RD255 - Virginia Small Business Financing Authority Management’s Discussion and Analysis and Basic Financial Statements and Supplementary Information for the Years Ending June 30, 2009 and 2008


Executive Summary:
During Fiscal Year 2009 the VSBFA committed $2.93 million through its nine direct loan and credit enhancement programs to 108 small businesses or local Industrial or Economic Development Authorities. More importantly, VSBFA assisted Virginia’s businesses by enabling total private debt, private equity, and other public debt of $16,056,855 as a result of VSBFA’s participation in the projects. In addition, our loans produced an overall leveraging factor of $5.48:1 (private to public) during FY ’09 and the leveraging factor on our overall performance since inception has been $29:1. The VSBFA also facilitated an additional $405 million in private activity bond financings for manufacturers and 501 (c) 3 non-profits in FY ‘09. The combined loan, loan guaranty, and bond financing assisted Virginia’s businesses and non-profits in creating or retaining 1,230 jobs. Overall, the VSBFA portfolio returned $5.89 in one year for every $1 the Commonwealth has invested. Since inception, the VSBFA has assisted over 1,900 small businesses in creating and saving over 23,300 jobs.