reglab/housing_qa huggingface dataset:
V.I. Code tit. 11, § 1251 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1251. Declaration of policy

 The essence of the American economic system is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The initiation, preservation, and expansion of such competition is basic not only to the economic well-being of the United States Virgin Islands, but to the security and general welfare of the People of the United States Virgin Islands. The rapid economic growth of the United States Virgin Islands in the past decade has brought many benefits and a higher standard of living to the great majority of the People of the United States Virgin Islands; however, there has been a noticeable failure to provide for and promote the involvement of the indigenous population of the United States Virgin Islands in private enterprise. This failure is the result of various factors, not the least of which is the fact that loans for business purposes have not been readily and reasonably available to native Virgin Islanders. The people of these Islands have been in many instances deprived of, and often not motivated, through no primary fault of their own, to seek the managerial and technical skills that are basic to the successful and competitive operation of small business concerns in a free enterprise system. The security and well-being of the local population cannot be fully realized; and the evils of absentee ownership and of the concentration of economic power cannot be reasonably avoided, unless the actual and potential capacity of the ownership and management of small business concerns by Virgin Islanders is encouraged and rapidly developed. It is the declared policy of the Legislature that the Government of the United States Virgin Islands should aid, counsel, assist, promote and protect, insofar as possible, the economic and social interest of the indigenous population of the United States Virgin Islands through the establishment and ownership of small business concerns. It is not the intention of the Legislature by this chapter to provide loans for the capitalization of small business concerns when such funds are reasonably available from private banks or other financial institutions, public or private; however, it is the Legislature's intention to promote and encourage such banks and financial institutions to make loans on a risk basis after giving consideration to the technical and managerial assistance to be provided to loan applicants under the provisions of this chapter. Finally, the Legislature finds that the programs and activities established and authorized by this chapter are in the public interest; and they are intended to maintain and strengthen the over-all economy of the United States Virgin Islands and to promote the general welfare of its citizens.
V.I. Code tit. 11, § 1255 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1255. Loans, participations and guaranties; authorization; limitations; conditions

 (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 concern (as defined in section 1252 and regulations issued thereunder), or to any eligible person as defined in section 1252 of this chapter seeking to establish such a concern, when he determines that such loans will assist in carrying out the purposes of this chapter: provided, however, that no loan shall be made from the Small Business Development and Loan Fund to a single borrower if the total of all loans from such Fund to such borrower outstanding at any one time would exceed $100,000; and provided, further, that no such loans shall be made, participated in, or guaranteed if the total of such assistance under the provisions of this chapter to a single borrower outstanding at any one time would exceed $300,000; and provided, further, that when the Economic Development Agency of the United States Department of Commerce is participating with the local government in financing a particular project, the maximum time for repayment of the loan shall be the same as for loans made, participated in or guaranteed by the Economic Development Agency of the United States Department of Commerce. The Director may defer payments on the principal of such loans for a grace period and use such other methods as he deems necessary and appropriate to assure the successful establishment and operation of such small business concern. The Director shall, unless it is clearly indicated to be unnecessary, as a condition of such financial assistance, require that the borrower take steps to improve his management skills by participating in a management training program approved by the Director; provided, however, that any management training program so approved must be of sufficient scope and duration to provide reasonable opportunity for the individuals served to develop entrepreneurial and managerial self-sufficiency. The Director shall encourage, as far as possible, the participation of the private business community in the programs of assistance to such small business concerns, and seek to stimulate new private lending activities to such concerns through the use of the loan guaranties and participations in loans. (b) The Director shall provide for continuing evaluation of programs under this section, including information on the location, income characteristics, and types of businesses and individuals assisted and new private lending activity stimulated. The results of such evaluation together with recommendations shall be included in the report required by section 1263 of this chapter.
V.I. Code tit. 11, § 1256 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1256. Loan terms and conditions

 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 repayment of the loan; (2) the financial assistance is not otherwise available on reasonable terms from private sources or from federal or other territorial government programs; (3) the amount of the loan, together with other funds available, is adequate to assure completion of the project or achievement of the purposes for which the loan is made; (4) the loan bears interest at a uniform, established rate for all borrowers: provided, however, that the Loan Policy Board, upon recommendation of the Director, may establish a new rate from time to time, taking into consideration the going rate on commercial loans made by banks and financial institutions in the United States Virgin Islands and the general condition of the economy; (5) fees not in excess of amounts necessary to cover administrative expenses may be required on loan guaranties or direct loans. (6) loans made for the purchase of inventory or motor vehicles shall be repayable in not more than five years; (7) loans made for the purchase of equipment shall be repayable in not more than ten years; (8) loans made for the acquisition of land; or the construction, conversion or expansion of buildings shall not exceed 50% of the total loans to new small business concerns; and shall not be made unless at least three banks doing business in the United States Virgin Islands have refused to grant a conventional mortgage loan on the property at a rate of interest normally charged on such loans in the United States Virgin Islands with a term of fifteen years; (9) no loan shall be made to any corporation unless the repayment of such loan is guaranteed by all stockholders of such corporate borrower.
V.I. Code tit. 11, § 1257 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1257. Guarantee of rental payments

 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 the purposes of this chapter. In those instances where the tenant is a corporation, all stockholders shall first guarantee the payment of rents prior to the Director making any guarantee pursuant to this subchapter.
V.I. Code tit. 11, § 1258a (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1258a. SBDA Managerial and Technical Assistance Fund

 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 from the Federal Small Business Administration to provide managerial and technical assistance to small business concerns in the United States Virgin Islands, and for disbursement therefrom of said funds for said purposes. Deposits to and disbursements from said Fund shall be made by the Commissioner of Finance upon the authorization of the Board of Directors of the Economic Development Bank.
V.I. Code tit. 11, § 1259 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1259. Government contracts

 (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 Islands or in connection with programs with Government funds are placed in such a way as to further the purposes of this chapter. (b) The Director shall provide for the continuing evaluation of the programs under this section and the results of such evaluation together with recommendations shall be included in the report required by section 1263 of this chapter.
V.I. Code tit. 11, § 1260 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1260. Coordination

 (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 other materials, information and assistance as he deems necessary to discharge his responsibilities under this chapter; (2) all departments, agencies and authorities of the Government shall cooperate with the Director in carrying out his duties and responsibilities under this chapter; and carry out their programs and exercise their functions in such manner as will, to the maximum extent permitted by other applicable law, assist in carrying out the purposes of this chapter; and (3) the Governor shall direct that particular programs and functions (including but not limited to the expenditure of funds and the reservation of commercial and industrial sites on Government-owned land to be available for lease to small business concerns eligible for assistance under the provisions of this chapter), of the departments, agencies and authorities referred to in paragraph (2) of this section shall be carried out, to the extent not inconsistent with applicable law, in conjunction with or in support of the programs and activities authorized under this chapter.
V.I. Code tit. 11, § 1261 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1261. Information center

 (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 he deems appropriate to collect, prepare, analyze, correlate, and distribute such information, either free of charge or by sale at cost, and make arrangements and pay for any printing and binding. (b) The Director is further authorized to obtain and distribute, free of charge or by sale at cost, information and publications issued by federal or territorial departments and agencies, and any other public or private organization, that provides information or assistance to small business concerns.
V.I. Code tit. 11, § 1262 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1262. Duplication of activities

 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 authorized for in this chapter.
V.I. Code tit. 11, § 1263 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1263. Annual reports; applicants' files

 (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 shall prepare and retain a file on each applicant, which shall include copies of all correspondence and a detailed memorandum of the reasons for acting favorably or unfavorably on the application, as the case may be. Pending the final determination of the Agency on each application all information in such files shall be confidential.
V.I. Code tit. 11, § 1264 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1264. Offenses and penalties; false statements; overevaluation of securities

 (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 substitution of security therefor, or for the purpose of influencing in any way the action of the Agency, or for the purpose of obtaining money, property, or anything of value, under this chapter, shall be punished by a fine of not more than $5,000, or by imprisonment for not more than five years, or both. (b) Whoever, being connected in any capacity with the Agency, (1) embezzles, abstracts, purloins, or willfully misapplies any moneys, funds, securities, or other things of value, whether belonging to it or pledged or otherwise entrusted to it, or (2) with intent to defraud the Agency or any other body politic or corporate, or any individual, or to deceive any officer, auditor, or examiner of the Agency, makes any false entry in any book, report, or statement of or to the Agency, or, without being duly authorized, draws any order or issues, puts forth, or assigns any note or other obligation, or draft, bill of exchange, mortgage, judgment, or decree thereof, or (3) with the intent to defraud participates or shares in or receives directly or indirectly any money, profit, property, or benefit through any transaction, loan, commission, contract, or any other act of the Agency, or (4) gives any unauthorized information concerning any future action or plan of the Agency which might affect the value of securities, or, having such knowledge, invests or speculates, directly or indirectly, in the securities or property of any small business concern receiving loans or other assistance from the Agency, shall be punished by a fine of not more than $10,000 or by imprisonment for not more than five years, or both.
V.I. Code tit. 11, § 1265 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter I - Small Business Development Agency|§ 1265. Small Businessman of the Year Award

 (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 small business concern. (b) The recipient of the Award shall be chosen annually by majority vote of the Loan Policy Board from a list of three candidates submitted to said Board by the Director; Provided, however, That the Board may choose not to confer said Award in a particular year for reasons which it deems good and appropriate. (c) The Small Business Development Agency is authorized to award an appropriate plaque to the Small Businessman of the Year at an appropriate ceremony held for that purpose.
V.I. Code tit. 11, § 1271 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter II - Small Business Incubators Act|§ 1271. Short title

 This subchapter shall be known and may be cited as the Small Business Incubators Act.
V.I. Code tit. 11, § 1272 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter II - Small Business Incubators Act|§ 1272. Definitions

 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 1253(d) of subchapter I of this chapter. (b) “Incubator” means a facility in which small units of space may be leased by a tenant and in which management maintains or provides access to business development services for use by tenants and technical assistance. (c) “Local sponsor” or “Sponsor” means an organization that enters into a written agreement with the Board to establish, operate and administer a small business incubator facility or to provide funding to an organization that operates such a facility, including and agency or instrumentality of the Government of the Virgin Islands, including the Economic Development Authority, or any private nonprofit or for-profit organization approved by the Board. (d) “Program” means the Small Business Incubators Program established in section (e) “Tenant” means a sole proprietorship, business partnership or corporation operating a business for profit or, if permitted by this subchapter not for profit, and leasing or otherwise occupying space in an incubator. (f) “Small Business Incubator” means an economic development tool designed to accelerate the growth and success of entrepreneurial companies through an array of business support services and resources with the primary goal of producing successful firms that will graduate from the program, move into the community and leave the program as self-sustaining companies.
V.I. Code tit. 11, § 1273 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter II - Small Business Incubators Act|§ 1273. Establishment of program

 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 Incubators Program.
V.I. Code tit. 11, § 1275 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter II - Small Business Incubators Act|§ 1275. Responsibilities of local sponsors

 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 title to the facility. (b) Manage the physical development of the incubator facility, including the provision of common conference or meeting space. (c) Furnish and equip the facility to provide business services to the tenants. (d) Market the facility and secure eligible tenants. (e) Provide financial consulting, marketing and management assistance services or arrange for the provision of these services for tenants of the incubator, including assistance in accessing private financial markets. (f) Set rental and service fees. (g) Encourage the sharing of ideas between tenants and otherwise aid the tenants in an innovative manner while they are within the incubator. (h) Establish policies and eligibility criteria of tenants into the incubator. (i) Establish an advisory committee to assist in the performance of these functions. (j) establish a graduation plan.
V.I. Code tit. 11, § 1276 (2019)
2019 US Virgin Islands Code|Title 11 - Commerce, Technology and Trade|Chapter 23 - Small Business Development|Subchapter II - Small Business Incubators Act|§ 1276. General powers and duties of the Board

 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 designated enterprise zones; (b) Make loans and loan guarantees or grants or a combination of loans and grants to local sponsors for incubators and award seed capital challenge grants and, in the sole discretion of the board, provide for the conversion of any liens issued on or after November 1, 1985, into grants or into a combination of grants and loans. (c) Ensure that local sponsors receiving loans or loan guarantees and recipients of grants meet the conditions of this subchapter. (d) Receive and evaluate annual reports from local sponsors. The annual reports must include, but not be limited to, a financial statement for the incubator, evidence that all tenants in the facility are eligible under the terms of the legislation and a list of companies in the incubator.