Virginia Small Business Financing Authority
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1 Virginia Small Business Financing Authority Presentation to the R&D Funding Forum & Resources for Virginia-based Tech Entrepreneurs October 19, 2016 Scott Parsons Executive Director
2 VSBFA Overview Established in 1984 by the Virginia Small Business Financing Authority Act (Code of Virginia ) The Commonwealth s primary mechanism for economic development financing programs. VSBFA s mission is to create new Virginia jobs and retain existing ones by helping creditworthy businesses access financing they would not have otherwise obtained. Small staff of experienced commercial loan officers and credit administration staff. Governor-appointed Board of Directors which meets monthly. A division of the Virginia Department of Small Business and Supplier Diversity.
3 VSBFA Overview General Eligibility Guidelines for VSBFA Borrowers: For-Profit Businesses - Located in Virginia with less than 250 employees in Virginia at time of application 501c3 Non-Profits - Of any size, located in Virginia Industrial Development (or Economic Development) Authorities Of any size, located in Virginia and desiring assistance in financing economic development projects which are significant to their locality Others - Borrowers and Projects which meet other satisfactory requirements as the Board shall determine from time to time, including entities which : exist for the sole purpose of developing or operating a qualified transportation facility under the Public-Private Transportation Act of 1995 exist for the primary purpose of developing or operating a qualified energy project
4 VSBFA Overview VSBFA Funding: Generally program specific Primarily federal and subject to federal regulations and eligibility requirements Minimal program specific state funding which is also subject to eligibility requirements, but tend to be a bit more flexible
5 VSBFA Programs VSBFA s programs fall into 4 categories: 1.) Taxable and Tax-Exempt Industrial Development Bonds: VSBFA is the Commonwealth s statewide Conduit Issuer for: Manufacturers 501c3 Non-profits Special VDOT issues Qualified energy projects
6 VSBFA Programs 2.) Credit Enhancement Programs for Banks: SSBCI Capital Access Program Reduces participating bank s risk on a portfolio of loans VSBFA s contribution is currently paid with federal SSBCI funds Loan Guaranty Program VSBFA guaranty of bank s term loan or line of credit VSBFA loan loss reserve established in 1984 with state funding Cash Collateral Program Newest VSBFA program, established with federal SSBCI funds Provides supplement collateral for participating bank s loan Reduces participating bank s risk in the event of borrower s default and collateral short-fall Cash Collateral funds returned to VSBFA as loan repays
7 VSBFA Programs 3.) Direct Loans: SWAM Loan Fund (Microloan program) Loans of up to $25,000 VSBFA funds the entire loan Child Care Financing Program - Loans for child daycare centers or family home providers Funds from Virginia Dept. of Social Services Economic Development Loan Fund Program Used in conjunction with private-sector financing Loans of up to $1,000,000 (possibly higher with significant economic development projects) Primarily U.S. EDA or SSBCI (U.S. Treasury) funds
8 VSBFA Programs 4.) Grants & Equity Investments: Partnership with CIT s GAP Fund VSBFA partners with CIT to provide federal funding for qualified investments through CIT s GAP Fund. Small Business Investment Grant Fund - Designed to assist Virginia s small businesses seeking to raise equity to capitalize their growth. Grant funds are provided to qualifying investors in qualifying small businesses. With the influx of new investment, these businesses will then be better able create economic benefit to the Commonwealth by increasing capital investment and creating jobs in Virginia.
9 VSBFA Success Stories Borrower: MicroXact Semiconductor and MEMS machining and prototyping facility Location: Montgomery County, Virginia VSBFA Program Utilized: Economic Development Loan Fund Lending Partner: Stellar One Bank (now Union Bank) VSBFA Support : VSBFA provided support of a $120,000 term loan for permanent working capital and equipment financing Results: 6 new jobs created
10 VSBFA Success Stories Borrower: Interactive Achievement Small software developer of student assessments tools for school districts Location: Roanoke, Virginia VSBFA Program Utilized: Loan Guaranty Program Lending Partner: BB&T Bank VSBFA Support : VSBFA provided support of a $750,000 term loan to finance company s expansion
11 VSBFA Success Stories Borrower: TORC Robotics Design and Manufacture of Autonomous Robots Loan made in partnership with Montgomery EDA Location: Montgomery Co., Virginia VSBFA Program Utilized: Economic Development Loan Fund Lending Partner: First Bank & Trust VSBFA Support : $1 million term loan for building Results: 8 new jobs created
12 VSBFA Success Stories Borrower: KDM Systems Systems Engineering, Modeling and Simulation Location: Leesburg, Virginia VSBFA Program Utilized: Cash Collateral Program Lending Partner: Access National Bank VSBFA Support : $200,000 in cash collateral to support bank loan Results: 8 new jobs created and 10 existing jobs saved.
13 VSBFA Success Stories Borrower: HemoShear Cutting-edge, early-stage biotechnology research and development small business specializing in drug testing, using innovative techniques hat allow for the development of treatments in less time and with greater success Location: Charlottesville VSBFA Program Utilized: Loan Guaranty Program Lending Partner: Stellar One Bank (now Union Bank) VSBFA Support : VSBFA provided support of $1,000,000 term loan to finance the company s expansion and purchase of new equipment Results: 25 new jobs created Notable: In January 2015, company announced collaboration with Pfizer Inc., which combined the scientific and technical expertise of both companies, and which allowed HemoShear to leverage its proprietary discovery platform with the aim to develop a predictive model for preclinical drug-induced vascular injury.
14 VSBFA Success Stories Borrower: Mikro Systems Cutting-edge, small business manufacturer of extruded aluminum rods Location: Charlottesville, Virginia VSBFA Program Utilized: Economic Development Loan Fund VSBFA Support : $240,000 term loan as part of a $600,000 project Results: 33 jobs created
15 VSBFA Success Stories Borrower: Nutriati, Inc. research, development and commercialization of innovative plant-based ingredients Location: City of Richmond VSBFA Program Utilized: Small Business Investment Grant Fund VSBFA Support : $25,000 in grants to investors Results: Assisted in the raising of $250,000 in equity funding
16 Summary of VSBFA Success Over $2 billion in financing enabled as a result of VSBFA participation Leveraging taxpayer money $19 to $1. Companies assisted created or saved over 31,000 jobs.
17 Questions?
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