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September 19, 2007
Clouden to lead Economic Development Authority Longtime banking executive Percival "Percy' Clouden has been selected as the new Chief Executive Officer of the Economic Development Authority. Beginning on October 1, Clouden will bring more than 30 years of banking experience to the EDA at a time when the Authority is heralding a new era of development. Clouden is presently a Vice-President of Banco Popular de Puerto Rico where he oversees Business Development. "His experience with small business and their needs is sure to be an asset to the EDA considering the strategic plan for the Government Development Bank," said Labor Commissioner Albert Bryan Jr. who serves as chairman of the Authority. "Under the leadership of Wayne Biggs, the bank is poised to take on a new agenda which we anticipate will broaden their loan portfolio and provide access to new capital for small business development," Bryan added. Both the EDA staff and Clouden, Bryan said, understand that 80% of all job growth is created by existing businesses and the majority of those are small businesses. "The board is looking forward to the implementation of an economic development system which incorporates all of the tools of the Authority and brings more opportunities, jobs and an improved standard of living for all Virgin Islanders and we are counting on Mr. Clouden to lead that charge." Clouden has been employed at Banco Popular de Puerto Rico since 1993 and has held positions including Assistant Vice President and Branch Manager; Vice President and Manager of Credit Administration and Vice President and Manager of Branch Operations. A resident of St. Thomas, Clouden holds both a Masters and Bachelor of Arts degree in Business Administration from the University of the Virgin Islands and an Associate of Arts degree in Accounting. A former chairman of the board of the V.I. Government Development Bank, Clouden has also served as an advisory board member to the Small Business Development Center, SBDC. In recent years the Economic Development Commission (EDC) program has been the source of much controversy as the emergence of the Jobs Act threatened the progress made in the area of Designated Service Businesses. The program has since stabilized and the EDA Is looking to new markets to expand the portfolio of companies currently in the program, according to Bryan. "It is our hope to launch an international marketing campaign to attract companies doing business in Europe and as far as Asia," Bryan said. "Attracting these companies will not only bring new capital to the territory, but will diversify our tax base making it less susceptible to downturns in the U.S. economy." |
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