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Fiscal Year 2022 Small Business Investment Grant Annual Report — Small Business and Supplier Diversity

Summary

This is a memorandum dated June 21, 2023 from Willis A. Morris, Director, Department of Small Business and Supplier Diversity, to Governor Glenn Youngkin and Caren Merrick, Secretary of Commerce and Trade, with the subject Fiscal Year 2022 Small Business Investment Grant Annual Report. It states that during fiscal year 2022 there were 45 grants made to 42 eligible investors who invested in 15 qualifying businesses totaling $819,753, which is the full appropriation for the Program. The highest grant award was $50,000, the lowest $3,400 and the average $18,216.73. Since the Program's inception in fiscal year 2012, the total amount deployed has been $6,044,103 to 381 eligible investors who made qualifying investments in 104 qualifying businesses.

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“Fiscal Year 2022 Small Business Investment Grant Annual Report — Small Business and Supplier Diversity.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-rd291-f0f3251b7b/, SHA-256 bdcdd7b65f5e68d96002901892c7a53d9cdc778f18998e29b69a7b404846af88.

Full text

                        COMMONWEALTH of VIRGINIA
                      Department of Small Business and Supplier Diversity

To:    Honorable Glenn Youngkin, Governor
       Honorable Caren Merrick, Secretary of Commerce and Trade

From: Willis A. Morris, Director, Department of Small Business and Supplier Diversity
Date: June 21, 2023
Re: Fiscal Year 2022 Small Business Investment Grant Annual Report

Pursuant to the 2022 Special Session I, Virginia Acts of Assembly, Chapter 2, Item 123, B., the
Department of Small Business and Supplier Diversity (the "Agency"), shall report on the status
of the Small Business Investment Grant Fund (the "Program") each year.

During fiscal year 2022, there were 45 grants made to 42 eligible investors who invested in 15
qualifying businesses totaling $819,753 which is the full appropriation for the Program. Three
investors made qualified investments in multiple businesses. The highest grant award was
$50,000 with the lowest being $3,400. The average grant award was $18,216.73.

The fiscal year 2022 geographic breakdown of the 15 Virginia businesses in which the
investments were made is as follows: Central Region (9), Northern Region (5), and Southern
Piedmont (I).

Since the Program's inception in fiscal year 2012, the total amount deployed to date under the
Program has been $6,044,103 to 381 eligible investors who made qualifying investments in 104
qualifying businesses.

On behalf of the staff of the Department of Small Business and Supplier Diversity and the Board
of Directors and staff of the Virginia Small Business Financing Authority, I want to thank you
for allowing us the opportunity to provide key programs and services to Virginia's small
businesses as a part of the Commonwealth's economic development effort.

Please feel free to contact me should you have any questions regarding this report.

Sincerely,

Ju
Willis A. Morris,
Director

Cc:    Executive Director, Virginia Small Business Financing Authority



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

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