Department of Small Business and Supplier Diversity Work Plan: 2nd Quarter (August 7, 2024)

Summary

This is a memorandum dated August 7, 2024 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: 2nd Quarter. It quotes the Appropriation Act requirement to report on the agency's efforts to maximize job creation and retention among the Commonwealth's small businesses. The attached work plan for January 1-December 31, 2024 lists Total Financing Facilitated for all businesses of $12,925,990 in the second quarter and $15,615,929 year to date (YTD). It lists 366 Jobs Created and Retained by all businesses in the second quarter, 450 YTD, and 781 businesses served through Business One Stop in the second quarter, 1,642 YTD.

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Full text

                        C01lf.J.fONWEALTH of VIRGINIA
                       Department of Small Business and Supplier Diversity


To:            The Honorable Caren Merrick
               Secretary of Commerce and Trade



                                                    /Jfa A 
               House of Appropriations & Senate Finance Committees

From:          Willis A. Morris, Director
               Department of Small Business and Supplier Diversity

Date:          August 7, 2024

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

Subject:       Department of Small Business and Supplier Diversity Work Plan: 2nd Quarter

The Appropriation Act-Item 111 G. (Special Session 1, 2024) requires the Department of Small
Business and Supplier Diversity to:

         "report to the Secretary of Commerce and Trade and the Chairs ofthe House
        Appropriations and Senate Finance and Appropriations Committees on the agency's
        efforts to maximize job creation and retention among the Commonwealth's small
        businesses. The report shall include, at a minimum, measures of (i) the effectiveness of
        programs administered by the Small Business Financing Authority in assisting borrowers
        to create jobs and enable increased capital investment; (ii) the efficiency and
        effectiveness ofSmall, Women-owned, and Minority-owned Business and Disadvantaged
        Business Enterprise programs; (iii) the success of the agency's outreach and technical
        assistance activities; and, (iv) the number ofbusinesses certified, and the average
        number ofbusiness days to process a certification application each month. "

We appreciate the opportunity to share with you the work that has been accomplished during the
second quarter of the calendar year in relation to our 2024 Agency Work Plan. We anticipate
meeting/exceeding our goals and continue to meet with our staff monthly to review goals and
performance as we progress through 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 October 2024 on our progress and performance
during the third quarter of 2024.

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




               101 N. 14r1, Street, ll '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, 2024

                                                   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. 14th Street, 11th Floor • Richmond, Virginia 23219 • (804) 786--6585 • Fax (804) 786-9736
                           Agency’s Objectives and Strategies for 2024

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:



              101 N. 14th Street, 11th Floor • Richmond, Virginia 23219 • (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 1300)

    Q1. 84
    Q2. 366
    YTD. 450

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 1200)
    Q1. 84
    Q2. 366
    YTD. 450

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 220)
    Q1. 19
    Q2. 288
    YTD. 307

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. $2,689,939
    Q2. $12,925,990
    YTD. $15,615,929

Total Funds Utilized for small businesses from VSBFA’s capital access programs:
•   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 $12,000,000)
    Q1. $1,941,625
    Q2. $8,301,053
    YTD. $10,242,678

Total number of Presentations to financial institutions, economic development and
stakeholder partners:




               101 N. 14th Street, 11th Floor • Richmond, Virginia 23219 • (804) 786--6585 • Fax (804) 786-9736
•   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 800)
    Q1. 166
    Q2. 141
    YTD. 307

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 15,500)

    Q1. SWaM = 14,552 DBE = 3,369
    Q2. SWaM = 14,396 DBE = 3,426

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 50)

    Q1. 55
    Q2. 60

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 875)

    Q1. 841
    Q2. 858

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)




               101 N. 14th Street, 11th 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
    (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 3,000)

    Q1. 378
    Q2. 894
    YTD. 1,272

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. N/A
    Q2. N/A

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)

    Q1. 861
    Q2. 781
    YTD. 1,642

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 250)

    Q1. 125
    Q2. 42
    YTD. 167


DBE Technical Assistance and Outreach (DBE Outreach)
Development of ready, willing, and able businesses prepared to support VDOT projects.




               101 N. 14th Street, 11th Floor • Richmond, Virginia 23219 • (804) 786--6585 • Fax (804) 786-9736
•   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. 5
    YTD. 7




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

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