Six Corridor companies receive SBA loans in June

U.S. Small Business Administration (SBA) exporting

The U.S. Small Business Administration has released its monthly approval figures for loans in Iowa for the month of June 2023, and six Corridor companies received loans under the program.

According to the SBA report, local companies receiving loans in June are as follows:

  • Persa & Bennett Holdings LLC of Iowa City, which received $474,000, creating two new jobs;
  • Inside Line LLC of Iowa City, which received $109,600, creating four new jobs and retaining one existing job;
  • Bread & Circuses Inc. of Iowa City, which received $100,000, retaining two jobs;
  • Super 8 By Wyndham of Cedar Rapids, which received $1.785 million, retaining nine jobs; and
  • Innovative Floors Inc. of Cedar Rapids, which received loans for $100,000 and $50,000, creating two new jobs; and
  • TS Fitness Inc. of Hiawatha, which received $441,000, creating two jobs and retaining nine existing jobs.

Overall, the SBA backed 27 loans for $14,633,200 to Iowa businesses from participating lenders using its two largest lending programs.

The SBA’s 7(a) and 504 programs capitalized 17 new and 10 existing businesses, creating 187 new jobs and retaining 59 jobs as a result.

In May, the SBA backed three Linn County businesses and one Johnson County business, issuing loans totaling $409,600.

The United States Small Business Administration, founded in 1953, is an independent agency of the United States government that provides support to entrepreneurs and small businesses.