SBA approves loans to two Iowa Corridor small businesses in June

$19.7 million in loans help create 130 jobs statewide

U.S. Small Business Administration (SBA) loans Iowa

The U.S. Small Business Administration (SBA) has released its monthly loan approval figures in Iowa for the month of June 2024, including loans to two businesses in Linn and Johnson counties.

Corridor businesses receiving grants from the SBA in June include:

  • TEG LLC in Cedar Rapids, which received loans of $525,000 and $150,000, creating two new jobs.
  • Lord Enterprises LLC in North Liberty, which received a $150,000 loan, creating one new job and retaining one existing job.

In total, the SBA backed 35 loans for $19,772,800 to Iowa businesses in June from participating lenders using its two largest lending programs, the SBA 7(a) and 504 programs, capitalizing 22 new and 13 existing businesses that report creating 130 new jobs and retaining 192 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.