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 international outreach, generating a pipeline of investor leads. The authority said it will spend more on lead generation and targeted promotion in FY2026 to attract hotel, tourism and industrial projects.
- Small‑business finance: EDA administers SSBCI funds (SSBCI 2 tranche 1 received $18.9M; $15.7M expended or obligated as of July 15) and reported SSBCI loan guarantees unlocked more than $28M in lender financing to date. EDA also runs direct‑loan and VI Slice home‑ownership gap programs (VI Slice helped 57 families close to date, with $5.6M dispersed).
- Industrial parks: EDA’s park corporation reports 100% occupancy at both the Saint Thomas and William D. Robuck parks (Saint Croix) and is pursuing capital repairs, EV charging, and microgrid planning.
- EDC (tax incentives): EDA said the economic development commission portfolio has grown (100+ active beneficiaries); the commission approved new projects committing local investments and job creation. Biggs emphasized the need to expand the compliance unit to keep pace with a larger beneficiary portfolio.

Why it matters: Biggs said EDA attracts private capital that broadens the local tax base, supports jobs and charitable contributions, and helps revitalize neighborhoods. Senators pressed for clarity on staffing, compliance capacity and use of SSBCI and agency revenue. Biggs asked legislators to maintain the $6.613 million general appropriation and to consider support for staff in order to keep up with compliance and outreach demands.

Committee questions and agency commitments
- Staffing and compensation: Senators asked about personnel counts, vacant positions and wage pressure. EDA said personnel costs are 70% of the budget and that the agency has 46 full‑time positions (42 filled, 4 vacant) plus a small number at EDPC and grant‑funded roles. Biggs said a stagnant appropriation strains ability to pay competitive salaries and retain staff.
- Compliance and reporting: Senators pressed for more compliance officers to monitor EDC beneficiaries; EDA said it is developing a cloud‑based compliance portal and requested resources to staff it.
- SSBCI performance and outreach: EDA reported 20 businesses supported via SSBCI as of July 15 (total leveraged lending cited) and that the authority is applying for the program’s second tranche; it also received a grant to provide technical assistance to make more businesses loan‑ready.

Selected numbers mentioned
- FY2026 operating budget: $7,316,891 (includes $6,613,000 general fund).