The U.S. Small Business Administration (SBA) has released its monthly loan approval figures in Iowa for the month of April 2023, including five loans to businesses in Linn, Cedar and Iowa counties.
Eastern Iowa businesses receiving loans from the SBA in April include:
- Vertical Peak Technologies in Cedar Rapids, a cellular equipment installation and tower maintenance services company, received two loans – one for $381,600, the other for $118,500 – creating 10 jobs and retaining 17 existing jobs.
- W.D.I. Pest Control in Marion received a $139,100 loan, retaining one existing job.
- Midwest Fabrication and Welding in Tipton received a $229,000 loan, retaining eight existing jobs.
- Property Simple Solutions of Marengo, a car wash company, received a $202,100 loan, creating two new jobs and retaining two existing jobs.
In total, the SBA backed 25 loans for $5,791,700 to Iowa businesses from participating lenders using its two largest lending programs, the SBA 7(a) and 504 programs, capitalizing 18 new and seven existing businesses that report creating 136 new jobs and retaining 118 jobs as a result.
In March, six Corridor businesses received a total of $1.653 million in SBA loans.
