From the Desk of Director DurhamMegan Kopp
Hello, I’m Debi Durham, Director of the Iowa Economic Development Authority.
Many of you are familiar with Iowa’s Targeted Small Business program or TSB as it’s commonly called. It was created by the legislature in the mid-1980’s to provide access to procurement opportunities and financial resources for businesses owned by women, minority group members, persons with disabilities and service disabled veterans.
Over the past 30 years, the TSB program has certainly gone through some changes, but it remains a valuable resource for those targeted businesses. For that reason, I’d like to take this opportunity to bring you up-to-date on the benefits the program provides, and encourage you to share this information with businesses in your area that could participate.
A key component of the program is Targeted Small Business Certification. State agencies, public schools and the Regent universities set annual procurement goals to make purchases specifically from Certified Targeted Small Businesses. Certified TSB’s are included in the Certified TSB Online Directory, which state organizations as well as private sector buyers use to identify targeted group vendors. And of course, having the designation as a Certified Targeted Business adds value and marketability to the member business.
Another benefit of the TSB program is that Certified Targeted businesses are eligible for state government procurement opportunities which other small businesses do not have. A TSB certified business can receive 48-hour advance notice of state procurement contract needs, giving them a head start on placing competitive bids. Additionally, state agencies can purchase goods and services from a certified TSB without the need to go out to competitive bid when the purchase price is under $10,000.
A third component of the TSB program is access to capital. An organization that qualifies as a Targeted Small Business could be eligible for low interest loans of up to $50,000.
So again, I ask you to visit with targeted small business owners in your area about the TSB program and encourage them to apply. Obtaining certification status helps not only the Targeted small business, but increases the economic well-being of your community and our State.
So until next time, thank you again for the good work you do to help Iowa’s businesses succeed!