Economic Development & Competitiveness — Chris Green — Washington State Department of Commerce (January 12, 2022)
- Issuer
- Congressional materials
- Date
- 2023-01-12
Summary
A slide presentation by the Washington State Department of Commerce Office of Economic Development & Competitiveness, given by its assistant director, Chris Green; the title slide is dated January 12, 2022. It outlines the office's small business portfolio and reports $512 Million for 2021-23 small business relief and recovery across 47 awards and programs, with a grant status table covering items such as Working Washington 5 ($70 Million) and the Hospitality Sector ($100 Million). It describes the Small Business Flex Fund, reporting 849 loans and $73.8M loaned to date. It gives State Small Business Credit Initiative (SSBCI) funding of $163,460,354 in total. Later slides cover a Community Reinvestment Account Plan, a hydrogen hub proposal, manufacturing strategy and items in the Governor's budget.
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Cite this document
“Economic Development & Competitiveness — Chris Green — Washington State Department of Commerce (January 12, 2022).”
Original at app.leg.wa.gov, dated 2023-01-12. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-01-12-2023-01-12-a30312-d247383-department-of-commerce-s-business-financial-services-and-tra/
, SHA-256 ab561d5ff660304034a31470a15306b807928ca4cfdde29aa752862aa1c76329.Full text
Economic
Development &
Competitiveness
Chris Green
ASSISTANT DIRECTOR, OFFICE OF ECONOMIC DEVELOPMENT &
COMPETITIVENESS
JANUARY 12, 2022
We strengthen communities
WASHINGTON STATE DEPARTMENT OF COMMERCE 2
Our role…
The Office of Economic Development & Competitiveness directs Washington’s
economic development strategy, working with stakeholders and partners
statewide to strengthen local communities through a diverse, inclusive and
resilient economy that creates living wage jobs.
WASHINGTON STATE DEPARTMENT OF COMMERCE 3
Our small business portfolio
BUSINESS EXPORT SMALL BUSINESS TRAINING SMALL BUSINESS SECTOR
DEVELOPMENT ASSISTANCE & EDUCATION FINANCE LEADS
Recruitment Business Matchmaking MyStartup365.com State Small Business Policy
Retention Market Intelligence Educational Academies Credit Initiative (SSBCI) Public-Private Partnerships
Expansion Risk Mitigation ScaleUp Flex Fund Workforce
Foreign Direct Investment STEP Grants Thrive! Credit Worthiness Industry Alignment
Strategic Reserve Fund Trade Missions Go Global Community Outreach
Opportunity Zones Global Entrepreneurship Month
Technical Assistance
WASHINGTON STATE DEPARTMENT OF COMMERCE 4
OEDC funding & staffing
WASHINGTON STATE DEPARTMENT OF COMMERCE 5
Small business relief & recovery
2021-23 Biennium
$512 Million to distribute
47 different awards/programs
• Grants
• Loans
• Technical Assistance
WASHINGTON STATE DEPARTMENT OF COMMERCE 6
Grant status update
Description Appropriation Status
Working Washington 5 $70 Million Distributing
Convention Centers $5 Million Distributing
Working Washington – Border Businesses $4.4 Million Fully Distributed
Public Facility Districts $20 Million Fully Distributed
Hospitality Sector $100 Million Portal in Development
Small Business Innovation $34.5 Million Distributing
SSBCI Spending Authority $138 Million Needs renewal
Small Business Disaster Relief $20 Million Portal Open
Tourism $12 Million Fully Distributed
SBRN Support and Loan Program $15 Million Loan RFP Pending
Microenterprise $4.4 Million Contract Executed
Arts, Heritage, Science & Culture $5 Million Fully Distributed
WASHINGTON STATE DEPARTMENT OF COMMERCE 7
The work ahead…
Challenges remain…
COVID grants, technical assistance and resources drying up
• Federal support ending
• Need for capital, TA and trusted resources at an all-time high
Economic disruptors
• Workforce shortages
• Changing customer demands
• Supply chain issues
• Inflation
• Possible recession
WASHINGTON STATE DEPARTMENT OF COMMERCE 9
Small businesses struggling
89.1% of Washington businesses make it through Year 1
40.4% make it to Year 5
18.3% are still around at Year 10 (National average: 34.5%)
2022 U.S. Bureau of Labor Statistics (BLS)
WASHINGTON STATE DEPARTMENT OF COMMERCE 10
Meeting their specific needs
• Increase access to capital
• Create credit building program
• Fill identified gaps in technical assistance,
training and education
• Focus on historically marginalized businesses
• Leverage and deepen existing partnerships
statewide
• Increase government contracting opportunities
WASHINGTON STATE DEPARTMENT OF COMMERCE 11
Federal investment brings new opportunities
WASHINGTON STATE DEPARTMENT OF COMMERCE 12
Community Reinvestment Account Plan
• 2022 Supplemental Operating Budget, Sec. 128 (134):
• The Community Reinvestment Plan is intended to guide $200 million in grants “to
address racial, economic, and social disparities in communities across the state
created by the historical design and enforcement of state and federal criminal laws
and penalties for drug possession.”
• Project milestones:
• Consultant selected to manage community-driven process and data analysis.
• 16-person Advisory Board offering guidance, made up of those with lived experience.
• Interim Legislative Report submitted in December.
• Next steps:
• Final legislative report with recommendations will be submitted in June 2023.
WASHINGTON STATE DEPARTMENT OF COMMERCE 13
Small Business Flex Fund
Total Public & Private Fund Capital: $105M Fund Investors
WaFd
# of Loans to date: 849 Heritage Bank
Total amount loaned to date: $73.8M JP Morgan Chase
Umpqua Bank
Percent to Minority/Women Owned Businesses: 73% Key Bank
Wells Fargo
Average Loan Size: $87K
WASHINGTON STATE DEPARTMENT OF COMMERCE 14
State Small Business Credit Initiative (SSBCI)
✓ Capital Access Program (Small Business Flex Fund)
✓ Revenue Based Capital Access Program
✓ Venture Capital Access Program
✓ Commercial Lending Program
✓ Collateral Support Program (CSP)
WASHINGTON STATE DEPARTMENT OF COMMERCE 15
State Small Business Credit Initiative (SSBCI)
Funding Details (ARPA Funds):
• Base Capital Funding: $124,435,638
• Additional SEDI/Incentive Funding: $39,024,716
• TOTAL Funding: $163,460,354
Allocation: Capital funds allocated in three performance-based disbursements: 33%, 33%, 34%
Status
• Commerce initiated a required competitive solicitation for program administrators – December
2021
• Treasury approved Commerce proposed SSBCI Programs – January 2023
• Executed Treasury Allocation Agreement – January 2023
• Executed Program Administrator Contracts – Q1 2023
• Program launch – Q2 2023
WASHINGTON STATE DEPARTMENT OF COMMERCE 16
Hydrogen Hubs provide $1B opportunity
• Multiple areas of H2
activity in PNW.
• Multiple examples to
make, move, use and
store H2.
• April 7 full application
deadline.
• Chair Lisa Brown, WA
Commerce. • PNWH2 hub proposal
• Vice Chair Janine Benner, OR will create a dynamic
Dept. of Energy marketplace.
• 18 board members representing
tribes, utilities, private sector,
environmental, labor, etc.
WASHINGTON STATE DEPARTMENT OF COMMERCE 17
PNWH2 Strategy
Consistent with DOE’s ...tailored to reflect the Pacific
vision and themes… Northwest region’s unique
strengths and resources
WASHINGTON STATE DEPARTMENT OF COMMERCE 18
WA Manufacturing Cluster Strategy
WASHINGTON STATE DEPARTMENT OF COMMERCE 19
Manufacturing Council – HB 1170
• Urban jobs
concentration
• Workforce diversity
reflects population
• Training demand
most difficult for
smaller firms
• Women, younger
and rural workers
underrepresented
WASHINGTON STATE DEPARTMENT OF COMMERCE 20
Recent Wins – Central Washington
• Group 14 and Sila
Nanotechnogies each
awarded $100m for
battery manufacturing
facilities in Moses Lake
• Both will produce high
tech new “anodes” which
improve energy density
of batteries
WASHINGTON STATE DEPARTMENT OF COMMERCE 21
Recent Wins – Tri Cities
• Estimated 200 new jobs
in Pasco.
• Legislature approved
and Commerce
administered $7m
capital budget funds to
assist infrastructure
development.
WASHINGTON STATE DEPARTMENT OF COMMERCE 22
Recent Wins – Puget Sound
• Commerce supported
MagniX expansion in
Puget Sound.
• Currently developing
battery and H2 fuel cell
electric aircraft engines
.
• More than 100 new jobs
created so far and
continuing to grow
• Strategic partnership
with Eviation (new
electric aircraft)
WASHINGTON STATE DEPARTMENT OF COMMERCE 23
Supporting this work
In the Governor’s budget:
• HB 1216 – Clean Industrial Siting
• Industrial Site Readiness
• ICAP Support
• H2 Hubs
• Small Business Training Modules
• Procurement Technical Assistance
• Clean Tech Business Attraction
WASHINGTON STATE DEPARTMENT OF COMMERCE 24
Thank you!
www.commerce.wa.gov
Dave Pringle
LEGISLATIVE AFFAIRS MANAGER
dave.pringle@commerce.wa.gov
360-918-6033
Chris Green
ASSISTANT DIRECTOR, OFFICE OF ECONOMIC Jasmine Vasavada
DEVELOPMENT & COMPETITIVENESS DIRECTOR OF GOVERNMENT AFFAIRS AND POLICY
Chris.Green@commerce.wa.gov
jasmine.vasavada@commerce.wa.gov
360-480-6622
File and source
- File
- 2023-01-12_a30312_d247383_department-of-commerce-s-business-financial-services-and-tra.pdf
- Size
- 2,147,981 bytes
- SHA-256
- ab561d5ff660304034a31470a15306b807928ca4cfdde29aa752862aa1c76329
- Original
- app.leg.wa.gov