Department of Small Business and Supplier Diversity Work Plan: 4th 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: 4th Quarter. It states that the agency exceeded the majority of its goals for 2022 and meets with staff monthly to review goals and performance for 2023. The attached 2022 work plan lists fourth quarter totals of $512,490,000 in financing facilitated and $573,750 in funds utilized for small businesses. It also lists 14,577 certified small, women and minority businesses, 3,222 certified disadvantaged business enterprises and 763 service-disabled veteran businesses.

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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          IJ_j2.r2A-.
              Department of Small Business and Suppher Diversity

Date:         June 21, 2023

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

Subject:      Department of Small Business and Supplier Diversity Work Plan: 4th Quarter

We appreciate the opportunity to share with you the work that has been accomplished in the
fourth quarter of the year in relation to our 2022 Agency Work Plan. We exceeded the majority
of our goals for 2022 and are meeting with our staff monthly to review goals and perfonnance
for 2023.

SBSD continues to provide assistance and support to the small business community in Virginia.

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




              JO l N. 14 th Srreer, 11'h Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
                      Department of Small Business and Supplier Diversity
                                     Agency Work Plan
                                January 1-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 provide
education and assistance; economic opportunity; and access to capital to generate employment and
economic growth for small businesses while enhancing the economy in Virginia.

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.




               101 N. 14'h Street, l l'h 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. 14'h Street, 11'" 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
   Q3.11,489
   Q4.7,726
   YTD.19,642

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. 627
   Q4.264
   YTD.1,283

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
   Q3.9
   Q4.252
   YTD.542

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)
   Qt. $1,105,000
   Q2. $84,704,618
   Q3.$306,901,835
   Q4. $512,490,000
   YTD. $905,201,4531


              101 N. 14 "' Stteet, I l'h 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
   Q4. $573,750
   YTD. $6,780,117

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. 268
   Q4.195
   YTD. 901

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
   Q4. SWaM = 14,577 DBE= 3,222

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
   Q4. 50




              101 N. 14"' Street, l l 'h Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
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)

   QI. 691
   Q2. 727
   Q3. 739
   Q4. 763

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 of VDOT 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
   Q4. 517
   YTD. 3,258



              IO l N. 14 th Street, 11 'h Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
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
   Q4. 50%

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)

   Ql. 1,049
   Q2. 1,999
   Q3. 820
   Q4. 732
   YTD. 3,519

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)

   QI. 93
   Q2. 80
   Q3. 40
   Q4. 23
   YTD. 236


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 IS)

   Ql. 1
   Q2. 1
   Q3. 0
   Q4. 1
   YTD.3




              101 N. 14'1' Street, 11 'h Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736


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