Growing Business

Targeted Small Business (TSB) Program

The Targeted Small Business Program made significant progress in the fiscal year ending June 30, 2009. The purpose of the Targeted Small Business Financial Assistance Program (TSBFAP) is to provide financial aid to women, minorities and persons with disabilities who are majority owners of businesses certified by the Iowa Department of Inspection and Appeals.

The success of the program can be viewed from four perspectives: businesses certified, financial assistance awards, procurement by state agencies, and marketing and outreach strategies. 

According to the Dept of Inspections & Appeals, during FY09, there were 620 active TSBs. This is a 29% increase over the active TSBs at the end of FY08 (480).

The amount of financial assistance awards increased as well. In FY09, 35 low-interest loans and one grant was awarded totaling $1,090,150.00.

Procurement of TSBs by State Agencies hit an all-time high with State Agencies exceeding their TSB spending goals by a total of $23,513,449.23. Community colleges also exceeded their TSB spending by an impressive

$79, 520.07. Unfortunately, and this has been the case for 2 years, AEA’s fell short of their TSB spending goals by $-6, 667.92.

Some of the successes of FY09 were due in part to increased marketing and compliance (procurement) efforts with the addition of a full-time employee devoted to these two program metrics. We made over 875 quality contacts with minority and women business owners as we traveled across the state to present at over 20 seminars, conferences, or workshops.  We often partnered with the Department of Inspection & Appeals in these presentations, but also traveled solo when asked.

We developed a new lead marketing brochure that features 3 case studies of successful TSBs. We designed and developed a Certified TSB logo which TSBs can use on their Web sites, letterhead, or marketing materials. Finally, we now give newly certified TSBs a window cling for their storefront window or vehicle. The Targeted Small BusinessLink online newsletter continues to be an effective marketing and communication tool that keeps certified Targeted Small Businesses and program supporters informed.

Access the full Targeted Small Business Report Access the full Targeted Small Business Report (add link to report under “required reports”)

• Access the full Targeted Small Business Report [PDF: 409k]