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.

Rising fuel prices are placing increasing pressure on households and businesses in the Virgin Islands, prompting commentator Claude Skelton Cline to call on the government to consider using reserve funds to stabilize fuel costs and reduce the impact on consumers.

Speaking on his Honestly Speaking radio programme on May 19, Skelton Cline said the territory should explore mechanisms to lock in fuel prices amid continued volatility in global energy markets and mounting concerns over the cost of living.

“There’s no reason why we should not be locking in fuel prices,” Skelton Cline said. “We have $120 million in reserve.”

His comments come as residents continue to face higher electricity bills, fuel surcharges and transportation costs, issues he said are affecting families, businesses and the broader economy.

Skelton Cline acknowledged the government’s recent decision to allocate funding to help offset electricity costs but questioned whether additional measures may be needed to shield consumers from future increases.

“There’s going to be a serious monopoly and a further suffocation of this country,” he said while discussing fuel supply and pricing concerns. “We have to start planning. This thing is going to get more and more out of hand.”

The radio host argued that reserve funds could potentially be used to secure more predictable fuel pricing arrangements, although he did not outline a specific policy proposal. He suggested that government officials begin discussions on contingency plans before economic pressures worsen.

“We need to begin to think and talk and lay out a plan,” Skelton Cline said. “The most dangerous place for you to be is to be unprepared.”

The Virgin Islands remains heavily dependent on imported fuel and energy supplies, making the territory vulnerable to fluctuations in global oil prices and shipping costs. Higher fuel prices have also contributed to increased operating expenses for businesses and higher utility bills for consumers.

Skelton Cline said the territory’s dependence on imports leaves residents exposed to external economic shocks and called for greater long-term planning to strengthen economic resilience.

“How many times do I have to come to this microphone and say it?” he asked. “The most dangerous position for a person, a family, a community or a country is to be unprepared.”

Unite BVI has opened applications for its 2026 Impact Challenge, offering up to $200,000 in funding and one year of incubation support to entrepreneurs in the Virgin Islands developing business solutions focused on ocean health and environmental sustainability.

The initiative, powered by the VI Purpose Fund, is an annual competition aimed at identifying and scaling ventures that address environmental challenges while contributing to economic development in the territory.

Applications opened April 2, with the program targeting businesses that demonstrate commercial viability, measurable environmental impact and potential for growth.

Organizers said the challenge comes at a time of increasing concern about the condition of global marine ecosystems. A recent Planetary Health Check report by the Potsdam Institute for Climate Impact Research found that the ocean has crossed key environmental thresholds, placing marine systems under significant strain.

For the Virgin Islands, where the economy and way of life are closely tied to the ocean, the implications are immediate. Rising ocean temperatures, acidification and environmental degradation pose risks to fisheries, tourism and long-term economic stability.

Lauren Keil, programme manager for the VI Purpose Fund, said the initiative is intended to position the territory as a source of solutions.

“This global crisis presents a powerful local opportunity,” Keil said. “The BVI is uniquely positioned to develop and scale solutions that both restore ocean health and create sustainable economic pathways.”

Sir Richard Branson, a supporter of the fund and a judge in the competition, said small island economies can play a significant role in addressing global environmental challenges.

“Some of the world’s boldest ideas come from small islands,” Branson said. “The VI Purpose Fund is an invitation for entrepreneurs to step up and create real solutions that can have a ripple effect far beyond the BVI.”

Rick Kearney, co-founder of the VI Purpose Fund, said the program is designed to support entrepreneurs seeking both financial backing and business development support.

“This is an opportunity for creative and committed entrepreneurs to receive financial and business support to make a difference in the lives of their family, the community and the planet,” Kearney said.

Kim Takeuchi, executive director of Unite BVI, said the initiative reflects the territory’s dependence on the marine environment.

“The sea makes up 90 percent of the Virgin Islands,” Takeuchi said. “By protecting these waters now, we secure long-term sustainability for future generations.”

The challenge prioritizes ventures that integrate ocean protection into business models while creating jobs, strengthening supply chains and reducing dependence on imports. Focus areas include sustainable fisheries, regenerative aquaculture, waste reduction, recycling and reuse systems, coastal restoration, and solutions related to sargassum management.

Selected applicants will receive funding along with structured incubation and acceleration support to help develop scalable enterprises.

The application process will be conducted in phases. Initial assessments are due by June 10, followed by detailed submissions between July 1 and Aug. 25. Six finalists will be selected on Oct. 13 and invited to participate in a final pitch event on Necker Island in early November, where winners will be chosen.

Applicants must be at least 18 years old and hold a valid trade license by Aug. 25. Additional regulatory approvals may be required depending on the nature of the business.

The VI Purpose Fund is a flagship initiative of the Unite BVI Foundation and supports ventures that combine economic development with environmental sustainability.

Organizers said the challenge is intended to encourage entrepreneurs to develop solutions that address both local and global environmental concerns while building resilient businesses within the territory.