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Economic development authority touts grants, investor leads and small‑business programs
Summary
The USVI Economic Development Authority told the budget committee it is leveraging federal grants and an expanded marketing push to attract hotels, industry and small‑business capital while asking legislators to maintain a stable general‑fund appropriation to sustain staff and compliance oversight.
The Virgin Islands Economic Development Authority (USVI EDA) told the Legislature’s Committee on Budget, Appropriations and Finance on July 21 that its FY2026 plan will continue a multi‑pronged strategy: market the territory to investors, expand small‑business access to capital, operate industrial parks, and strengthen compliance and reporting for tax‑incentive beneficiaries.
CEO Wayne Biggs said the authority’s FY2026 operating budget totals $7,316,891, comprised of a $6,613,000 general‑fund appropriation and about $703,891 of internally generated revenue. He told senators EDA’s budget has been effectively flat for several years even as programs and responsibilities have expanded.
What EDA reported - Marketing and investor outreach: EDA reported participation in national investor events (SelectUSA, investment summits) and…
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