Darden School of Business launches resilience competition
The University of Virginia Darden School of Business is launching its third annual Tayloe Murphy Resilience Awards competition. Darden is accepting applications and recommendations from qualifying Virginia businesses at www.resilienceawards.org through 2 July.
To assist businesses and communities nationwide, this year’s competition emphasizes how Virginia’s most resilient businesses adapted to—and are helping their communities recover from—the impact of the economic collapse of 2008. Read more
Augusta Free Press: 10 Years and Counting
On the heels of its most successful year ever in 2011, Augusta Free Press LLC will mark its 10th year in business in 2012.
“Our focus in this anniversary year is the same as it has been for us from day one – building on our success both for ourselves and for our growing list of corporate partners,” said Chris Graham, the president of Augusta Free Press LLC, founded in 2002.
The growth in corporate partners was the big news of 2011 for AFP, which completed more than 75 website projects for its partners, including a family of websites for the Valley Program for Aging Services and its nine local senior centers, and new websites for Mathers Construction, Barren Ridge Vineyards, Fishburne Military School, Alpha Vision Films, the Virginia Awards for Country Music and The Gateway Theatre. Read more
Rubbermaid to expand Winchester operations
Rubbermaid Commercial Products, a leader in solution-based commercial products, will invest $67.25 million to expand operations in the City of Winchester and establish a distribution operation in Frederick County.
The company, best-known for its commercial cleaning, materials management, washroom and foodservice products, will add a total of 71 new jobs. In the City of Winchester, RCP is investing in high-technology, energy-efficient injection molding machines to upgrade the facility’s production capability. In Frederick County, the company will retrofit an existing 454,000-square-foot facility into a state-of-the-art logistics center.
“This significant investment is a logistics strategy that will streamline the manufacture and distribution of the products. The upgraded production facility and state-of-the-art logistics center will help support RCP’s growing global demand for commercial janitorial and sanitation products while creating new jobs and investment in two localities of the Commonwealth,” Gov. Bob McDonnell said. Read more
Virginia farm exports up in 2011
Virginia agricultural exports are up 5 percent from 2010, and that figure could increase even more before the end of the year, said Todd Haymore, Virginia’s secretary of agriculture and forestry.
Virginia shipped $2.24 billion worth of agriculture and forestry products in 2010, the state’s second-highest amount ever, Haymore told participants at the Virginia Farm Bureau Federation 2011 Annual Convention Nov. 30 in Norfolk.
“That’s great news, but there are trade barriers we continue to battle,” Haymore said, citing China’s ongoing ban on poultry shipped from Virginia and a ban on logs shipped from Virginia that was enacted earlier this year. He also noted restrictions in Cuba and exports to India that are limited due to high tariffs.
Fortunately, Haymore said, Gov. Bob McDonnell is committed to increasing Virginia’s agricultural and forestry exports. “He appreciates and supports agriculture, and his mindset is to buy local and sell global.”
The Virginia Department of Agriculture and Consumer Services already has an office in Hong Kong and recently opened trade offices in Shanghai and New Delhi. “By having boots on the ground, we can make progress,” Haymore said.
Recent trade missionsto China, Europe, India and Israel already are paying off for Virginia farmers.
Perdue Agribusiness ships soybeans to the Dandong port in northeast China. “Every time a boat launches, at least $20 million worth of soybeans is being shipped to China,” Haymore said. “This is a great opportunity for soybean growers in the state.”
He told Farm Bureau members that he will continue working to increase agricultural exports by retaining a market presence with established trade partners and pursuing growth opportunities in emerging markets.
Warner announces federal support for small-business loans
U.S. Sen. Mark R. Warner (D-Va.) announced that the U.S. Department of the Treasury has approved Virginia’s application for up to $18 million in additional federal loan support to the Virginia Small Business Financing Authority. Virginia officials expect this additional federal support to leverage up to $288 million in new small business financing, and state officials have indicated it could help to create or retain nearly 43,000 jobs among Virginia’s small businesses.
This additional loan support for small businesses was first proposed by Senator Warner more than one year ago. Importantly, Sen. Warner’s small business package is completely funded through existing Treasury funds, and it does not add one dime to the federal budget deficit. His proposal eventually was successfully incorporated into the Small Business Jobs Act, which was approved by Congress and signed by the President at the end of 2010.
About $3 million will support Virginia’s successful Capital Access Program, and the remaining $15 million in additional funding will provide “gap financing” for qualified small businesses participating in Virginia’s Economic Development Loan Fund. This program is targeted for those small businesses that may not otherwise qualify for loans under conventional bank underwriting criteria. They typically have a solid track record in business, but have struggled the last few years with decreased cash flow, collateral and lower assessed property values.
“I’ve been working on this issue for more than a year now, and I’m happy to report that the Treasury Department has finally approved Virginia’s application for an enhanced small business lending program,” Warner said. “Everywhere I go, I continue to hear from Virginia small business owners who are frustrated about the lack of available credit. Our small businesses create two out of every three new jobs in this country, but it’s been difficult for small business owners to take out the loans they need to open up shop. Existing small businesses have found it hard to finance inventories, make payrolls, or expand even when business is good.”
“This initiative by Senator Warner is a tremendous example of good government at work,” says Virginia Retail Alliance President & CEO Raymond J. Mattes, III. “We made the Senator aware of the problem, he met with our members, did his due diligence and took decisive action.”
“These funds will provide critical support to state-level programs that help expand small-business lending and spur private sector job growth,” said U.S. Deputy Secretary of the Treasury Neal S. Wolin. “Unlocking credit for small businesses will provide a powerful boost for investment and job creation in local communities across the country.”
For more information about Virginia’s small business programs, please visit the Virginia Department of Business Assistance. For information on the U.S. Treasury Department’s programs for small business financing, refer to the State Small Business Credit Initiative.
Virginia ranked #1 in growth potential
Business Facilities has ranked Virginia best in the nation in economic growth potential in its 2011 State Rankings Report. The rankings are based on an assessment of incentives programs, availability of a skilled workforce, growth strategy, cooperation between business, government and higher education and the growth potential of the location’s targeted industries.
The report cites Gov. Bob McDonnell’s Executive Order No. 1, which established the Chief Jobs Creation Officer and the Economic Development and Jobs Creation Commission, saying, “In one of his first acts after he became the state’s chief executive last year, Gov. Bob McDonnell issued an executive order creating a state Economic Development and Jobs Creation Commission as part of his mission to improve the state’s business climate.”
The Economic Growth Potential in Business Facilities’ 2011 State Rankings Report is available online at www.businessfacilities.com/news/2011-rankings-report-va-la-top-field-in-growth-potential.php.
CNBC taps Virginia as top state for business
Virginia has been named America’s “Top State for Business” by CNBC. The Commonwealth took the top spot in the extremely competitive yearly study, receiving the highest point total in the history of the rankings. Virginia finished in the top-half of every category ranked. The number one ranking comes on the heels of Virginia receiving the highest ranking of any state east of the Mississippi in the American Legislative Exchange Council’s economic competitiveness ranking of the states, which was released last week.
“Every Virginian deserves a quality job in the community that they call home,” Gov. Bob McDonnell said. “Our focus, from day one of this administration, has been to put in place the policies that will help private sector businesses create those jobs in the Commonwealth and get our economy back on track. We’ve done that by keeping taxes low, getting government spending under control, having a strong Right to Work law, and making smart investments in transportation, economic development and higher education. And we are telling the Virginia story to job-creators from Beijing to Boston. It is paying off.
“We’re honored that CNBC has named Virginia the ‘Top State for Business’ and that the Commonwealth received the highest score in the history of this study. Virginia is wide open for business,” McDonnell said.
In its official release announcing the top ranking, CNBC noted, “With an unprecedented fiscal crisis at the state level, never has it been tougher to stay competitive. But Virginia met the challenge on every level, achieving the highest point total in the history of our study, and finishing in the top half of every category.”
According to CNBC, to determine the rankings for America’s Top States for Business each state was scored – using publicly available data – on 43 different measures of competitiveness. States received points based on their rankings in each metric, which were then separated into ten broad categories: Cost of Doing Business, Workforce, Quality of Life, Economy, Infrastructure & Transportation, Technology & Innovation, Education, Business Friendliness, Access to Capital and Cost of Living.
