(a) There is established in the University of the Virgin Islands a Small Business Development Center (hereinafter SBDC). The SBDC shall coordinate local and federal government resources, as well as private sector resources, in the establishment of a program network for the delivery of management and technical assistance through counseling and training to small businesses and prospective small businesses in the Virgin Islands.
(b) The SBDC is authorized to accept grants of local or federal funds, gifts, devices or conveyances for the furtherance of its stated goals and purposes.