Thursday, March 06, 2008
Governor Culver Announces Three Targeted Small Business Awards
Start-up Loans to Help Entrepreneurs with Disabilities, Women and Minorities in Des Moines and Iowa City to Expand Small Businesses
(Des Moines) Today, Governor Chet Culver announced three new Targeted Small Business (TSB) loans for business owners in Des Moines and Iowa City 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.”
- Faythe and Sarah Dornink, owners of Faythe Dornink Custom Dress Designs in Des Moines, were awarded a $15,000 loan with an interest rate of four percent over a five year period to purchase equipment, furniture and supplies. Because of increasing sales, the mother-daughter custom-made garment business is relocating from their home to a larger commercial space in the East Village District, allowing them to showcase their original designs for custom gowns and accessories for bridal, evening and everyday wear. Faythe is a home economics teacher and custom dress designer. Sarah is a designer who relocated from New York to Iowa.
- Kye Sun Steward, new owner of Aoeshe Restaurant in Iowa City, was awarded a $50,000 loan with an interest rate of four percent over a five year period to purchase inventory, supplies and plants. The past owner of the existing business, which has been open for 20 years, has retired. Steward plans to keep the restaurant's existing name while increasing services and improving the facility.
- William Kinney, owner of a restaurant d/b/a Pop's Place and d/b/a Bibbs So Food, was awarded a $26,000 loan with an interest rate of four percent over a five year period to purchase a food trailer. Kinney's existing restaurant on the east-side of Des Moines has been in operation for about 18 months. A regular vendor at the Iowa State Fair and the Drake Relays, Kinney is seeking to purchase a food trailer equipped with a commercial-sized freezer and air conditioning to provide catering services at various events in Polk County and the surrounding area.
Last 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 small 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.html.