Iowa Administrative Code › Agency 261 - Economic Development Authority › Part IV - Business Development Division › Chapter 52 - Iowa Targeted Small Business Certification Program › Rule 261-52.1 - Definitions

Current through Register Vol. 47, No. 3, July 24, 2024
"Authority"
means the economic development
				  authority created in Iowa Code section
				  15.105.
"Certification"
means the process which
				  identifies small businesses as targeted and eligible for technical
				  assistance.
"Contractor"
means the person who contracts
				  to perform work for the state.
"Cottage industry"
means a business where
				  the principal place of business is the owner's residence.
"Disability"
means as defined in Iowa Code
				  section
				  15.102(10)
"b."
"Family"
means a group of related people as
				  follows: father, mother, son, daughter, brother, sister, husband, wife,
				  grandmother, grandfather, grandchild, stepfather, stepmother, stepdaughter,
				  stepson, stepbrother, stepsister, half-sister, or half-brother.
"Family-owned business"
means a business
				  owned by more than one member of one family. Characteristics of a family-owned
				  business include, but are not limited to:
1. Ownership is shared by family members;
2. Profits are disbursed among family members;
3. A business tax return is filed in the name of the company
				  with the family members listed as officers.
"Gross income"
means the total sales less
				  the cost of goods sold plus any income from investments and from incidentals or
				  outside operations or sources.
"Intention"
means an attempt has been made
				  to perform the work.
"Lending institution"
means any bank,
				  savings and loan, or credit union.
"Minority person"
means an individual who is
				  a Black, Latino, Asian, Pacific Islander, American Indian or Alaskan Native
				  American.
"Owner's residence"
means the owner's legal
				  residence.
"Person"
means individual, corporation,
				  government or governmental subdivision or agency, estate, trust, partnership or
				  association, or any other legal entity.
"Program"
means the targeted small business
				  certification program described in this chapter.
"Service-disabled veteran"
means the same as
				  defined in
				  15
				  U.S.C. Section 632.
"Single management"
means a business which
				  is not a subsidiary of any other business.
"Targeted group person"
or
"TGP"
means a person who is a minority, woman, person with a
				  disability, or service-disabled veteran and is either an Iowa resident or a
				  resident of a contiguous state who lives within 50 miles of the targeted small
				  business the person owns, operates, and actively manages.
"Targeted small business (TSB)"
means a
				  small business which is 51 percent or more owned, operated, and actively
				  managed by one or more targeted group persons provided the business meets all
				  of the following requirements:
1. Is located in this state;
2. Is operated for profit;
3. Has an annual gross income of less than $4 million,
				  computed as an average of the three preceding fiscal years.
"Targeted small business owner"
means one or
				  more women, minorities, persons with disabilities, service-disabled veterans,
				  or a combination thereof, owning at least 51 percent of a business.
"Uniform small business vendor application"
means the application developed by the Iowa economic development authority
				  which can be adopted by all agencies and departments of state government to
				  identify small businesses and targeted small businesses. The application
				  contains information which can be used to determine certification as a targeted
				  small business for participation in the Iowa targeted small business
				  procurement program.
"Woman"
means any female 18 years of age or
				  older.