Department of Small Business and Supplier Diversity Work Plan: 3rd Quarter (2022 Agency Work Plan)

Summary

This is a memorandum dated June 21, 2023 from Willis A. Morris, Director of the Department of Small Business and Supplier Diversity, to Secretary of Commerce and Trade Caren Merrick, with the subject Work Plan: 3rd Quarter. It attaches the agency work plan for January 1 to December 31, 2022, listing goals, objectives and quarterly measures for the Virginia Small Business Financing Authority and other divisions. For the third quarter the plan lists $217,500,000 in total financing facilitated, with $303,309,618 year to date. It lists 14,653 certified small, women and minority businesses and 3,182 certified disadvantaged business enterprises, and 1,999 businesses served through Business One Stop in the second quarter.

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Full text

                        COMMONWEALTH of VIRGINIA
                       Department of Small Business and Supplier Diversity



To:           The Honorable Caren Merrick
              Secretary of Commerce and Trade

              House of Appropriations & Senate Finance Committees

From:         Willis A. Morris, Director          '1.J.:.f.2;:2-·
                                                  A,
              Department of Small Business and Supp'fier Diversity

Date:         June 21, 2023

CC:           Laura L. Wilborn, Division of Legislative Automated Systems

Subject:      Department of Small Business and Supplier Diversity Work Plan: 3rd Quarter

We appreciate the opportunity to share with you the work that has been accomplished in the
second quarter of the year in relation to our 2022 Agency Work Plan. We are on track with the
majority ofour goals and are meeting with our staff monthly to review performance. Many of the
goals are cumulative and we expect to reach our targets as the year progresses. SBSD continues
to provide assistance and support to Virginia's small business community.

Thank you and please let us know if you have any questions on items not addresses in this report.




              101 N. 1411' Street, 11 r1, Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
                       Department of Small Business and Supplier Diversity
                                      Agency Work Plan
                                January I-December 31, 2022

                                                    Overview

Mission:        Economic Growth and Development of Virginia's Small Businesses

The mission of the Virginia Department of Small Business and Supplier Diversity (SBSD) is to serve
Virginia's small businesses, by enhancing growth opportunities through increased revenue and job
creation that raises the standard of living of all Virginians.

Agency Vision:

The Virginia Department of Small Business and Supplier Diversity (SBSD), formerly the
Department of Business Assistance and the Department of Minority Business Enterprise, was formed
to meet the needs of existing and new small businesses. Over the life of the agency, the mission has
expanded so that small, woman, and minority-owned businesses are included in this vision. Then
and now, the department separates these important functions from the political process and ensure
that all Virginia small businesses receive assistance to grow and prosper in the Commonwealth
through education, counseling, certification, and access to financing.

Agency Goals:

Statewide Goals Advanced by SBSD's Strategic Goals, Objectives. and Strategies
•   Be a national leader in the preservation and enhancement of our economy.
•   Engage and inform citizens to ensure we serve their interests.
•   Be recognized as the best-managed state in the nation.
•   Ensure that Virginia has a transportation system that is safe, enables easy movement of people
    and goods, enhances the economy, and improves our quality of life.

The goals listed above are statewide goals with many contributors in which SBSD plays a role. The
agency is committed to customer service, advocacy for small businesses, and support of other
Virginia state agencies. SBSD specific goals do not stand alone, but support the broader goals of the
entire Commonwealth.

Agency Goal I:           Spur economic vitality through strategic investment of resources.

For the Department this means implementing strategies that assist small businesses to be more
competitive in a rapidly changing global economy.

Agency Goal II:          Enhance the positive business climate in Virginia for small businesses as they
                         move through the business life cycle: formation, stabilization, and growth.

For the Department this means providing services designed to assist with the development and
growth of small businesses, as they are the economic engine of the Commonwealth.




                IOI N. 14"' Srreet, 11'" Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
                           Agency's Objectives and Strategies for 2022

Agency Goal #1:

Spur economic vitality through strategic investment of resources.

Objective

Utilize agency resources to maximize the creation and retention ofjobs within the Commonwealth
as well as growth for wealth maximization of our current small business population.

Overall success toward meeting this objective will be assessed through the following
measures:
•   Total number of Jobs Created and Retained by ALL businesses from VSBFA's access to
    capital programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant and (iv) Bond
    (Work Plan Measure)
• Total number of Jobs Created and Retained by SMALL businesses from VSBFA's access
  to capital programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant, and (iv) Bond
  (if applicable) (Work Plan Measure)
•   Total number of Jobs Created and Retained by ALL businesses in RURAL ONLY areas
    from VSBFA's access to capital programs: (i) Loan, (ii) Credit Support, (iii) Investment
    Grant and (iv) Bond program (if applicable) (Work Plan Measure)
•   Total Financing Facilitated for ALL businesses from VSBFA's access to capital
    programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant and (iv) Bond programs
    (Work Plan Measure)
•   Total Funds Utilized for SMALL businesses from VSBFA's access to capital programs:
    (i) Loan, (ii) Credit Support and (iii) Investment Grant (Bonds excluded) (Work Plan
    Measure)
•   Total number of Presentations to financial institutions, economic development, and
    stakeholder partners: VSBFA's centers of influence to advance its access to capital
    programs (Strategic Plan Measure)
•   Make available a pool of Small, Women, and Minority (SWaM) and Disadvantaged
    Business Enterprise (DBE) certified vendors for local, state, and corporate/private
    entities (Strategic Plan Measure)
•   Average number of days to process a Small, Women, and Minority (SWaM) certification
    application (Strategic Plan Measure)
•   Support of service-disabled veteran businesses through certification (Strategic Plan
    Measure)




              101 N. 14r1, Streer, l l'h Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
Virginia Small Business Financing Authority (VSBFA)
Total number of Jobs Created and Retained by all businesses from VSBFA capital access
programs:
• Total number of Jobs Created and Retained by ALL businesses from VSBFA's access to
   capital programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant and (iv) Bond (Baseline
   400; Goal 400)
   Ql.104
   Q2. 323
   Q3.11,412
   YTD.11,839
Total number of Jobs Created and Retained by small businesses from VSBFA capital access
programs:
• Total number of Jobs Created and Retained by SMALL businesses from VSBFA's access to
   capital programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant, and (iv) Bond (if
   applicable). (Baseline 400; Goal 400)
   Ql.104
   Q2.288
   Q3. 583
   YTD.975

Total number of Jobs Created and Retained by small businesses in rural areas from VSBFA
capital access programs:
• Total number of Jobs Created and Retained by ALL businesses in RURAL ONLY areas from
   VSBFA's access to capital programs: (i) Loan, (ii) Credit Support, (iii) Investment Grant and
   (iv) Bond program (if applicable). (Baseline 150; Goal 200)
   Ql.10
   Q2. 271
   Q3. 0
   YTD. 281

Total Financing Facilitated for all businesses from VSBFA capital access programs:
• Total Financing Facilitated for ALL businesses from VSBFA's access to capital programs: (i)
   Loan, (ii) Credit Support, (iii) Investment Grant and (iv) Bond programs. (Baseline
   $7,500,000; Goal $10,000,000)
   Ql. $1,105,000
   Q2.$84,809,618
   Q3.$217,500,000
   YTD. $303,309,618




              101 N. 14•h Srreet, 11'1' Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
Total Funds Utilized for small businesses from VSBFA's capital access programs (new):
• Total Funds Utilized for SMALL businesses from VSBFA's access to capital programs: (i)
   Loan, (ii) Credit Support and (iii) Investment Grant (Bonds excluded). (Baseline $5,000,000;
   Goal $10,000,000)
   Ql. $496,250
   Q2. $4,675,244
   Q3. $1,034,843
   YTD.$6,206,367
Total number of Presentations to financial institutions, economic development, and
stakeholder partners:
• Total number of Presentations to financial institutions, economic development, and
   stakeholder partners: VSBFA's centers of influence to advance its access to capital programs.
   (Baseline 150; Goal 600)
   Ql.246
   Q2. 192
   Q3.58
   YTD.496

SWaM Certification Division (SWaM)
Make available a pool of Small, Women, and Minority (SWaM) and Disadvantaged
Business Enterprise (DBE) certified vendors for local, state, and corporate/private entities.
• Staff will provide data quarterly on the number of currently certified SWaM and DBE
   businesses. (Baseline 14,000; Goal 17,000)

   Ql. SWaM = 14,788 DBE = 3,126
   Q2.SWaM = 14,936 DBE= 3,152
   Q3.SWaM = 14,653 DBE= 3,182

Average number of days to process a Small, Women, and Minority (SWaM) certification
application.
• Staff will provide data quarterly on the average number of business days to process a
   certification application. (Baseline 86; Goal 60)

   Ql. 50
   Q2.50
   Q3. 50

Support of service-disabled veteran businesses through certification
• Staff will provide data quarterly on the number of service-disabled veteran small businesses
   certified. (Baseline 250; Goal 750)

   Qt.691
   Q2. 727
   Q3.739


              101 N. 14•h Street, l l'h Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
Agency Goal #2:

Enhance the positive business climate in Virginia for small businesses as they move through the
business life cycle: formation, stabilization, and growth.

Objective

To provide services designed to assist with the development and growth of small businesses in
the Commonwealth.

Overall success toward meeting this objective will be assessed through the following
measures:

• Number of education and outreach activities conducted to assist Virginia small
  businesses with strategic growth and development (Strategic Plan Measure)
• Percentage of businesses that maintained or experienced growth in revenue as a result
  of participating in the New Virginia Scaling 4 Growth Development Program (Work
  Plan Measure)
• Number of businesses served through Business One Stop (Work Plan Measure)
• Number of partners worked with annually to support Virginia small businesses
  (Strategic Plan Measure)
• Number ofVDOT projects supported through vendor development and technical
  assistance (Work Plan Measure)

Business Development and Outreach Services (BDOS)
Number of education and outreach activities conducted to assist Virginia small businesses
with strategic growth and development.
• Staff will provide data quarterly on the number of outreach events and/or activities held or
   participated in annually. (Baseline 1,000; Goal 1,900)

    QI. 1,053
    Q2. 1,081
    Q3. 707
    YTD. 2,841

Percentage of businesses that maintained or experienced growth in revenue as a result of
participating in the New Virginia Scaling 4 Growth Development Program
• This data will be provided by Interise on an annual basis. (Baseline 30%; Goal 30%)

    Ql. NIA
    Q2. NIA
    Q3. NIA




              101 N. 14d• Street, 11' Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax {804) 786-9736
Number of businesses served through Business One Stop
• Staff will provide data quarterly on the number of small businesses served through Business
  One Stop. (Baseline 2,300; Goal 2,500)

   Qt. 1,049
   Q2. 1,999
   Q3. 820
   YTD. 3,868

Number of partners worked with annually to support Virginia small businesses.
• Staff will provide data quarterly on the number of partner organizations worked with to
  support Virginia Small Businesses. (Baseline 100; Goal 220)

   Ql. 93
   Q2. 80
   Q3. 40
   YTD. 213


DBE Technical Assistance and Outreach (DBE Outreach)
Development of ready, willing, and able businesses prepared to support VDOT projects.
• Staff will provide data quarterly on the number of VDOT projects supported through vendor
   development and technical assistance. (Baseline 10; Goal 15)

   Qt. 1
   Q2. 1
   Q3. 0
   YTD.2




              IO l N. l 4'b Street, l l'b Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736


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