Fairfield Ledger
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Neighbors Growing Together | Dec 22, 2014
BUSINESS

Entrepreneurs receive SBA financing

Aug 19, 2013

CEDAR RAPIDS — Jefferson County is one of 25 Iowa counties in which no Small Business Administration financing has been approved in the current fiscal year.

The Des Moines District Office of the U.S. Small Business Administration has provided more than $130 million in financing to Iowa entrepreneurs so far in fiscal year 2013. The financing was provided through nearly 100 Iowa lenders, most of it in the form of loan guarantees.

Seventy-four counties have recieved SBA financing, while 25 counties have not. Loan sizes range from several millions to just a few thousand dollars. Loan proceeds have gone for most legitimate uses of funds for a small business: lines of credit, working capital, purchase of machinery and equipment, business debt refinance, purchase of a business, purchase of real estate, leasehold improvments, international trade and construction.

In nearby counties, Van Buren County has had two approved loans for $187,700. Henry County has had three approved loans for $1,362,500. Washington County has had one loan approved for $525,000. Wapello County has had five loans approved for $778,100.

The most loans, 75, have been approved in Polk County for a total of $22,119,500.

In the 2012 calendar year, 108 SBA loans for $49,266,500 were approved in Polk County. One SBA loan for $770,000 was approved in Jefferson County, two loans for $642,000 were approved in Van Buren County, two loans for $547,600 were approved in Henry County, nine loans for $1,641,000 were approved in Washington County and one loan for $361,000 was approved in Wapello County.

The SBA is a federal agency that provides financing, counseling, training and contracting assistance to Iowa small businesses. A free copy of its Resource Guide can be found online at www.sba.gov/sites/default/files/files/resourceguide_3114.pdf.

Small business owners can pursue SBA financing with their local Iowa lender by going online at www.sba.gov or contacting Dennis Larkin at 319-362-6405 of g.d.larkin@sba.gov.

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