Department of Small Business and Supplier Diversity Work Plan, first quarter — June 21, 2023

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: 1st Quarter. It states that the agency is on track with its goals and expects to update the recipients at the end of July 2023 on second quarter progress. The attached 2023 work plan lists first quarter figures of 1,146 jobs created and retained, $231,412,700 in total financing facilitated and 295 presentations to partners. It also lists 14,557 certified small, women and minority businesses, 3,247 certified disadvantaged business enterprises and 783 service-disabled veteran businesses.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

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          l<JA,
              Department of Small Business and Supplier Diversity

Date:         June 21, 2023

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

Subject:      Department of Small Business and Supplier Diversity Work Plan: 1 51 Quarter

We appreciate the opportunity to share with you the work that has been accomplished in the first
quarter of the year in relation to our 2023 Agency Work Plan. We are on track with our goals and
are meeting with our staff monthly to review goals and performance as we progress through
2023.

SBSD continues to provide assistance and support to the small business community in Virginia.
We look forward to updating you at the end of July 2023 on our progress and performance in the
second quarter of 2023.

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




              101 N. 14'h Street, 11'11 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, 2023

                                                     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.




                IOI N. 14"' Street, l l'h Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
                           Agency's Objectives and Strategies for 2023


Agency Goal #1:

Spur economic vitality through strategic investment of resources.

Objective

Utilize agency resources to maximize the creation and retention of jobs 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, ll'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. 1,146

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. 1,146

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. 81

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. $231,412,700

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. $242,700

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. 295



               101 N. 14•h Srreet, 11'1' Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
SWaM Certification Division (SW aM)
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)
    Qt. SWaM= 14,557 DBE= 3,247

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

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)

    Ql. 783

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)



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

   Ql. 809

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

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. 885

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)

   Qt. 159


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 1O; Goal 15)

   Ql. 2




              10 I N. 14'h Srreer, 11 11' Floor • Richmond, Virginia 23219 • (804) 786-6585 • fox (804) 786-9736


File and source

File

2023-RD288.pdf

Size

396,328 bytes

SHA-256

85ecb67d19693a37b48f5e4b7ef50cbcea5c123ea4c724df0ad907d69f69a3ff

Our copy

2023-RD288.pdf

Original

No public link identified.