SBA backs fewer loans in Iowa creating more jobs

The U.S. Small Business Administration backed fewer loans for less financing in fiscal year 2013 than it did in the previous fiscal year, but Iowa companies planned to create more jobs.

The SBA approved 525 loans for Iowa small businesses worth $194.8 million that created 1,817 jobs, compared with 592 loan approvals worth $252.1 million in fiscal year 2012 that created 1,893 jobs. While the agency approved the loans, the businesses did not necessarily accept the financing.

The SBA backed 54 loans for $21,237,700 in Linn County and 33 loans worth $8,529,900 in Johnson County during fiscal year 2013.

Polk County businesses received the largest number of loan approvals with 103 loans worth $33.9 million. Scott County tallied the second-highest number of loan approvals with 40 loans worth $26.8 million.

Nationwide, SBA loan approvals supported 54,106 loans for $29.6 billion to small businesses during fiscal year 2013, which ended on Sept. 30., compared with 53,848 loans worth $30.3 billion in fiscal year 2012.

The SBA said the $29.6 billion approved in the most recent fiscal year was the third highest year of SBA lending to date. It was surpassed by the SBA's two record years of supporting more than $30 billion in fiscal year 2011 and fiscal year 2012.