VIRGINIA SMALL BUSINESS FINANCING AUTHORITY
REPORT ON AUDIT
FOR THE YEAR ENDED
JUNE 30, 2007
Our audit of the Virginia Small Business Financing Authority for the year ended June 30, 2007,
proper recording and reporting of all transactions, in all material respects, in the
Commonwealth Accounting and Reporting System;
no matters involving internal control and its operations necessary to bring to
management’s attention; and
no instances of noncompliance with applicable laws and regulations or other
matters that are required to be reported.
- T A B L E O F C O N T E N T S -
AUDIT SCOPE AND METHODOLOGY
EXIT CONFERENCE AND REPORT DISTRIBUTION
The Virginia Small Business Financing Authority provides Virginia's businesses access to capital
through financing programs in an effort to maximize employment opportunities throughout the
Commonwealth. The Authority provides this assistance through the various assistance programs.
The Department of Business Assistance houses the Authority and pays certain administrative
expenses. The Director of the Department of Business Assistance appoints the Authority’s Executive
Director, and the board of directors, appointed by the Governor, oversee the Authority’s operations. The
operations of the Authority consist of reviewing program applications, conducting credit analysis, monitoring
the progress of projects that have received funding, and servicing loan receivables. In addition, the Authority
monitors the state ceiling for the Virginia Private Activity Bond Allocation. This allocation consists of the
Industrial Development Bond Allocation, the Housing Bond Allocation, and the Governor's State Allocation.
The following chart highlights the various programs administered by the Authority.
Economic Development Loan Fund Program