SBA reports $195.9 million in Iowa loan approvals for 2024 fiscal year

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The Iowa district office of the Small Business Administration (SBA) has announced the agency’s fiscal year 2024 loan approval statistics for its regular loan programs in Iowa.

The program approved 476 loans during the 2024 fiscal year, compared to 340 loans approved in Iowa during the 2023 fiscal year. The program approved $195,929,000 in loans in Iowa for the 2024 fiscal year, as compared with $139,353,400 in the 2023 fiscal year. The loans were made through banks, credit unions and certified development companies.

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The loans included 421 loans under the 7(a) program for $146,022,000 and 55 loans under the 504 program for $49,907,000.

According to the report, 24 loans were approved in Johnson County for $10,924,400, while 40 loans were approved in Linn County for $20,383,300; two loans were approved in Jones County for $1,137,000; and three loans were approved in Washington County for $194,300.

As a direct result of SBA-guaranteed small business loans in fiscal year 2024, 1,927 jobs were reported created in Iowa, and an additional 2,510 jobs were reported as retained.  Of the 476 loans approved in Iowa during fiscal year 2024 203 went to new business start-ups or to finance changes in ownership, which are considered new businesses by the SBA.

As a federal agency helping lenders in Iowa and across the country to make small business loans under the 7(a) program, the SBA guarantees that a certain portion of the small business loan will be repaid if the borrower defaults. An SBA-guaranteed loan offers borrowers the potential for a lower equity injection and longer amortization, with interest rates capped by the government.

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The SBA’s 504 loan program is a public-private partnership designed to provide attractive, fixed interest rate loans on large equipment and real estate projects for small businesses. Under this program, private lenders provide 50% of the project’s financing, with the SBA supplying up to 40% and the small business 10%. With the 504 program, the SBA works with a Certified Development Company (CDC), a private, nonprofit corporation to support financing to small businesses.

In addition, the SBA has recently released its fiscal year 2024 capital impact report, showing that nationally, the agency increased its annual capital portfolio – which includes startup, growth, and recovery capital, as well as surety bonds – by 7% over fiscal year 2023.

Also, for the first time since 2008, the SBA made more than 100,000 financings to small businesses, representing a 22% increase over fiscal year 2023 and a 50% increase over 2020.

For complete data on the SBA’s loan programs, visit the SBA Office Of Capital Access.