Outcomes of the Virginia Small Business Resiliency Fund (VSBRF) (February 26, 2024)
Summary
Letter dated February 26, 2024 from Bryan Horn, DHCD Director, to Governor Youngkin, Secretary Merrick, Chair Lucas and Chair Torian, documenting the outcomes of the Virginia Small Business Resiliency Fund (VSBRF). It says VSBRF was established as a one-time fund providing grants to Community Development Financial Institutions (CDFIs) and Community Development Enterprises (CDE). It states that Eleven certified CDFIs and one entity seeking CDFI certification were granted a total of $9.7 million, with 12 grants awarded and those investments leveraging $6,643,138. It reports 203 new jobs created, 761 jobs retained, 82 new businesses created, 258 businesses retained and 148 businesses expanded. All funds are fully obligated and there will be no further application rounds.
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“Outcomes of the Virginia Small Business Resiliency Fund (VSBRF) (February 26, 2024).”
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February 26, 2024
The Honorable Glenn Youngkin
Governor of the Commonwealth of Virginia
Patrick Henry Building
Richmond, VA 23219
The Honorable Caren Merrick
Virginia Secretary of Commerce and Trade
Patrick Henry Building
Richmond, VA 23219
The Honorable Louise Lucas
Chair, Senate Finance and Appropriations Committee
201 North 9th Street, 13th Fl.
Richmond, VA 23219
The Honorable Luke E. Torian
Chair, House Appropriations Committee
201 North 9th Street, 12th Fl.
Richmond, VA 23219
Dear Governor Youngkin, Secretary Merrick, Chair Lucas and Chair Torian,
I am writing to provide documentation of the outcomes of the Virginia Small Business Resiliency
Fund (VSBRF), as required in Section E of § 36-140.01 of the Code of Virginia.
During a 2021 Special Session of the General Assembly, VSBRF was established as a one-time
fund providing grants to Community Development Financial Institutions (CDFIs) and Community
Development Enterprises (CDE) to provide flexible and favorable financing to small businesses.
VSBRF was designed to be highly targeted and highly flexible in order to increase capital access
to underserved businesses, particularly those owned and operated by women, people of color
and immigrants. The program aims to build capacity in the Commonwealth’s CDFI sector.
Virginia Department of Housing and Community Development | Partners for Better Communities
Main Street Centre | 600 East Main Street, Suite 300 Richmond, VA 23219
www.dhcd.virginia.gov | Phone (804) 371-7000 | Fax (804) 371-7090 | Virginia Relay 7-1-1
Eleven certified CDFIs and one entity seeking CDFI certification were granted a total of $9.7
million in funding to expand technical assistance, services and lending products and build the
organizations’ internal capacity to serve more borrowers. In total 12 grants were awarded, with
those investments leveraging $6,643,138. In total, 203 new jobs were created, 761 jobs were
retained, 82 new businesses were created, 258 businesses were retained and 148 businesses
expanded.
A summary of the program impact can be found in the attached document. All funds are fully
obligated for this program, and there will be no further application rounds.
Sincerely,
Bryan Horn
DHCD Director
Attachments:
Virginia Small Business Resiliency Fund Impact Statement
Virginia Department of Housing and Community Development | Partners for Better Communities
Main Street Centre | 600 East Main Street, Suite 300 Richmond, VA 23219
www.dhcd.virginia.gov | Phone (804) 371-7000 | Fax (804) 371-7090 | Virginia Relay 7-1-1
IMPACT Applications Received 16 Total Funding Requested
$16.9 million
STATEMENT
12 Applications Funded
Total Funding Distributed
$9.7 million
Borrowers:
New Businesses Businesses Businesses 355
created retained expanded
82 258 148
New jobs created Jobs retained
203 761
Total value of loans: Dollars leverage:
$5,732,810 $6,643,138
Industry Type (job) Jobs created Jobs retained
Agriculture 30 51
Childcare/Education 12 32
Construction 23 58
Entertainment/Art 7 25
Healthcare 13 37
Government 0 2
IT 0 2
Manufacturing 8 16
Miscellaneous 0 323
Professional Services 37 101
Restaurant/Food Industry 23 42
Retail 31 31
Transportation 15 27
Wholesale Trade 1 2
Waste Management 3 12
TOTAL 203 761
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