Small SWaM Business Procurement Enhancement Program; established, report.

Department of Small Business and Supplier Diversity; Small SWaM Business Procurement Enhancement Program established. Establishes the Small SWaM Business Procurement Enhancement Program with a statewide goal of 42 percent of certified small SWaM business, as such term is defined in the bill, utilization in all discretionary spending by executive branch agencies and covered institutions in procurement orders, prime contracts, and subcontracts, as well as a target goal of 50 percent subcontracting to small SWaM businesses in instances where the prime contractor is not a small SWaM business for all new capital outlay construction solicitations that are issued. The bill provides that executive branch agencies and covered institutions are required to increase their small SWaM business utilization rates by three percent per year until reaching the 42-percent target or, if unable to do so, to implement achievable goals to increase their utilization rates. In addition, the bill provides for a small SWaM business set-aside for executive branch agency and covered institution purchases of goods, services, and construction, requiring that purchases up to $100,000 be set aside for award to certified small SWaM businesses.The bill creates the Division of Procurement Enhancement within the Department of Small Business and Supplier Diversity for purposes of collaborating with the Department of General Services, the Virginia Information Technologies Agency, the Department of Transportation, and covered institutions to further the Commonwealth's efforts to meet the goals established under the Small SWaM Business Procurement Enhancement Program, as well as implementing initiatives to enhance the development of small businesses, microbusinesses, women-owned businesses, minority-owned businesses, and service disabled veteran-owned businesses in the Commonwealth.Finally, the bill requires the Director of the Department of Small Business and Supplier Diversity to conduct, or contract with an independent entity to conduct, a disparity study every five years, with the next disparity study due no later than January 1, 2026. The bill specifies that such study shall evaluate the need for enhancement and remedial measures to address the disparity between the availability and the utilization of women-owned and minority-owned businesses. The provisions of the bill other than those requiring such study have a delayed effective date of January 1, 2026, and apply to covered institutions beginning July 1, 2026.