IDED Annual Report
Targeted Small Business
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 FY ‘09, there
were 620 active TSBs. This is a 29 percent increase over the active TSBs at the
end of FY ‘08 (480). The amount of financial assistance awards increased as well.
In FY ‘09, 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, for the past two
years, area education agencies have fallen short of their TSB spending goals by
$6,667.92.
TSB staff Increased marketing and enhanced procurement compliance for FY ’09. And,
with the addition of a full-time employee devoted to these two program metrics,
over 875 quality contacts with minority and women business owners were conducted
by Iowa Department of Economic Development (IDED) TSB staff as they traveled throughout
the state presenting at over 20 seminars, conferences and workshops.
TSB staff developed a new lead marketing brochure that features three case studies
of Iowa TSBs to promote the program. IDED and the Department of Inspection and Appeals
also collaborated on a fresh brand identity to assist Iowa Certified TSBs market
their businesses. Newly certified TSBs receive a window cling with their certification
packet to display in their business window or vehicle and a newly designed TSB certification
logo is available for certified TSBs to use with their own marketing materials to
promote that they are an Iowa certified TSB.
The Targeted Small BusinessLink online newsletter continues to be an effective marketing
and communication tool that keeps certified TSBs and program supporters informed
of TSB news and training opportunities.
- Access the full Targeted Small Business Report [PDF: 409k]