Disaster loans to the Government of the Virgin Islands

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  • Whenever the President has declared a “major disaster” as defined by the Stafford Act to exist in the Territory, the Governor is authorized:
    • (a) Upon his determination that the Government of the Virgin Islands will suffer a substantial loss of tax and other revenues from a major disaster and has a need for financial assistance to perform its governmental functions, to apply to the federal government or non-governmental financial institutions, on behalf of the Government of the Virgin Islands, for a loan; and to receive and disburse the proceeds of any approved loan.

    • (b) To determine the amount needed by the Government of the Virgin Islands to restore or resume its governmental functions, and to certify the same to the federal government or non-governmental financial institutions.


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