Virginia Chamber Releases Legislative Report Card

The Virginia Chamber of Commerce just released its 2015 Legislative Report Card. See how your legislators ranked here.

2015’s Best & Worst Cities to Work for a Small Business

Source: 2015’s Best & Worst Cities to Work for a Small Business | WalletHub®

Another survey out today ranks U.S. cities on their small business atmosphere. VA only barely edges into the top 20 (as part of the DC metro area), and our next highest ranking is Richmond at #31. Our neighbors to the south, however, top the survey at #1 (Charlotte, NC) and #2 (Raleigh, NC). It’s time to look at why we’re losing ground. Business taxes, healthcare costs, ability to attract angel investors… these are just a few of the broader issues that we see affecting all small businesses in the state. It’s time to take action in Richmond to get back our competitive edge! Who’s with us?

Governor McAuliffe Announces Virginia Small Business Financing Authority Receives Additional $6.1 Million From U.S. Treasury

Governor Terry McAuliffe announced today that the Virginia Small Business Financing Authority a division of the Virginia Department of Small Business and Suppli

Source: Governor McAuliffe Announces Virginia Small Business Financing Authority Receives Additional $6.1 Million From U.S. Treasury | AlexandriaNews

Tips on Navigating the Business Credit Market

Tips on Navigating the Business Credit Market (click on the link for a PDF)

In these difficult financial times, credit is less available and more tightly controlled than in years past. Because of that reality, small business owners must develop strategies to position themselves for successful business credit requests.

The leadership at Chain Bridge Bank offers the following insights for small business owners seeking credit for their businesses.

What does your banker consider when reviewing a business credit request?

  • Liquidity, liquidity, liquidity
  • Regularity of revenues
  • Sustainability of margins
  • Consistency of expenses

What are keys to success in today’s business environment?

  • Sufficient cash resources
  • A strategy that is nimble and can adapt to a rapidly changing business environment
  • A focus on business development
  • An honest consideration of different financial scenarios: best, most likely, and worst case
  • One, two, and three-year plans that are updated quarterly

But perhaps the most important thing for small business owners to remember is that working with a banker is like working with a client: relationships matter. A banker who serves as a trusted advisor—who is informed early and often of decisions that might pertain to the business’s financial needs—is a banker that can best provide that business with the unique financial solutions necessary for its success.

Governor McDonnell Welcomes AWEA Offshore Windpower Conference to Virginia Beach

From the Office of the Governor:

– Industry Gathering Works to Advance Growing Movement to Develop Offshore Wind Energy –

RICHMOND-Governor Bob McDonnell welcomed the 2012 American Wind Energy Association Offshore Windpower Conference and Exhibition. The AWEA Conference brings together exhibitors and attendees from all over the world who are interested in becoming players in this new and highly promising market. The event is being held at the Virginia Beach Convention Center Oct. 9-11.

“Virginia continues to demonstrate that it is the Energy Capital of the East Coast, with our bountiful coalfields, strong nuclear industry, favorable regulator environment and our potential to lead the nation in offshore wind energy development,” Governor McDonnell said. “Manufacturers, suppliers, developers, operators, policy makers, utility representatives and thought leaders of the wind industry from around the world will assembly in Virginia Beach this week to discuss how the offshore market can expand through development opportunities along the coastal regions of the United States. Virginia leads the way in these potential sites with our ample offshore winds, shallow offshore waters, and ready supply of the shipping, manufacturing and high tech industries and workforce in Hampton Roads. The Commonwealth will continue to be a leader in the development of this promising source of renewable energy.”

Virginia’s offshore winds continue to be a focus of the developing offshore wind industry. In February 2012, the Bureau of Ocean energy Management (BOEM) released the long-awaited call for nominations and information for the Virginia lease blocks. In March 2012, BOEM received eight comments on the call. BOEM will soon announce details of the competitive auction process.

Governor McDonnell’s FY13 Executive Budget included $500,000 for research and data collection to assist and accelerate private development of Virginia’s offshore wind resource, which have been allocated to three activities:

  • $300,000 – The Department of Mines Minerals and Energy (DMME) issued a request for proposals that closes Oct. 17, 2012 for a geological survey of the Virginia Wind Energy Area on the Outer Continental Shelf. The survey will inform activities proposed in two DMME offshore wind energy research lease applications. BOEM awarded a matching $300,000 to DMME for the ocean survey.
  • $100,000 – DMME agreed to match a federal competitive grant, if there is an award to a Virginia proposal, to demonstrate advanced technology associated with offshore wind energy generation.
  • $100,000 – To the Virginia Tech Advanced Research Institute for technical support related to the two DMME research leases, the ocean survey and other research and development activities.

Lieutenant Governor Bill Bolling, who is speaking at the event, added, “Last week, Governor McDonnell and the Virginia Chamber hosted the 3rd Annual Governor’s Conference on Energy. At that conference energy innovators, researchers and educators met with veteran business leaders, entrepreneurs and policy makers, to discuss implementing an ‘all of the above’ strategy for meeting the future with abundant, reliable and affordable domestic energy. This week, we’re hosting the AWEA Offshore Wind Conference where developers, supply chain companies, researchers and policy makers will discuss launching a strategic offshore wind industry in the United States. Clearly Virginia is emerging as a leader for this burgeoning industry to help meet the demands of our citizens for safe, reliable, affordable energy to power our future.”

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