Past meeting
What Iowa's Targeted Small Business program Means for You!
(9 ratings)
Meeting Description
Who
- All the NIEC members - and - bring a friend as well!
Why
- Our Special guest will be Margo Kromminga from the Iowa Department of Economic Development - Targeted Small Business programs
Organized by
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"1200 Grand Avenue in Downtown Des Moines - Enter the building off 12th street - look for the group on the first floor."
--Barb Gordon
Details
Margo Kromminga, TSB Program Marketing and Compliance Manager at the Iowa Department of Economic Development will be the presenter.
http://www.iowalifech...
Biographical Information:
Margo is the Targeted Small Business Program Marketing and Compliance Manager. She has an extensive background in marketing and communications having worked for the past two years at Wells Fargo Home Mortgage as a Marketing Program Manager. In addition, she worked for 14 years for The Principal Financial Group in the area of Retirement and Investor Services in various capacities including Sr. Communications Consultant and Manager. At The Principal, Margo became licensed with Series 6, 7 and 63 and has a FLMI designation. She is a first generation Mexican-American and is bilingual and bicultural in Spanish. She serves on several boards including ISED Ventures, Mentor Iowa and Children and Family Urban Ministries. Margo earned her B.A. in Political Science from The University of Iowa. She attended Roosevelt University?s Paralegal program where she graduated with honors in Corporations and Securities. Margo also holds an M.B.A. with an emphasis in Marketing from The Henry B. Tippie School of Business.
Margo is a native of Chicago, IL but has lived in Iowa for over 20 years. She lives in Johnston with her spouse, John and twin daughters, Sarah and Sandra.
Targeted Small Business Assistance
The Iowa Department of Economic Development (IDED) is committed to helping Iowans achieve their business goals. The Small Business Assistance Programs are designed to help women, minorities and persons with disabilities receive business assistance. These programs not only support multiculturalism in Iowa, but grow and expand Iowa's economy.
The Targeted Small Business (TSB) Assistance Program supports the creation and expansion of specified businesses. To qualify for the program, a business must have annual gross sales of less than $4 million and be at least 51% owned, operated and managed by women, minorities or persons with disabilities. A business can receive "Targeted Small Business" certification through the Iowa Department of Inspections and Appeals [www.state.ia.us/government/dia/page5.html] or from the Iowa Department of Transportation's Disadvantaged Business Enterprise program [www.dot.state.ia.us/contracts/contracts_eeoaa.htm].
Forms of Assistance
Loans of up to $50,000 may be provided at interest rates of 0-5% that must be repaid in monthly installments over a seven year period. The first installment can be deferred for three months for a start-up business and one month for an existing business.
Loan guarantees are available in limited cases for lines of credit up to $50,000. Loan guarantees can cover up to 80% of a loan obtained from a bank or other conventional leader. Interest rates are at the discretion of the lender.
Equity grants are available in amounts up to $50,000, in limited cases.
TSB funds may be used to purchase equipment, acquire inventory, provide operating capital or leverage additional funding.
Talk About This Meeting
Who Attended
It's estimated that 27 people attended.
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Barb Gordon
"Thank you, Margo. I didn't realize that becoming a certified Targeted Small Business was available to so many business owners in Iowa. The handouts were helpful and your presentation was great. " -
Josh Larson
"Good to learn about that program. Good speaker. I wish there would have been more people there to network with, though." -
Cindy Gordon
"I had never heard of the program before so it was interesting and very informative. Everything was precise and clear. The handouts were great and detailed. A well thought out presentation." -
iwalmsley
"The presentation was great, but I only learned being a white male, I am alone." -
Barry Hesse
"As a REALTOR, I am always looking for resource material for people I run across in my business. Most likely this program will be educational than applicable to anything I do...but you never know." -
Kay Stubblefield
"As an African American woman, it was nice to hear about the resources available through the Targeted Small Business program." -
Jill Leonard
"I think this is a wonderful program for people starting out in their own business. I wish I knew of this program when my husband and I started our business four years ago. "
Chuck Fritz
"Good program. IDED should look for opportunities to encourage these entrepreneurs to create domestic export businesses (form business in states other than Iowa). There is too much local dependance in the Iowa economy. "