Every business may need financing. Local banks and agencies like the Virgin Islands Economic Development Authority offer assistance.
Here is some helpful information to consider.
- Make sure your documents and business information is up to date. If you have an existing business, prepare your most recent financials including profit and loss, cash flow, and balance sheet. If you need help preparing these documents, talk to your accountant or contact the Small Business Development Center.
- Start the process early. It may take weeks or months to get a decision so forecast your needs ahead of time.
- Apply for a line of credit. A line of credit is a flexible loan from a financial institution that consists of a defined amount of money that you can access as needed and repay either immediately or over time. Interest is charged on a line of credit as soon as money is borrowed. Lines of credit are most often used to cover the gaps in irregular monthly income or finance a project whose cost cannot be predicted up front.
- Have a written and up to date business or strategy plan and operations guide. If you are a sole proprietor, how will your business continue to function if something happens to you?