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_ 135 Item Details($) Appropriations($) ITEM 111. First Year Second Year First Year Second Year FY2025 FY2026 FY2025 FY2026 111. Economic Development Services (53400) $9,326,797 $9,476,797 $8,826,797 $8,912,875 Minority Business Enterprise Procurement Reporting and Coordination (53406) $6,098 $6,098 Minority Business Enterprise Outreach (53407) $193,625 $112,440 $193,625 $112,440 Minority Business Enterprise Certification (53414) $1,987,080 $1,923,131 $1,987,080 $2,041,459 Business Information Services (53418) $2,012,607 $1,979,143 $1,990,887 $2,294,802 Administrative Services (53422) $2,811,108 $3,001,469 $2,337,828 $2,401,321 Financial Services for Economic Development (53423) $2,316,279 $2,454,516 $2,311,279 $2,056,755 Fund Sources: General $6,180,690 $6,330,690 $5,680,690 $5,766,768 Special $1,180,540 $1,180,540 Commonwealth Transportation $1,800,567 $1,800,567 Trust and Agency $100,000 $100,000 Dedicated Special Revenue $65,000 $65,000 Authority: Title 2.2, Chapters 16.1 and 22, Code of Virginia. A. The Department, in conjunction with the Department of General Services, the Virginia Employment Commission, and the Virginia Department of Transportation, is authorized to conduct analyses of the availability of minority business enterprises in Virginia and the utilization of such businesses by the Commonwealth of Virginia, localities, or private industry in the acquisition of goods and services. The Department also is authorized to receive and accept from the United States government, or any agency thereof, and from any other source, private or public, any and all gifts, grants, allotments, bequests or devises of any nature that would assist the Department in conducting such analyses or otherwise strengthen its services to minority business enterprises. The Director, Department of Planning and Budget, is authorized to establish a nongeneral fund appropriation for the purposes of expending revenues that may be received for this effort. B. Out of the amounts in this Item, $819,753 the first year and $819,753 the second year from the general fund shall be deposited to the Small Business Investment Grant Fund pursuant to § 2.2-1616, Code of Virginia. Notwithstanding the provisions of § 2.2-1616, Code of Virginia, an eligible investor that makes a qualified investment in a small business on or after July 1, 2020, but prior to January 1, 2023, that has been certified by the Authority pursuant to subsection D of § 2.2-1616, Code of Virginia shall be eligible for a grant in an amount equal to the lesser of 25 percent of the qualified investment or $50,000. The Department shall aggressively market the program and shall report to the Governor and the Secretary of Commerce and Trade on the status of the program by November 1 of each year. C. Out of the amounts in this Item, $83,000 the first year and $83,000 the second year from the general fund shall be provided to support the Business One-Stop Program. D.1. Out of the amounts in this Item, $1,345,540 from nongeneral funds the first year and $1,345,540 from nongeneral funds the second year shall be provided for the Virginia Small Business Financing Authority. 2. The Virginia Small Business Financing Authority is authorized to insure additional loans for eligible small businesses, pursuant to § 2.2-2290, Code of Virginia, up to an aggregate amount not to exceed four times the principal amount in the Insurance or Guarantee Fund, or up to an aggregate amount of $15,000,000. In the event that the authority is called upon to pay on guaranties of loans of more than 10 percent of the aggregate amount of all outstanding insured loans, the authority shall not insure any further loans and shall immediately notify the Governor and the Chairs of the House Appropriations and Senate Finance and Appropriations Committees. Pursuant to § 4-1.03 of this act, the Director, Department of Planning and Budget, is authorized to transfer a