Volume 8 | January 16th 2025

January Edition

A Message from Secretary Segura

Learn more about Sec. Segura here

This will be the last Commerce in the Commonwealth newsletter from my office.

We have accomplished so much in the last 4 years under Governor Youngkin's leadership and during my two years in the Commerce and Trade Secretariat. Virginia is truly soaring, and it's because of all of you. Each and every one of you has shared your energy, ideas, capital, and commitment with the Commonwealth to make your communities stronger and more vibrant.

As I reflect on my time at Commerce and Trade, there is so much to be proud of. I am proud of the record amount of new capital investment, more than the last six administrations combined. I am proud of surpassing our initial goal of 10,000 new, high-growth startups created by more than double, surpassing the 20,000 company mark. I'm proud of innovating in workforce housing, making Virginia a life sciences destination, and completely rethinking loan programs and small business financing mechanisms to allow new entrepreneurs to be even more successful.

As I finish this note, I want to highlight one story in particular that is a manifestation of what I hope to leave behind as the 14th Secretary of Commerce and Trade in the history of Virginia. 

6 months ago, I met a young and energetic entrepreneur named Malik. Malik shared with me his story. How he came from a family of entrepreneurs who came to this country with nothing. He was inspired by his father, Zaheer, who started his own business, a thriving restaurant in Chantilly, Virginia, and lived the American dream. He wanted to follow in Dad's footsteps and had an incredible idea for a new logistics company, an idea that could employ dozens of people and bring real value to the construction community. He then shared with me how he had pooled together his life savings for a down payment on a loan and was ready to go, but had one problem. That problem was that a national bank was offering him a loan at 18% interest. At 18%, he couldn't make the math work. He couldn't get off the ground. As Secretary, I helped connect him to one of our agencies, the SBFA, which helped him find a 6% interest rate loan. At 6%, the math penciled out, and he could get his business off the ground.

In November, I met with Malik and celebrated with him the closing of his loan and the start of his business. That is what a Secretary of Commerce does. We never stop turning over stones or knocking on doors for our entrepreneurs so that they can be successful.

It's been an honor to serve you all. I will pray for you, and I hope you pray for me going forward. 

God bless you, God bless Virginia, and God bless this great country. 

“With three exciting projects in Chesapeake, LS Cable & System is poised to transform America’s tech manufacturing supply chain,” said Secretary of Commerce and Trade Juan Pablo Segura. “Securing these supply chains does more than ensure smooth manufacturing timelines; it helps safeguard our national security. LS C&S’s continued investment in the Commonwealth shows that when government moves at the speed of business, big things can happen quickly.”

Did you know that Winchester has the third-highest growth rate of any city in Virginia? With strong educational resources like Shenandoah University, it’s attracting people from both in-state and out-of-state. Secretary Segura had the pleasure of speaking at the Top of Virginia Regional Chamber's Economic Summit. A special highlight of his was meeting the next generation of leaders from local high schools and colleges.

Secretary Segura recently joined Director of Virginia Energy Glenn Davis for a wide-ranging conversation on energy generation, prices, its availability in the Commonwealth, and where Virginia is headed through new technologies and an embrace of common sense, not partisan ideology.

Watch Here: A Conversation with Director of Virginia Energy Glenn Davis