TARGETED SMALL BUSINESS PROGRAM
ASSISTING MINORITIES IN STARTING OR GROWING A BUSINESS
The Targeted Small Business (TSB) program is designed to help women, individuals with minority status, service-connected disabled veterans and individuals with disabilities overcome some of the hurdles to start or grow a small business in Iowa.
- Listing in the online TSB Directory which is used by public and private buyers across the state
- Invitation to TSB networking and TSB-exclusive events to meet with other business owners, public purchasing managers and private buyers
- Introduction to partners who aid with state purchasing, growing your business or connections to other business networks through workshops, webinars and other events
- Promotion of business as a Certified TSB via the usage of a TSB badge/window cling on marketing materials and storefronts
- All Iowa state government agencies are required to establish annual TSB spending projections and report quarterly TSB procurement goals. By becoming a TSB and selling products and services to the state, TSBs help the state’s government entities meet these goals.
State Procurement Benefits
- Access to a bid notification site to view state procurement opportunities 48 hours in advance of posting to the state’s public site. TSBs receive a link and password for the 48-hour website upon certification
- Ability to access non-competitive bid opportunities for purchases under $10,000
- Bond waivers up to $50,000 for state projects. If unable to secure a bond because of the lack of experience, net worth or capital.
State agencies have different levels of procurement authority with unique needs; TSBs are encouraged to be proactive in marketing to them. To obtain a list of what state agencies purchase and agent contact information or to learn how to become a registered vendor with the state, visit das.iowa.gov/procurement.
The same criteria used to evaluate TSB certification are required for businesses to be eligible for TSB loans offered through the Iowa Center for Economic Success. However, TSB certification is not required to obtain these loans. Loans are available up to $50,000 for businesses looking to start or expand. 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.
To be eligible for TSB certification or a loan, businesses must be:
- Located in the state of Iowa
- Operating for a profit
- Make less than $4 million in gross income, computed as an average of the preceding three fiscal years
- Majority owned (51 percent or more), operated and managed by a female, individual with minority status, service disabled veteran or individual with a disability
Public Purchasing Agents: All TSB 48-hour bid solicitations are directly synchronized from the State of Iowa Bid Opportunities database for 48 hours in advance of being published publicly on that website. If you do not currently post on Bid Opportunities, but wish to do so, email email@example.com to request a login from the Department of Administrative Services.
Category: IA State Programs, Small Business Assistance
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