SBA backs fewer Iowa business loans in April

Fewer loans for Iowa companies were backed by the U.S. Small Business Administration in April than in the same month of 2013.

The SBA approved 34 loans for $9.1 million to Iowa businesses from participating lenders using its two largest lending programs. The loans, if accepted by the borrowers, will capitalize 26 new and 29 existing businesses that plan to create 155 new jobs and retain 663 existing positions.

The April figures are lower than the same month of 2013 when the SBA backed 56 loans for $17.1 million. The loans approved in April 2013 were expected to capitalize 26 new and 29 existing businesses and create 141 new jobs and retain 85 existing positions.

PiZa's LLC in Cedar Rapids was approved for an $80,000 loan for a new full-service restaurant employing 16 people. The SBA backed two loans totaling $113,200 for Corkery Transport Inc., truckload freight business in Jesup that will create one job.

In Johnson County, the SBA backed a $1.2 million loan for Frog Hollow Daycare in North Liberty that is expected to create 35 jobs and retain 80 positions. A.K. Rentals in Iowa City was approved for a $204,800 loan that will retain 16 jobs and the SBA backed a $150,000 loan for Caffrey Inc. in Iowa City that is expected to create 15 jobs and retain 15 positions.

In Coralville, the SBA approved a $1.5 million loan for the Baymont Inn & Suites that is expected to retain 17 jobs and a new business, Geek City Games and Comics was approved for a $50,000 loan that will create one job.

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