SBA approves more guaranteed loans in Iowa

The U.S. Small Business Administration approved 484 guaranteed loans in Iowa totaling $197.3 million in fiscal year 2016. That's up from 444 loans for a total of $134.9 million in fiscal year 2015.

The agency's Iowa district office in Des Moines said the 484 guaranteed loans supported $261.5 million in total lending to Iowa small businesses and created 2,478 jobs as well as retaining an additional 3,410 positions.

'Access to capital is one of the biggest challenges facing small business,” Jayne Armstrong, director of the SBA's Iowa District Office, said in a news release. 'SBA's partnership with the Iowa lending community is critical to helping entrepreneurs start, build and grow their businesses.”

The totals for fiscal year 2016 include 422 loans for $145.7 million under the SBA's largest loan program, the 7(a) General Business loan program, and 62 loans for $51.64 million, supporting $116.2 million under the 504 Certified Development Company program.

The supported amount for 504 loans includes the SBA share and third-party loans that are made by commercial lenders as part of the funding package.

Loans to minority business owners increased 53 percent from 30 loans in fiscal year 2015 to 46 loans in fiscal year 2016. Loans to women-owned businesses declined 19 percent from 93 loans in fiscal year 2015 to 75 loans in fiscal year 2016.

Loans to veterans increased 50 percent from 20 loans in fiscal year 2015 to 30 loans in fiscal year 2016.

SBA Region 7 Regional Administrator Patricia Brown-Dixon said the agency guaranteed a total of 2,581 loans to small businesses in Iowa, Kansas, Missouri and Nebraska in fiscal year 2016, unchanged from the previous fiscal year.

Brown-Dixon said the dollar volume of the loans, $1.1 billion, surpassed the $906.2 million loaned to small businesses in those four states in fiscal year 2015.

The SBA nationwide approved 70,011 loans totaling $28.8 billion that supported $34.79 billion in lending to small businesses.