Three Linn County and one Johnson County businesses received a total of $409,600 from the Small Business Administration in loans in May 2023.
The SBA backed 23 loans for more than $6.8 million to Iowa businesses from participating lenders using its two largest lending programs.
Of the Johnson and Linn County businesses, three were new and one was an existing establishment. According to the administration, the funds created 52 new jobs and retained 17.
May loan recipients in the Corridor included:
- SUM Logistics, Inc., a local messenger and delivery business in North Liberty, received $22,600, creating 50 jobs.
- Innovative Floors, a flooring contractor in Cedar Rapids, received $100,000 to help create two jobs.
- Revive Aesthetics & Wellbeing, a beauty salon in Cedar Rapids, received $37,000 to sustain four existing jobs.
- Mustang Shading Systems in Lisbon received $250,000 to retain 17 jobs.
Overall, the SBA’s May funds created 148 jobs and retained 122 positions in 15 Iowa counties.
In April, the SBA backed 25 loans for $5.8 million to Iowa businesses, including five loans to Corridor businesses.