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Virginia Department of Business Assistance at CREW

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					Virginia Department of Business
       Assistance at CREW
  Peter Su, VDBA Director and Assistant
                Secretary
          of Commerce & Trade
                        Mission
The mission of the Virginia Department of Business Assistance
(VDBA) is to deliver programs and services that help create
new jobs, retain existing jobs, spur new investment, and
encourage new business formation.


       Virginia Department of Business Assistance


     Virginia Small      Virginia Jobs         Business
   Business Financing    Investment          Information
       Authority           Program             Services
        Virginia Small Business
        Financing Authority


• only to assist the business and banks
• never the sole lender
• enhanced credit up to $10 million
            Available Programs
• Economic Development Loan Fund (EDLF)
   – 40% of project or 1 Million, whichever is less
   – Land, Buildings, improvements, expansions
   – Not relocating or refinancing
• Virginia Capital Access Program (VCAP)
   – Maximum $250,000; 10 year term
   – Not for residential or investment real estate
• Loan Guaranty Program (LGP)
   – GA awarded $5M in loan guaranty instead of Dept funded
   – Reduces bank risk; can be Max 85% of project or $750,000
   – Cannot eliminate collateral or personal guaranty requirements
• Other programs
    Virginia Department of Business Assistance


  Virginia Small     Virginia Jobs      Business
Business Financing   Investment       Information
    Authority          Program          Services
            Virginia Jobs
            Investment Program
• GA has allotted funding to roll forward

• Offsets costs for companies creating new jobs in the
  Commonwealth. Companies must meet certain criteria

• Must be in one of these sectors
   –   Manufacturing or Distribution Centers
   –   Corporate HQ’s for Companies with Multiple Facilities
   –   Inbound Call Centers
   –   IT Services Exclusively for Businesses
   –   Research & Development Facilities
          Available Programs
• New Jobs Program
   – VA competing for decision
   – Min 25 new jobs in 1 yr + $1M
   – $10/hr ≤ wage
• Small Business New Jobs Program
   – 5 new jobs in 1 yr + $100K
   – 5 new jobs/yr for 3 yrs
   – $10/hr ≤ wage
• Retraining Program
   – For-profit manufacturing & distribution centers
   – $500k / 1yr + 10 new jobs + $10/hr ≤ wage
    Virginia Department of Business Assistance


  Virginia Small     Virginia Jobs      Business
Business Financing   Investment       Information
    Authority          Program          Services
         Virginia Business
         Information Services
• Starting
  – Entrepreneur Express Seminars
  – Virginia Business Information Center
• Growing
  – Growing Sales Seminars
  – One-on-One counseling
• Business One Stop
  – VA Business Directory and Business Registration
  – http:// bos.virginia.gov
   Business One Stop
   Concept
SCC      Local         Federal   DEQ


VDACS                            Tax


VBIC                             DOLI


DMBE                             DPOR




             entrepreneur
    Virginia Department of Business Assistance


         Communications
  Virginia Small
Business Financing
                     Virginia Jobs
                     Investment
                                        Business
                                      Information

           &Marketing
    Authority          Program          Services
          Communications
          & Marketing
• Newsletter, launched January 2011
    – Monthly to 20,000+ subscribers
• Governor McDonnell traveling to China

•
            Communicating
                        Peter Su
                        Agency Director, VDBA
                        (804) 371-0059
                        Peter.Su@vdba.virginia.gov


Scott Parsons                                 Director, BIS
Executive Director, VSBFA                     (804) 371-8228
Scott.Parsons@vdba.virginia.gov               Wayne.Waldrop@vdba.virginia.gov
(804) 371- 8256
                                              Rachael Steinhoff
Ron Tignor                                    Director, Marketing
Interim Director, VIJP                        (804)371-8127
(804) 371-8129                                Rachael.Steinhoff@vdba.virginia.gov
Ron.Tignor@vdba.virginia.gov
Wayne Waldrop

				
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