The Small Business Administration approved 155-(m) million dollars in loans over the past 12 months, to help Iowans start or grow small businesses.
The agency reports the loans supported nearly 200-(m) million dollars in total lending to small businesses in Iowa.
SBA Spokesman Dave Lentell says the 455-loans approved, helped create nearly two thousand jobs, and helped retain another two thousand jobs. He says the numbers were down slightly compared to FY 2016.
He notes SBA loan numbers dip as the economy rises, because lenders don't need to rely on the SBA program quite as much.
He says small businesses create the most new jobs in Iowa, and across the nation.
The totals for FY 2017 include 391 loans for $124.7 million under the agency’s largest loan program, the 7(a) General Business loan program, and 64 loans for $30.2 million, supporting $40 million under the 504 Certified Development Company program.
The “supported” amount for 504 loans includes the SBA share and the third party loans that are made by commercial lenders as part of the funding package.
The FY 2017 totals compare to 484 loans totaling $197.3 million that supported $261.5 million in lending to small businesses in Iowa in FY 2016.
Bankers Trust in Des Moines was the top SBA 7(a) lender and top overall lender in Iowa, approving 42 7(a) loans for $10.5 million. The 7(a) program is SBA’s flagship loan program, and is available to small businesses for a wide variety of financing needs.
Iowa Business Growth Company, based in Johnston, was the top SBA 504 lender, approving 25 504 loans for $12.5 million. The 504 loan program is for long-term, fixed-asset financing projects.
“Access to capital is one of the biggest challenges facing small business,” said Jayne Armstrong, director of the SBA’s Iowa District Office. “SBA’s partnership with the Iowa lending community is critical to helping entrepreneurs start, build and grow their businesses and we’ll continue to work to break down the barriers to capital opportunities for Iowa small businesses.”