Virginia Department of Business Assistance (VDBA) Our Role in Virginia’s Workforce Development System Tina Wade October 14, 2010

Virginia Department of Business Assistance  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 Assistance 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. Mission

Program 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 Development/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 Allies

New and Existing Business Incentives  The Governor’s Opportunity Fund  The Virginia Jobs Investment Program  The Virginia Small Business Finance Authority  Virginia Business Information Services

Virginia Jobs Investment Program  2 nd 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 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 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 Authority  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. Goals

Cultural Values CUSTOMERSATISFACTION Non-Bureaucratic High Quality High Quality Continuous Improvement

Customer 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 Activity

458 Total Projects Projects by PDC - FY09

14,587 Total Jobs Created or Retained , , , , , , Jobs by PDC - FY09

For more information: Tina N. Wade Project Manager, Virginia Jobs Investment Program