Iowa QC businesses capture $16M in SBA Iowa District loans

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Businesses in the Iowa Quad Cities counties of Clinton, Scott and Muscatine received more than $16 million of the nearly $196 million in loans approved in fiscal 2024 by the Small Business Administration’s (SBA) Iowa District Office.

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The total number of SBA-guaranteed loan approvals made in the state was 476. That compared to 340 loans approved in FY 2023, the district’s year-end report said. 

The dollar amount for all loan approvals in Iowa was for $195,929,000 in FY 2024 vs. $139,353,400 in FY 2023. These loans were made throughout the year to banks, credit unions and certified development companies.  

The total loan amounts awarded to Iowa Quad Cities projects are:

• Clinton County – $5,751,000.
• Muscatine County – $869,000.
• Scott County – $9,653,400.

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As a direct result of the SBA guaranteeing 7(a) and 504 small business financing in FY 2024. The Iowa district office said that statewide 1,927 jobs were created and an additional 2,510 jobs were retained.  

Of the 476 loans approved in Iowa, 203 went to new business start-ups or to finance changes in ownership. The latter are considered new businesses by the SBA.

An SBA guaranteed loan offers borrowers the potential for a lower equity injection and longer amortization with interest rates capped by the government. The SBA’s 504 loan program is a public-private partnership. It’s designed to provide attractive, fixed interest rate loans on large equipment and real estate projects for small businesses.

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.