SBA approves $44.7 million in Iowa small business loans in September

U.S. Small Business Administration (SBA) loans

The U.S. Small Business Administration announced its monthly loan approval figures in Iowa for the month of September 2021.

The SBA backed 53 loans for $44,732,200 to Iowa businesses from participating lenders using its two largest lending programs.

The SBA 7(a) and 504 programs capitalized 21 new and 32 existing businesses that report creating 257 new jobs and retaining 484 jobs as a result.

$4,410,500 of those loans went to businesses in the Corridor.  Of those Corridor businesses, 11 jobs were retained, 37 jobs were created, 15 jobs were existing.

The largest SBA-backed loan in the Corridor went to R.N. Bowman, Llc. in Cedar Rapids for $2,054,000.  They also received an additional loan for $300,000.  The company does retail trade.  Other Corridor companies with SBA backed loans include Gokul Hospitality, Llc in West Branch for $892,500, Scores On 33rd, Llc in Cedar Rapids for $350,000, Vertical Peak Technologies, Llc in Cedar Rapids for $180,000 and $90,000, Diverse Controls, Inc in Cedar Rapids for $120,000.  Ts Real Estate Llc in North Liberty also received $424,000.