The Iowa Economic Development Authority (IEDA) offers a variety of programs and services to individuals, communities and businesses to attract and grow business, employment and workforce in Iowa. One of these programs is Iowa’s Targeted Small Business (TSB) program, which is designed to help women, individuals with minority status, service-connected disabled veterans and individuals with disabilities overcome some hurdles to start or grow a small business in Iowa.[Read More ...]
Last September, IEDA assumed responsibility for administration of the TSB Certification program on behalf of the Department of Inspections and Appeals. The hand-off was managed by a team tasked with ensuring a smooth transition.
To simplify the process of certification and promotion of small business, a few changes have been made:
- Revised certification and renewal application
- Creation of a new “badge” offered to all TSBs who certify or renew certification
- Decrease in processing time required for certification
A business that qualifies as a Targeted Small Business is eligible for the following elements of the program:
- Access to loans up to $50,000 to start or expand a business.
- Loan funds can be used for business improvements and expenses, including (but not limited to) the purchase of equipment, furnishings, inventory and specific operating expenses.
- Loan terms include favorable fixed interest rates, fixed monthly payments and no pre-payment penalties.
2. Official certification as a Targeted Small Business, which includes the following benefits.
Listing in the Certified TSB Online Directory – a recognized resource that is utilized by public and private sector buyers, and a distinction that adds value to a business. Business listings include all information buyers seek when looking for a certified TSB, such as a business description, TSB status, and contact information.
- Education and networking opportunities offered throughout the state, providing valuable information and connections to help grow a small business.
To learn more: Contact Jill Lippincott, TSB certification project manager, at jill.lippincott@iowaEDA.com or 515-725-3132.
3. Participation in the state of Iowa’s procurement opportunities.
- Sell goods and services to state agencies in a non-competitive manner for purchases up to $10,000
- Receive 48-hour advance notice of state procurement opportunities to enable a “head start” on requests for quotes and competitive bids.