Business

Federal agency backs $3.2 million in loans for new, existing Linn County businesses

Reuters
Reuters

The U.S. Small Business Administration backed 43 loans totaling $16.7 million for Iowa businesses in September, the agency said Wednesday.

Among the recipients were three new and two existing businesses in Linn County, which received a total $3.2 million last month in loans.

The loans were issued by participating lenders using two of the SBA’s largest lending programs.

The recipients, and their approved loan amounts, include:

• Express America, a new general freight trucking business, in Cedar Rapids — $970,500

• C5 Holdings, an existing investigation services business, Cedar Rapids — $280,000

• Progressive Pain Solutions, LLC, new chiropractic offices, Cedar Rapids — $149,000

• McAfee Enterprises, an existing general purpose machinery manufacturer, Hiawatha — $1,700,400

• Stiles of Celebration, a new catering business, Marion — $100,000.

All together, the loans in Linn County will create 10 new jobs and help the businesses retain 44 more.

Comments: (319) 398-8366; thomas.friestad@thegazette.com

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