RD227 - Virginia Small Business Financing Authority Management’s Discussion and Analysis and Basic Financial Statements and Supplementary Information for the Years Ending June 30, 2008 and 2007


Executive Summary:
During Fiscal Year 2008 the VSBFA committed $5.28 million through its ten direct loan and credit enhancement programs to 145 small businesses or local Industrial or Economic Development Authorities. This represents a 16% increase in number of businesses assisted through loans. More importantly, VSBFA assisted Virginia’s businesses by enabling total private debt, private equity, and other public debt of $35,225,136 as a result of VSBFA’s participation in the projects. In addition, our loans produced an overall leveraging factor of $29:1 (private to public) during FY ‘08. The VSBFA also facilitated an additional $291.7 million in private activity bond financings for manufacturers and 501 (c) 3 non-profits. This financing assisted Virginia’s businesses and non-profits in creating or retaining 2,654 jobs. Many of those new jobs occurred in the state’s most highly distressed regions, Southwest and Southside Virginia. Overall, the VSBFA portfolio returned $5.89 in one year for every $1 the Commonwealth has invested. Since inception, the VSBFA has assisted over 1,800 small businesses in creating and saving over 23,000 jobs.