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.