SBA backs loans for 37 Iowa businesses

The U.S. Small Business Administration backed loans for 37 Iowa businesses for $16.8 million in June using the agency's two largest lending programs.

The SBA's 7(a) and 504 programs provided available funding for 14 new and 23 existing businesses. The enterprises, which were not obligated to accept the loans, expected to create 90 new jobs and retain 278 existing positions.

The SBA backed loans for six Linn County businesses and three Johnson County enterprises.

Cedar Rapids businesses approved for loans include R.I.M. Enterprises, $1.5 million; Turner Alley Brewing Co., $360,000 and Fix Salon 2 LLC, $40,000. Hiawatha enterprises receiving approval include Hand in Hand Daycare & Preschool, $508,200, and Awaken Family Chiropractic LLC, $55,000.

TS Fitness in Marion was approved for $256,700.

Iowa City businesses approved for loans were All American Lock and Key, $10,000, and East West Massage School, $225,500. Samantra Yoga Studio LLC in North Liberty was approved for $50,000.

Robert Chronowski and Connie Chronowski in Monticello were approved for $100,000.

The SBA backed fewer Iowa business loans for less money last month than it did in the same month last year. The agency SBA backed 55 loans for $23.89 million in June 2013, which capitalized 26 new and 29 existing businesses that expected to create 158 new jobs and retaining 320 existing positions.