The Merchants Commercial Bank has received approval from the U.S. Small Business Administration to provide financial assistance to small business owners under the SBA’s 7 (a) Loan Guarantee Program, the Director of SBA district, Yvette T. Collazo.
The 7 (a) loan guarantee program is the SBA’s primary loan vehicle. It provides long-term financing to acquire equipment and machinery, inventory, fixtures and fittings, and to carry out renovations, purchase land, construct new buildings, purchase existing businesses and repay certain debts. . The SBA can guarantee up to 85% on loans up to $ 150,000 and up to 75% on loans over $ 150,000 up to $ 5 million.
“At SBA, we are delighted to add Merchants Commercial Bank to our list of participating lenders in the US Virgin Islands and to be able to offer a new alternative for entrepreneurs looking for financing for their small business ventures.” , said Collazo. “As we continue to forge alliances that help expand access to capital and technical assistance, we are also helping to further promote the economic development of the territory. “
SBA staff will work closely with Merchants Commercial Bank management in the coming weeks to train their commercial lending staff on how to effectively leverage SBA collateral for the benefit of USVI businesses.
“We are delighted to add Merchants Bank to our portfolio of lenders,” said Wayne Huddleston, SBA’s senior regional manager for the US Virgin Islands. “Merchants Bank’s status as an SBA lender is emblematic of its willingness to use all the tools at its disposal to provide loans to businesses and entrepreneurs throughout the US Virgin Islands. We look forward to a strong partnership for many years to come.