USDA B&I & SBA 7(a) Loan
- 1st Mortgage:
- Term: 15 years
- Jobs Created: 38
- Jobs Retained: 112
This is the third loan that has been approved in the Virgin Islands totaling $11,500,000 for the sister borrower of Vivot Equipment Corporation. Thomas USAF Group originated and underwrote this $1.5Million SBA 7(a) loan to Eleven Construction, LLC that is headquartered in St. Croix, Virgin Islands. Thomas USAF purchased the guaranteed portion of the loan at closing from the servicing bank lender. The loan will enable the company to purchase equipment, refinance existing debt and provide working capital.
Eleven provides the construction and maintenance of industrial, commercial and residential properties such as the Lime Tree Bay Terminals Refinery (formally known as Hovensa Refinery), Home Depot, movie theaters and shopping centers. This loan will create 38 new jobs and retain 112 jobs.
This loan could not have been approved without assistance from the USDA B&I and SBA 7(a) Guaranteed Loan Programs.