Monday, December 03, 2007
Governor Culver Announces Targeted Small Business Awards
Program Helps Women, Minorities and Entrepreneurs with Disabilities to Open and Expand Iowa Small Businesses
(Des Moines) Today, Governor Chet Culver announced two new Targeted Small Business (TSB) loans for Des Moines and North Liberty companies to open and expand operations.
“To move our state forward, we must make Iowa a state where everyone, regardless of race, gender or ability has the opportunity to turn their ideas into reality and reach their full potential,” said Governor Culver. "This important program makes it easier for women, minorities and entrepreneurs with disabilities to start businesses and create new financial opportunities for themselves and others. These businesses will create new jobs, promote diversity across our state and make our economy stronger.”
Mariana Gomez, owner of Taco's Marianas in Des Moines, was awarded a $32,000 loan to relocate her restaurant to a larger facility at 1300 University Avenue. The funds will be used to purchase additional equipment, inventory and supplies.
Kaaren Vargas, owner of the Corridor Kids Pediatric Dentristry in North Liberty, was awarded a $50,000 loan to open a new children's dental office. The funds will be used to purchase additional equipment, supplies and inventory.
Both loans have an interest rate of three percent amortized over a five year period.
Earlier this year, Governor Culver signed into law HF 890, which provided an additional $4 million to Iowa’s TSB, a program operated by the Iowa Department of Economic Development to make it easier for female, minorities and entrepreneurs with disabilities to start or expand a business in Iowa.
To qualify for assistance, the businesses must:
- Operate for a profit
- Have annual gross sales of less than $4 million
- Be at least 51 percent owned, operated and managed by women, minorities or persons with a disability
- Be certified as a "Targeted Small Business" by the Iowa Department of Inspections and Appeals
For more information on the TSB program, visit: http://www.iowalifechanging.com/business/tsb_expansion.html.