Iowa SBA loans rise slightly in 2015

The U.S. Small Business Administration approved slightly more guaranteed loans for Iowa businesses in fiscal year 2015, which ended Sept. 30, than it did in the last fiscal year.

The agency gave the green light to 444 guaranteed loans in Iowa totaling $134.9 million in fiscal year 2015. The loans supported $169.8 million in total lending to small businesses in the state.

That compares with 440 loans guaranteed loans for a total of $149.6 million that supported $200.8 million in fiscal year 2014.

The 444 loans approved by SBA in fiscal year 2015 helped businesses creat 1,563 jobs and retain an additional 3,015 positions.

Jayne Armstrong, director of the SBA's Iowa District Office, said in a news release that access to capital is one of the largest challenges facing small businesses.

'SBA's partnership with the Iowa lending community is critical to helping entrepreneurs start, build and grow their businesses,” Armstrong said.

The 444 guaranteed loans approved by the SBA in Iowa for fiscal year 2015 included 387 loans under the federal agency's primary 7(a) program, up 2.9 percent from 376 loans in fiscal year 2014. Loans under the SBA's 504 program decreased 10.9 percent from 64 loans in fiscal year 2014 to 57 loans in fiscal year 2015.

Loans to minorities increased 36 percent from 22 loans in fiscal year 2014 to 30 loans in fiscal year 2015. Women-owned businesses were approved for 93 loans in fiscal year 2015, up slightly from 90 loans in fiscal year 2014.

Iowa veteran-owned small businesses were approved for 20 loans in fiscal year 2015, down from 21 loans in the previous fiscal year.

'Women, minorities and veterans are among the nation's fastest growing small business markets, but remain the most underserved in Iowa,” Armstrong said. 'The SBA is committed to opening doors to these important small business communities.”

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