Www.vdba.virginia.gov Virginia Department of Business Assistance (VDBA) Our Role in Virginia’s...

www.vdba.virginia.gov

Virginia Virginia DepartmentDepartment of Business of Business Assistance (VDBA)Assistance (VDBA)

Our Role in Virginia’s Our Role in Virginia’s Workforce Development Workforce Development

SystemSystem

Tina WadeOctober 14, 2010


Virginia Department of Business Virginia Department of Business AssistanceAssistance

Created by the Virginia General Assembly in 1996

Provides a one-stop-service for technical assistance related to:

o business formation

o access to capital

o workforce development Works with existing businesses as they grow

their workforce and mentors entrepreneurs from ideas to launching their first business venture


Virginia Department of Business Virginia Department of Business AssistanceAssistance

To accomplish the objectives set forth in Governor McDonnell's Economic

Development and Jobs Creation agenda, VDBA has provided $1.37 million in

financing for Virginia businesses, provided technical assistance to over 16,250

businesses and will host over 60 Entrepreneurial Workshops statewide this

year.


Support the creation of jobs for the citizens of Virginia by reducing the up-front human resource development costs

for new and expanding companies throughout the

Commonwealth.

MissionMission


Program HistoryProgram History

Started in 1965

Virginia’s 2nd oldest economic development incentive program

Grown From 30 to ~500 Projects per Year


Presentations to Prospects Requests for Proposals

Letter of Commitment Cost Avoidance

Virginia ranked #1 State For Business by Forbes.com for the last four years. VJIP was cited in the Forbes article as a best practice!

Partnerships on Special Projects Building pipeline of skilled trades professionals Creating workforce of the future to help attract new

types of industries and support existing business expansions into these new fields

Partnering with the Economic Partnering with the Economic Development/Workforce CommunityDevelopment/Workforce Community


Governor, Lieutenant Governor, and Cabinet Secretaries (esp. Commerce & Trade)

Virginia Economic Development Partnership Regional & Local Economic Development

Offices Virginia Community Colleges Virginia Employment Commission Workforce Investment Boards Vocational Education Virginia Colleges & Universities Social Services Virginia Companies

AlliesAllies


New and Existing Business New and Existing Business IncentivesIncentives

The Governor’s Opportunity Fund

The Virginia Jobs Investment Program

The Virginia Small Business Finance Authority

Virginia Business Information Services


Virginia Jobs Investment ProgramVirginia Jobs Investment Program

2nd oldest state incentive (formerly Workforce Services)

Most frequently used state incentive Focus = customized recruitment and

training assistance for qualifying Virginia companies

Work with about 500 companies per year to assist with recruitment and training of about 15,000 Virginians


Eligible Business SectorsEligible Business Sectors

For Profit Companies in: Manufacturing Distribution Centers Corporate HQ for Companies with

Multiple Facilities Inbound Call Centers Information Technology – B2B Only Research & Development Facilities


Governor's Opportunity FundGovernor's Opportunity Fund

Discretionary funds available to the Governor to secure a business location or expansion project for Virginia. Grants are awarded to localities on a local matching basis with the expectation that the grant will result in a favorable location decision for the Commonwealth.


Virginia Small Business Financing Virginia Small Business Financing AuthorityAuthority

6 different direct & indirect loan programs: Economic Development Loan fund Private activity bonds Loan guaranty program Capital Access program Child Care Financing program Minority loan program

Generally, programs are accessed through local banks like BB&T, Cardinal, M&T, Adams, Business Bank & Virginia Commerce


MAKE IT EASY By providing a single point of contact for economic development projects to navigate state and local workforce development resources.

FOCUS ON RESULTS By planning and developing solutions for a company’s unique recruitment and training needs.

COMMIT TO LONG-TERM SUCCESS By providing ongoing assistance.

GoalsGoals


Cultural ValuesCultural Values

CUSTOMERCUSTOMERSATISFACTIONSATISFACTION

Non-Bureaucratic

Non-Bureaucratic High Quality

High Quality

Continuous Continuous ImprovementImprovement


Customer Satisfaction Survey FY09Customer Satisfaction Survey FY09

99% of customer rate overall program as “Excellent” or “Good”

99% would recommend VJIP participation to another company

“The services offered by VJIP have been very beneficial and has made the state of Virginia our preferred place for business expansion.” -Leonard Tharpe, Brandon Technology Consulting, Inc., Fairfax County


Last Five Years 70,351 Jobs Created or

Retained 2,550 Projects

Fiscal Year 2009 14,587 Jobs Created or

Retained 458 Projects

Program ActivityProgram Activity


458 Total Projects

3

6

18

17

20

32

73

19 90

3

12

27

12

3

32

56 1 1 1

8

8

Projects by PDC - FY09 Projects by PDC - FY09


14,587 Total Jobs Created

or Retained

1

147

1,171

319

444

1,930

639

1,822

261 1,685183

114

429

179

53

2,021

523

212,643

02

Jobs by PDC - FY09 Jobs by PDC - FY09

For more information:

Tina N. WadeProject Manager, Virginia Jobs Investment Program

[email protected]

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