(a) There is created and established in the Treasury of the Virgin Islands a special revolving fund to be designated and known as the Small Business Development and Loan Fund (hereinafter in this section referred to as the “Fund”). The Commissioner of Finance shall maintain and provide for the administration of the Fund as a separate and distinct fund in the Treasury, and no monies shall be available for expenditure from the Fund, except as provided by law.
(b) There is authorized to be appropriated to and deposited in the Fund such sums each year from the General Fund of the Treasury of the Virgin Islands as are determined necessary by the Legislature, upon recommendation of the Board of Directors of the Economic Development Authority and the concurrence of the Governor, to carry out the provisions of chapter 23, Title 11, of this Code. The Fund shall consist of all monies appropriated thereto pursuant to authorization under this section and of all repayments of loans, payments of interest, and other receipts arising out of transactions financed from the Fund.
(c) Monies shall be disbursed from the Fund by the Commissioner of Finance, upon the authorization of the Board of Directors of the Economic Development Authority, through its duly authorized and designated representative, for the purpose of granting loans in accordance with the provisions of chapter 23, Title 11, of this Code.
(d) The Commissioner of Finance shall maintain a detailed accounting record of all monies deposited into and disbursed from the Fund, and he shall submit a quarterly report on the financial status of the Fund to the Governor and the Legislature, which report shall include the amount of each disbursement from the Fund together with the name and address of the person or small business concern to whom each such disbursement was made.