Economic Revitalization
Overview
Objectives
- Generating opportunities for the local workforce to participate in recovery-related sectors such as construction as well as develop essential skills, digital literacy, and vocational skills training for tourism-related work and other key diversification sectors.
- Providing financial support to impacted communities for economic revitalization and job growth efforts.
- Providing technical assistance to small businesses that sustain income producing jobs for residents of the disaster-impacted communities.
- Stabilizing and growing the tourism industry through key infrastructure improvements to ports and airports that will increase the Territory’s capacity to receive tourists.
- Investing in an advertising campaign that offsets negative perceptions of storm-related damages to the U.S. Virgin Islands and reinforces the Territory’s market position as a top sports & adventure, ecotourism, cultural, and romance destination in the U.S.
Tourism Industry Support
$10,000,000
Tranche 1: $5M | Tranche 2: $5M
The U.S. Virgin Islands Department of Tourism will establish a robust marketing campaign, showcasing the U.S. Virgin Islands and its vast tourist assets, being open for business following the aftermath of the disasters in 2017. This campaign will be focused on offsetting the negative perceptions of storm-related damage within the Territory, while reinforcing our position as one of the top sports and adventure, romance, culture & history and ecotourism destinations in the world. The Tourism Marketing project will address the need for increased tourism revenue to grow and stabilize our local tourist economy.
Workforce Development
$10,000,000
Tranche 1: $5M | Tranche 2: $5M
Workforce development will focus on two areas in this program. The first program will focus on training low to moderate income residents in various areas of construction industry. In the second half of the program individuals will undergo “on the job training” with local contractors that are engaged with the rebuilding of damaged homes and property in the territory.
Ports & Airport Enhancement
$38,109,022
Tranche 1: $23M | Tranche 2: $15M
The ports of Charlotte Amalie, Crown Bay St. Thomas and port of Frederiksted will be dredged to allow larger cruise ships to berth. The objective of this project is to increase cruise ship arrivals to the territory with the berthing of oasis class cruise ships. The allowance of larger ships will drive more economic growth with more tourists visiting our shores and helping us to remain competitive in cruise demand in the Caribbean.
Building Façade and Streetscape Enhancement; Small Business and Entrepreneurship Grant and Technical Assistance Grant Program
$14,032,915
The Building Façade and Streetscape Enhancement Program will provide funding to eligible businesses buildings, commercial or residential, to repair visible exterior damage and enhance downtown areas, high traffic areas, historic districts, etc. The goal is to increase investment and improve the aesthetic of local communities. Projects located within historic districts must follow guidelines prescribed by the State Historic Preservation Office (SHPO).
The Small Business Entrepreneurship Grant and Technical Assistance Program (SBETA) is comprised of two components: Small Business Grants and Technical Assistance. This program will fund recovery grants and technical assistance to aid small businesses and entrepreneurs to identify ways to rebound from the change in economic circumstances from the 2017 storms.