Monday, December 31, 2007
Governor Culver Announces Targeted Small Business Awards For Marion And Cedar Rapids Businesses
Program Helps Entrepreneurs with Disabilities, Women and Minorities to Open and Expand Iowa Small Businesses
(Des Moines) Today, Governor Chet Culver announced three new Targeted Small Business (TSB) loans for Cedar Rapids and Marion 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 entrepreneurs with disabilities, women and minorities 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.”
Thomas Jones, owner of Mattie's Place in Cedar Rapids, was awarded a $20,000 loan with an interest rate of five percent over a five year period to purchase additional equipment, inventory and supplies for the catering business. The loan will allow Mr. Jones to purchase inventory in bulk.
Zameer Khan is purchasing an existing Cedar Rapids Indian restaurant named S&Z located in the downtown Capital Mall. Mr. Khan was awarded a $35,000 loan with an interest rate of four percent over a five year period to purchase additional equipment, inventory and supplies.
Pedro Ramirez is opening a Hispanic grocery store and small restaurant in Marion. Mr. Ramirez has been in the restaurant business for 15 years. His new restaurant will seat about 30 people and offer take-out. Mr. Ramirez was awarded a $40,000 loan with an interest rate of five percent over a five year period to purchase equipment, inventory and supplies.
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 women, 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 a woman, minority or person 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.