Iowa’s Targeted Small Business Program, which was created in 1988 to boost diversity among business owners, has hit some dead ends over the past 20 years, the Associated Press reported.

In total, 685 businesses were chosen for the assistance program, and more than 30 percent of those businesses have closed or filed for bankruptcy, an analysis by the Associated Press revealed.

The program routed approximately $10 million in state funding to businesses that are majority-owned by women, minorities or people with disabilities.

Approximately $7.1 million of the $10 million was dispersed in loans, and $2.7 million was disstributed in grants. Over the past 20 years, the state has paid out $3.3 million to businesses that have closed or gone into bankruptcy, according to the AP analysis. Of that total, $2.5 million was dispersed in loans and more than $750,000 was in the form of grants.

Despite the number of businesses that have closed, Iowa Department of Economic Development Program Director Donna Lowery remains optimistic. She said the numbers show the program is working, considering statistics from the U.S. Small Business Administration show that approximately 66 percent of small businesses nationwide close by their fourth year of operation.

“With businesses in our program, there are some failures but many more successes,” said Lowery, who works in the Iowa Department of Economic Development. “We think this program is an overall success.”