SBA approves $11M in Iowa small business loans in November

U.S. Small Business Administration (SBA) loans

The U.S. Small Business Administration backed 31 loans for $11,143,000 to Iowa businesses in November, including five in the Corridor. 

Area businesses receiving loan approvals in November included:

  • Barrel House Downtown Cedar Rapids LLC, Cedar Rapids, $296,200
  • BDA LLC, Cedar Rapids, $100,00
  • Midwest Steel Erectors LLC, Marion, $30,000
  • Shanahan Empire LLC, Iowa City, $50,000
  • Rieck Enterprises LLC, North Liberty, $758,500

Corridor loan approvals totaled $1,234,700 in November. Corridor businesses reported retaining six jobs and creating 87 as a result. 

Statewide, the SBA 7(a) and 504 programs capitalized 17 new and 14 existing businesses that report creating 173 new jobs and retaining 88 jobs as a result.