Iowa SBA lending, from federal loan records
SBA Lenders Actively Funding Businesses in Iowa
Since FY2020, 235 lenders have funded 2,662 SBA loans worth $1.3B for businesses in Iowa. Borrowers reported 28,881 jobs supported by those loans. Below is who actually writes them, how big they run, and which Iowa businesses get funded.
Most active SBA lenders in Iowa
Ranked by loans funded for Iowa projects since FY2020, not by advertising budget. A lender headquartered elsewhere that funds heavily in Iowa beats a local name that rarely writes SBA loans.
| Lender | Program | IA loans since FY2020 | Since FY2025 | Median loan | Median rate |
|---|---|---|---|---|---|
| U.S. Bank, National Association | 7(a) | 256 | 124 | $30K | 9.49% |
| Iowa Business Growth Company | 504 (CDC) | 179 | 40 | $494K | n/a |
| Lincoln Savings Bank | 7(a) | 133 | 7 | $250K | 6.75% |
| Farmers State Bank | 7(a) | 123 | 26 | $140K | 7.35% |
| Community 1st CU | 7(a) | 80 | 7 | $64K | 5.89% |
| Siouxland Economic Development Corporation | 504 (CDC) | 72 | 13 | $554K | n/a |
| Northwest Bank | 7(a) | 69 | 15 | $169K | 7.25% |
| The Huntington National Bank | 7(a) | 61 | 24 | $250K | 10% |
| Farmers and Merchants Savings Bank | 7(a) | 59 | 7 | $250K | 5.5% |
| Nicolet National Bank | 7(a) | 56 | 16 | $183K | 9.75% |
| Wells Fargo Bank National Association | 7(a) | 54 | 8 | $15K | 9.25% |
| Hills Bank and Trust Company | 7(a) | 50 | 8 | $108K | 5.87% |
| United Bank of Iowa | 7(a) | 49 | 4 | $160K | 5% |
| Dakota Business Finance | 504 (CDC) | 44 | 13 | $396K | n/a |
| Clear Lake Bank & Trust Company | 7(a) | 40 | 3 | $128K | 5.38% |
| Black Hawk Economic Development, Inc. | 504 (CDC) | 39 | 14 | $299K | n/a |
| First Mid Bank & Trust, National Association | 7(a) | 38 | 6 | $302K | 7.62% |
| Bankers Trust Company | 7(a) | 37 | 14 | $175K | 7.5% |
| City State Bank | 7(a) | 35 | 7 | $213K | 5.5% |
| Newtek Bank, National Association | 7(a) | 34 | 20 | $200K | 10.88% |
| E.C.I.A. Business Growth, Inc. | 504 (CDC) | 34 | 8 | $462K | n/a |
| Bank Iowa | 7(a) | 33 | 10 | $75K | 7% |
| United Midwest Savings Bank National Association | 7(a) | 32 | 7 | $150K | 8.62% |
| Pivotal Business Partners | 504 (CDC) | 32 | 9 | $646K | n/a |
| Readycap Lending, LLC | 7(a) | 31 | 14 | $104K | 11.25% |
504 loans are written by Certified Development Companies alongside a bank first mortgage. The 504 file reports no interest rate, so CDC rows show none.
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Start your funding profile →How big Iowa SBA loans run
Share of Iowa 7(a) loans by approval size, next to the national split. If your ask sits in a common band, it is the kind of loan lenders here fund every week.
| 7(a) loan size | IA | US |
|---|---|---|
| Under $150K | 43.3% | 40.4% |
| $150K to $500K | 34.9% | 31.9% |
| $500K to $1M | 10.5% | 12.9% |
| $1M and up | 11.2% | 14.9% |
Who gets funded in Iowa
Business age on Iowa 7(a) loans. 16% funded a change of ownership, against 11.1% nationally. Buying a business? See the acquisition lender shortlist. Starting one? See startup-friendly lenders.
| Business stage | IA | US |
|---|---|---|
| Established, more than 2 years | 40.1% | 55.2% |
| New, 2 years or less | 19.4% | 16.9% |
| Startup, loan opens the business | 24.5% | 16.8% |
| Change of ownership (buying a business) | 16% | 11.1% |
Industries Iowa SBA lenders fund most
Share of all Iowa SBA loans by industry, and how that compares with the national mix.
| Industry | IA loans | Share | Compared with US |
|---|---|---|---|
| Restaurants and hotels | 407 | 15.3% | 1.2x the national share |
| Retail | 333 | 12.5% | in line with national |
| Construction | 320 | 12% | in line with national |
| Personal and repair services | 291 | 10.9% | in line with national |
| Healthcare | 241 | 9.1% | in line with national |
| Manufacturing | 211 | 7.9% | 1.2x the national share |
| Professional services | 158 | 5.9% | 0.6x the national share |
| Business support services | 142 | 5.3% | in line with national |
The most common specific business types funded in Iowa: full-service restaurants (151), limited-service restaurants (93), fitness and recreational sports centers (93), hotels (except casino hotels) and motels (70), offices of chiropractors (68), residential remodelers (53).
Where in Iowa the loans go
| County | SBA loans since FY2020 | Share of state |
|---|---|---|
| Polk | 632 | 24% |
| Linn | 245 | 9% |
| Scott | 152 | 6% |
| Black Hawk | 134 | 5% |
| Dallas | 126 | 5% |
| Johnson | 111 | 4% |
| Warren | 74 | 3% |
| Dubuque | 65 | 2% |
7(a) or 504 in Iowa
16% of Iowa SBA loans are 504 loans, against 12% nationally. A 504 loan funds owner-occupied real estate or major equipment, with a median of $506K here. A 7(a) loan covers almost anything else, including working capital and buying a business. The busiest 504 lenders in Iowa:
- Iowa Business Growth Company: 179 504 loans, median $494K
- Siouxland Economic Development Corporation: 72 504 loans, median $554K
- Dakota Business Finance: 44 504 loans, median $396K
- Black Hawk Economic Development, Inc.: 39 504 loans, median $299K
- E.C.I.A. Business Growth, Inc.: 34 504 loans, median $462K
Iowa SBA lending by year
| Fiscal year | 7(a) loans | 504 loans | Dollars |
|---|---|---|---|
| FY2020 | 313 | 67 | $198M |
| FY2021 | 349 | 78 | $225M |
| FY2022 | 328 | 86 | $205M |
| FY2023 | 265 | 39 | $126M |
| FY2024 | 391 | 54 | $181M |
| FY2025 | 383 | 59 | $203M |
| FY2026 (through June 30, 2026) | 204 | 46 | $150M |
The SBA fiscal year runs October through September.
Common questions
Who is the most active SBA lender in Iowa?
By funded loans since FY2020, U.S. Bank, National Association leads Iowa with 256 loans.
How big is a typical SBA loan in Iowa?
The median 7(a) loan in Iowa is $170K, and the middle half runs from $61K to $420K. The median 504 loan is $506K. Nationally the 7(a) median is $200K.
What interest rate do Iowa SBA borrowers get?
The median starting rate on Iowa 7(a) loans since FY2020 is 7.75%, against 9.25% nationally. 67% of those loans carry a variable rate, which moves with the prime rate.
Can a startup get an SBA loan in Iowa?
Yes. 44% of Iowa 7(a) loans with a reported business age went to startups or businesses two years old or younger, against 34% nationally. Lenders still expect a solid plan, owner equity and usually collateral.
Sources and limits. Derived from U.S. Small Business Administration 7(a) and 504 FOIA loan-level records, FY2020 through June 30, 2026, for projects located in Iowa. Cancelled approvals are excluded. Jobs supported are as reported by borrowers. Figures describe past lending activity only and are not offers, quotes, or qualification decisions. Big Brain Funding is not a lender and is not affiliated with any lender listed.