The U.S. Small Business Administration (SBA) has released its monthly loan approval figures in Iowa for the month of September 2024, including loans to seven businesses in Linn and Johnson counties.
Corridor businesses receiving grants from the SBA in September include:
- Colonial Bowling in Iowa City, which received a $1 million loan, creating seven new jobs and retaining three existing jobs.
- RAM River, LLC in Iowa City, which received a $283,200 loan, creating six new jobs and retaining six existing jobs.
- Coralville Professional Services in Iowa City, which received a $48,000 loan, creating no new jobs but retaining five existing jobs.
- Foundations First, LLC in North Liberty received a loan of $25,000, creating one new job and retaining one existing job.
- DT Ventures in Cedar Rapids received two loans totaling $954,000, creating no new jobs but retaining 51 existing jobs.
- Adaeze Beauty LLC in Cdear Rapids received a loan of $31,000, creating one new job and retaining one existing job.
- Hunter Quality Contracting LLC in Lisbon received a $40,000 loan, creating no new jobs and retaining no existing jobs.
In total, the SBA backed 55 loans for $25,976,00 to Iowa businesses this month from participating lenders using its two largest lending programs, the SBA 7(a) and 504 programs. These programs capitalized 26 new and 29 existing businesses that report creating 103 new jobs and retaining 466 jobs as a result.
Radio Iowa reports that the number of SBA-guaranteed loan approvals made in Iowa during 2023 reached 340, down from 466 loans in 2022, while the amount approved dropped from more than $242 million in 2022 to $139 million in 2023.
The Small Business Administration (SBA) helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships, the Small Business Administration assists and protects the interests of small business concerns.
