Why You Should Consider Becoming a Targeted Small Business
The Iowa Economic Development Authority (IEDA) offers a program designed to help women, minorities, service-disabled veterans and individuals living with disabilities start or grow a small business in the state. Businesses with these profiles receive opportunities through the Targeted Small Business (TSB) program, including a listing in an online TSB directory, networking at exclusive events, introduction to key partners who aid with state purchasing and marketing materials and promotion as a Certified TSB. In the last quarter of 2020, 47 new businesses became part of the TSB directory which features nearly 900 businesses, including the following Greater Des Moines Partnership Members:
Find the entire list of new businesses here, and consider becoming part of the TSB funding program yourself!
What Does a TSB Look Like?
As mentioned above, a TSB must be one of four business profiles and fall into one of the category listings offered. From appraisal services and engineering to lawn care and public relations, you will find Targeted Small Businesses of all kinds in Greater Des Moines (DSM).
Qualifying Businesses
To become certified as a TSB or be eligible for a TSB loan — of up to $50,000 — your business must be located in Iowa and operating for a profit. Targeted Small Businesses must also make less than $4 million in gross income, computed as an average of the preceding three fiscal years. A TSB must also be majority owned, operated and managed by one of the four previously mentioned profiles.
Another benefit to becoming a TSB is being able to assist Iowa’s government in meeting its TSB goals. State government agencies must report quarterly TSB procurement goals and create spending projections. Unsure of whether your business would be considered? Find out what the state has purchased in recent fiscal years.
Elevating Diverse Businesses
The Partnership understands that creating and helping maintain opportunities for diverse businesses is key to continuing economic growth and vibrancy in the region. Through the IEDA TSB program, The Partnership’s Member businesses can help create a prospering business community. For its Members, The Partnership also offers Diversity, Equity and Inclusion (DEI) resources, as well as opportunities for inclusion in the #DSMlocal Buying Guide, Restaurant Guide and other buying guides for seasonal and event purchases.
Learn more from this 2020 Partnership Supplier Diversity webinar where speakers discuss diverse communities that want to know about the businesses they buy from and create their own supplier diversity purchasing goals. You can also find out about creating Supplier Diversity programs from IEDA Director Debi Durham’s “90 Ideas in 90 Minutes” presentation.
Greater Des Moines (DSM) welcomes diverse talent to the region. As one of the fastest growing business communities, inclusion and attracting diverse talent in the workplace is a key strategy of the Greater Des Moines Partnership. Learn more here.
Find these tips useful? Learn more tricks on how to maximize the potential of your business through The Partnership’s Small Business Resources Hub.
Jill Lippincott
Jill Lippincott is the targeted small business (TSB) certification project manager at Iowa Economic Development Authority.