For the month of August, the U.S. Small Business Administration backed 30 loans for $17,582,300 to Iowa businesses from participating lenders using its two largest lending programs.
The SBA 7(a) and 504 programs capitalized 20 new and 10 existing businesses that reported creating 112 new jobs and retaining 242 jobs as a result. The 7(a) loan program is the SBA’s primary business loan program and provides loan guarantees to lenders that allow them to provide financial help for small businesses with special requirements. 7(a) loans can be used for acquiring, refinancing, or improving real estate and buildings. The 504 Loan Program provides long-term, fixed rate financing for major fixed assets that promote business growth and job creation.
Seven corridor businesses located in Johnson and Linn counties have been approved for loans totaling $3,670,800:
Coralville
- SRIJAL International Foods LLC, $90,000
Iowa City
- Bread & Circuses Inc., $30,000
- Penguin Pediatric Dentistry Inc., $299,500
Cedar Rapids
- Ryersen’s LLC, $235,800
- Sorrento Holdings CR, LLC, $2,684,000
Hiawatha
- Smart phones plus LLC, $71,500
Marion
- Greater CR Estates, LLC, $260,000
