SBA Lending in U.S. Virgin Islands Hits Record High in 2024
Small business lending in the U.S. Virgin Islands has reached a historic milestone, with the U.S. Small Business Administration (SBA) approving 22 loans totaling over $9.8 million during Fiscal Year 2024, according to a release issued Monday. This marks a notable increase from the previous year’s record of 18 SBA-guaranteed loans.
2025-02-10 20:09:43 - VI News Staff
Leading the way in SBA-backed lending this year was Merchants Commercial Bank, which became the first USVI-chartered bank to hold the top spot, surpassing Banco Popular.
SBA’s Senior Area Manager, Wayne Huddleston, credited the dedication of lenders for this year’s success. “Our lending partners are fantastic. The tremendous efforts to get deals done for Virgin Islands businesses by SBA lenders both in the territory and from the outside this past year has been remarkable,” he said. “There are a lot of good entrepreneurs in the USVI that can grow because of the financial services they provide. I am truly grateful for their partnership.”
Huddleston also pointed to the increase in small-dollar loans, which he attributes to recent SBA reforms aimed at expanding access to capital and modernizing lending criteria.