing damaged credit;(2) Informational seminars on securing credit and lo…

11 V.I.C. § 1270g Website

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(a) The Small Business Development Agency shall maintain a website or web portal that provides at a minimum a directory of businesses certified under the Small, Local, and Disadvantaged Business Enterprise Program, a certification application that can be accessed and printed from…

11 V.I.C. § 1270h Violations

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(a) Whenever the Chief Executive Officer has a reason to believe that any contractor or subcontractor awarded a state set-aside contract has willfully violated any provision of this subchapter, the Chief Executive Officer shall send a notice to such contractor or subcontractor by…

11 V.I.C. § 1271 Short title

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This subchapter shall be known and may be cited as the Small Business Incubators Act.

11 V.I.C. § 1272 Definitions

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(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) “Board” means the Loan Policy Board of the Virgin Islands Small Business Development Agency established in section 1…

11 V.I.C. § 1273 Establishment of program

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There is established under the direction of the Virgin Islands Small Business Development Agency a grant, loan, loan guarantee and technical assistance program for the establishment, operation and administration of small business incubators, to be known as the Small Business Incu…

11 V.I.C. § 1274 Incubator grants, loans and loan guarantees

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(a) Application. A local sponsor may submit an application to the Board to obtain a grant, loan or loan guarantee to establish an incubator. Each application shall:(1) Demonstrate that:(A) a facility exists that can be transformed into an incubator at a specified cost; or(B) in t…

11 V.I.C. § 1275 Responsibilities of local sponsors

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(a) A local sponsor, or the organization receiving assistance through the local sponsor, has the following responsibilities and duties in establishing and operating an incubator with assistance from the Program:(a) Secure title on the facility or a lease with the intent to secure…

11 V.I.C. § 1276 General powers and duties of the Board

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(a) The Board shall:(a) adopt such rules, statements of policy, procedures, forms and guidelines as may be necessary for the implementation of this subchapter, including the encouragement of incubators in economically distressed areas such as territorially and federally designate…

11 V.I.C. § 1277 Indicators of Program impact

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(1) On or before March 1 of each year, the Board shall submit a report to the President of the Legislature which must include, but not be limited to:(1) The number of applications for incubators submitted to the Board;(2) The number of applications for incubators approved by the …

11 V.I.C. § 1278 Nondiscrimination

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No loan or loan guarantee may be made to a small business or local sponsor unless the business or local sponsor certifies to the Board, in a form satisfactory to the Board, that it shall not discriminate against any employee or against any applicant for employment because of race…

11 V.I.C. § 1278a Construction of subchapter

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Nothing in this subchapter shall be construed to limit incubators to government-funded entities. Private or non-profit incubators may be formed under the provisions of this Act.

11 V.I.C. § 1279 Small Business Incubators Fund

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(a) There is established in the Treasury of the Virgin Islands the Small Business Incubator Fund. (b) The Fund consists of grants, gifts, loans, appropriations made from time to time by the Legislature and all other moneys from the Small Business Incubators Program.