Item 107 | First Year - FY2005 | Second Year - FY2006 |
|---|---|---|
| Industrial Development Services (53400) | $11,966,255 | $11,966,255 |
| Community and Business Assistance (53401) | FY2005 $3,932,575 | FY2006 $3,932,575 |
| Industrial Employee Training (53403) | FY2005 $7,698,680 | FY2006 $7,698,680 |
| Financial Assistance for Industrial Development (53410) | FY2005 $335,000 | FY2006 $335,000 |
| Fund Sources: | ||
| General | FY2005 $10,701,134 | FY2006 $10,701,134 |
| Special | FY2005 $350,253 | FY2006 $350,253 |
| Dedicated Special Revenue | FY2005 $799,780 | FY2006 $799,780 |
| Federal Trust | FY2005 $115,088 | FY2006 $115,088 |
Authority: Title 2.2, Chapter 9; Chapter 22, Article 7; and Chapter 24, Article 7, Code of Virginia.
A. The Virginia Small Business Financing Authority is authorized to withdraw revenues of up to $50,000 the first year and $50,000 the second year from the accrued interest balances of the Virginia Small Business Growth Fund in order to cover the costs of administering the Virginia Capital Access Program.
B.1. Out of the amounts for Industrial Development Services shall be provided $148,700 the first year and $148,700 the second year from the general fund to the Virginia-Israel Advisory Board.
2. The Virginia-Israel Advisory Board shall report by January 15 of each year to the Chairmen of the Senate Finance and House Appropriations Committees on the Board's activities and expenditure of state funds.
C. Out of the amounts provided for Industrial Development Services shall be provided $335,000 the first year and $335,000 the second year from the general fund for a statewide small business incubator program. Grants shall be awarded on a competitive basis with preference given to applicants demonstrating significant local, private, or federal match money. Cash contributions shall be afforded higher priority than "in-kind" matches. The Department of Business Assistance shall monitor the progress of the grantees and report to the Chairmen of the Senate Finance and House Appropriations Committees and the Director of the Department of Planning and Budget by November 4 of each year. The report shall include, but not be limited to, the number of grants awarded, the location and degree of local and private participation of each successful applicant, the number of businesses to be served at each site, the level of business investment at each site, the number of jobs created, and the applicant's expenses in managing the small business incubator. The Department may use up to $50,000 the first year and $50,000 the second year from the general fund to support the small business incubator program. Any unexpended balance in this program at the close of business on June 30, 2005 and June 30, 2006 shall not revert to the general fund, but shall be carried forward and reappropriated.
D. Any monies remaining in the Industrial Employee Training Program at the end of fiscal years 2005 and 2006 shall not revert to the general fund of the state treasury but shall be deposited to the Workforce Retraining Fund and be available for allocation in the ensuing fiscal years.
E. To meet changing financing needs of small businesses, the Executive Director of the Virginia Small Business Financing Authority with the approval of the Director of the Department of Business Assistance may transfer moneys between funds managed by the Authority. These include the Virginia Small Business Growth Fund (§ 2.2-2310, Code of Virginia); the Virginia Export Fund (§ 2.2-2309, Code of Virginia); and the Insurance or Guarantee Fund (§ 2.2-2290, Code of Virginia). The Executive Director of the Virginia Small Business Financing Authority shall report, by fund, the transfers made by January 1 of each year to the Chairmen of the Senate Finance and House Appropriations Committees.