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RTPark Partners with National Development Council to Expand Economic Development Opportunities in the Territory

The UVI Research and Technology Park (RTPark) announced on Monday that is has entered into a technical assistance contract with the National Development Council (NDC) to support, develop, and assist in the implementation of economic and community development programs, and also to prepare proposals to access the dollars necessary to expand access to capital for technology-based firms, as well as other businesses and projects that would strengthen the entrepreneurial ecosystem in the U.S. Virgin Islands.  

The one-year contract with the New York-based non-profit officially commenced on July 1, 2019, and will be available to not only the RTPark and its current and prospective client companies, but also other public, quasi-public, and civic USVI organizations that are conceptualizing or implementing economic or community development initiatives in the Territory. These include the central government, the USVI Economic Development Authority (EDA), the VI Housing Finance Authority (VIHFA) and local non-profit foundations.  

One of the largest (by assets under management), oldest and most geographically expansive U.S. Treasury Department certified Community Development Financial Institutions (CDFI), NDC administers sizable amounts of capital and specializes in investing in and lending to small and medium-sized operating businesses and catalytic real estate projects (e.g., commercial, industrial, residential, mixed-use, public and non-profit facilities) that help to expand job opportunities for local residents and strengthen regional economies.   

More information is available in a news release on the Media Section of the UVI website – http://www.uvi.edu/ - and from this direct link.