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Unite BVI has increased the funding available through its 2026 Impact Challenge entrepreneurship competition to $250,000, following the addition of a new donor, and is inviting Virgin Islands entrepreneurs to apply for grants supporting businesses that address environmental challenges while creating economic opportunities.

Lauren Keil, Programme Manager of the VI Purpose Fund, announced the funding increase during an appearance on The Morning Facts with Cindy Rosan, revealing that the competition’s prize pool has grown from the previously announced $200,000.

“In fact, I’m excited to announce we actually just recently had a new donor come to the table and say, ‘We love this program, we want to put $50,000 additionally on the table,’” Keil said. “So we now have $250,000 to give out. This is the first time we’re publicly announcing it.”

The Impact Challenge is a flagship initiative of the VI Purpose Fund, which supports Virgin Islands entrepreneurs developing businesses that promote environmental sustainability while strengthening the local economy. The program is entering its second year after supporting two winning ventures in 2025 — BlockWorks VI and Report the Reef.

Keil said this year’s competition focuses on projects that contribute to ocean health and environmental resilience, but stressed that eligibility extends beyond businesses operating directly on the water.

“Before you think, ‘Oh, my business isn’t directly related to the ocean,’ there are so many land-based businesses that affect the ocean’s health,” she said.

The challenge is seeking applications in six priority areas, including sustainable fisheries, food sovereignty, carbon reduction, sargassum management, recycling and circular economy initiatives.

“Any business that is replacing a product that we import regularly with a locally manufactured product has a reduction of carbon emissions linked to it,” Keil said. “Any farming business that is really building our resilience and making us a stronger food sovereign nation is also eligible.”

She added that entrepreneurs developing solutions for sargassum seaweed blooms are encouraged to apply.

“We all know the problems of sargassum seaweed blooms that we receive, but there are entrepreneurs in other countries that have found viable business solutions to sargassum problems,” Keil said.

According to Unite BVI, businesses addressing sustainable fisheries, regenerative aquaculture, ocean-linked food production, marine restoration, waste reduction, recycling and import substitution are among those being targeted through the competition.

Applications opened on April 2 and will remain open until June 10. Keil said entrepreneurs do not need a trade licence when submitting their initial application but must obtain one before advancing to the final stages of the competition.

“We encourage entrepreneurs who don’t have trade licences but want to apply, please apply for your trade licence,” she said.

Last year’s inaugural challenge attracted 47 applications.

“We had 47 applications last year, which for an inaugural business competition we thought was really great,” Keil said. “This year we’re hoping for three or four times that. That is the dream, and we have a lot of interest.”

The selection process will narrow applicants to six finalists who will pitch their business ideas before judges including Sir Richard Branson and Rick Kearney.

“The judges can choose to give all $250,000 to one outstanding entrepreneur or divide it among multiple businesses, depending on the strength of the applications,” Keil explained.

In addition to funding, successful applicants will receive a year of business incubation and acceleration support.

“At Unite BVI, we commit to the winners of the Impact Challenge by giving them a full year of business incubation and acceleration support services,” Keil said. “We build a bespoke team around them to really support them and give them every chance to succeed.”

The VI Purpose Fund was established to support businesses that strengthen economic resilience while protecting the Virgin Islands’ natural environment. Unite BVI officials have said the initiative is designed to encourage local innovation and develop solutions with both environmental and commercial benefits.