Department of Small Business and Supplier Diversity Work Plan, fourth quarter, 2023 Agency Work Plan

Summary

This is a memorandum from Willis A. Morris, Director of the Department of Small Business and Supplier Diversity, to The Honorable Caren Merrick, Secretary of Commerce and Trade, with the subject Work Plan, fourth quarter. It states that the agency met or exceeded the majority of its goals for the 2023 Agency Work Plan and continues to meet with staff monthly. The attached work plan for January 1-December 31, 2023 lists Total Financing Facilitated of $278,478,202 in the fourth quarter and $531,695,652 year to date. It lists 3,081 businesses served through Business One Stop year to date and 825 service-disabled veteran businesses in the fourth quarter.

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                        CO.iWJ-IONWEALTH 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         AJ_:;2?/{
              Department of Small Business and Supplier Diversity

Date:         January 3 I , 2024

CC:           Laura L. Wilborn, Division of Legislative Automated Systems
                                                                                                     th
Subject:       Department of Small Business and Supplier Diversity Work Plan: 4 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 2023 Agency Work Plan. We met/exceeded the
majority of our goals and continue to meet with our staff monthly to review goals and
performance as we start 2024.

SBSD continues to provide assistance and support to the small business community in Virginia.
We look forward to updating you at the end of April 2024 on our progress and performance in
the first quarter of 2024.

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




              IOI N. 14m Screer, 11'1' 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, 11'1' 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)


Virginia Small Business Financing Authority (VSBFA)
Total number of Jobs Created and Retained by all businesses from VSBFA capital access
programs:



              IOI N. 14"' Street, 11 11' Floor • Richmond, Virginia 23Z 19 • (804) 786-6585 • Fax (804) 786-9736
•   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)

    Q1.1,146
    Q2.165
    Q3. 63
    Q4.1,588
    YTD.2,962

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)
    Q1. 1,146
    Q2. 165
    Q3. 63
    Q4. 298
    YTD.1,672

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)
    Q1. 81
    Q2.53
    Q3.46
    Q4.23
    YTD. 203

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)
    Q1. $231,412,700
    Q2. $19,970,854
    Q3. $1,833,896
    Q4. $278,478,202
    YTD. $531,695,652

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)



               JOIN, 141h Street, l l'h Floor• Richmond, Virginia 23219 • (804) 786-6585 • Fax(804) 786-9736
    Q1.$2,242,700
    Q2.$1,869,354
    Q3. $1,666,694
    Q4. $5,968,350
    YTD. $11,747,098

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)
    Q1.295
    Q2.233
    Q3.279
    Q4. 220
    YTD.1,027

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)

                =
    Q1. SWaM 14,557 DBE 3,247      =
    Q2.SWaM = 14,420 DBE= 3,258
                =
    Q3. SWaM 14,372 DBE 3,316      =
    Q4. SWaM = 14,462 DBE= 3,354

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)

    Q1. 50
    Q2.53
    Q3.55
    Q4.53

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)

    Q1. 783
    Q2.795
    Q3.800
    Q4. 825

Agency Goal #2:



              101 N. 1411' Street, 11'1' Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
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 (BOOS)
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 3,000)

    Q1. 809
    Q2. 616
    Q3. 748
    Q4. 586
    YTD. 2,759

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 is collected annually in November and will be reported in the fourth quarter's
    report. (Baseline 30%; Goal 50%)

    Q1. NIA
    Q2. NIA
    Q3. NIA
    Q4. 72%

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 3,800)



              IOI N. 14' Street, l l't' Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736
   Q1. 885
   Q2. 738
   Q3.712
   Q4. 746
   YTD. 3,081

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)

   Q1. 159
   Q2. 80
   Q3. 21
   Q4. 9
   YTD. 269


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)

   Q1.2
   Q2.0
   Q3.1
   Q4. 7
   YTD.10




              101 N. 14,t, Street, l 1'1, Floor • Richmond, Virginia 23219 • (804) 786-6585 • Fax (804) 786-9736


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