The Targeted Small Business Growth & Development Grant Program is an initiative by the City of Iowa City aimed at supporting specific groups of entrepreneurs in overcoming barriers to starting or expanding their small businesses. This program is particularly focused on women, individuals with minority status, service-connected disabled veterans, and individuals with disabilities. The grant provides financial assistance to help these targeted small business owners enhance their capacity and sustainability through various forms of support, including coaching, business support services, and technical assistance tailored to their unique challenges.
The primary purpose of the grant is to foster the growth and development of targeted small businesses in Iowa. By providing up to $5,000 in funding, the program seeks to empower eligible business owners to address specific obstacles they face in their entrepreneurial journey. The funds can be utilized for a variety of purposes, including purchasing equipment, technology, software, inventory, and professional services such as legal, marketing, and financial consulting. Additionally, the grant can assist with debt restructuring, capital expenses, or down payment and security deposit assistance for commercial spaces.
To qualify for the grant, businesses must be located in Iowa and operate for profit. They must also have an average gross income of less than $4 million over the preceding three fiscal years. Furthermore, the business must be majority owned, operated, and managed by a woman, an individual with minority status, a service-disabled veteran, or an individual with a disability. Those who are not currently certified as a Targeted Small Business must commit to applying for certification before the end of the grant term.
The program offers several benefits to certified Targeted Small Businesses. These include a listing in the online Certified TSB Directory, which is utilized by public and private buyers throughout the state. Additionally, certified businesses receive invitations to exclusive networking events and opportunities to connect with public purchasing managers and private buyers. The program also promotes certified businesses through the use of a TSB badge or window cling, enhancing their visibility in the marketplace.
Submission requirements for the grant include a completed application form, which must demonstrate the business's eligibility for TSB certification. Applicants are encouraged to provide detailed information about how the grant funds will be used to address specific barriers to growth. The evaluation criteria for the grant will focus on the potential impact of the proposed use of funds on the business's growth and sustainability.
The application process is open until November 6, 2024. Interested applicants should ensure that they meet all eligibility criteria and prepare their applications in advance of the deadline. For further information, potential applicants can contact Rachel Kilburg at the City of Iowa City. The program is designed to be recurring, providing ongoing support to targeted small businesses in the region.
