The U.S. Small Business Administration (SBA) has released its monthly loan approval figures in Iowa for the month of February 2024, and seven Corridor companies received loans under the program.
According to the SBA report, local companies receiving loans are as follows:
- Daydreams Comics LLC of Iowa City, which received a $159,000 loan, retaining three existing jobs.
- Grandiose LLC of Iowa City, which received a $25,000 loan, retaining one existing job.
- Corridor Equipment Rental LLC of Iowa City, which received a $50,000 loan.
- Apex Structural LLC of Cedar Rapids, which received a $288,000 loan, creating one new job and retaining eight existing jobs.
- Artistic Strands Hair Salon LLC of Cedar Rapids, which received a $63,200 loan, creating five new jobs and retaining five existing jobs.
- WSA Promotions LLC of Center Point, which received loans for $366,000 and $230,000, retaining four existing jobs.
- Sandra A. Christensen LLC in Fairfax, which received a $100,000 loan, retaining four existing jobs.
Overall, the SBA backed 36 loans for $7,900,500 to Iowa businesses from participating lenders using its two largest lending programs.
The SBA’s 7(a) and 504 programs capitalized 15 new and 21 existing businesses, creating 148 new jobs and retaining 140 jobs as a result.
In January 2024, the SBA backed 37 loans for $11,582,400 to Iowa businesses, including five in the Corridor.
