The Targeted Small Business (TSB) Program of Iowa is designed to help women, minorities and the disabled overcome some of the major hurdles to starting or growing a small business in Iowa. Since its inception over two decades ago, the TSB program has issued hundreds of loans to Iowa small business owners.
To become certified, a business must:
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be located in Iowa
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operate for a profit
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have less than $4 million in annual gross income, computed as an average of the preceding three fiscal years.
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be majority-owned (51 percent or more), operated and managed by a female, minority group member or a person with a disability.
The Iowa Department of Inspections and Appeals (DIA) handles the certification. For more information on how to get a business TSB-certified, visit http://www.dia.iowa.gov/page7.html.
Loan Terms:
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Maximum loan amount is $50,000
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Maximum interest rate is five percent (can be anywhere from 0% - 5%; interest rate is determined by the loan review board).
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Successful applicants will have five years to repay the loan
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The first installment can be deferred for three months for a start-up business and one month for an existing business.
How to Apply:
Once a business has been certified as a "Targeted Small Business" by the Iowa Department of Inspection and Appeals, they may apply for financial assistance.
It is only necessary to fill out the Pre-Qualification Application if an applicant would like to receive complimentary technical assistance completing the full version of the Targeted Small Business Financial Assistance Application though one of the State's contracted providers. (The applications are available in the Resources area below.)
The Targeted Small Business Pre-Qualification Application is used to verify an applicant's ability to be certified as a Targeted Small Business and their credit worthiness. Once the previously mentioned criteria are confirmed, an applicant is invited to fill out the full version of the TSB Application and receive technical assistance on the application.
To learn more:
Download the TSB Fact Sheet or review the information in the boxes at the bottom of this page.
Phone: 515.725.3146 or 800.532.1215
E-mail: smallbusiness@iowa.gov