2,040 SBA loans worth $958.5M went to Iowa businesses between October 2021 and June 2026, from 210 lenders. U.S. Bank made the most 7(a) loans, 242 or 14% of the state's total, and the ten most active lenders made 45%. The median 7(a) loan was $150,000, below the national median of $158,000. Restaurants and hotels was the most financed industry, at 15% of loans. Annual loan count rose 44% from fiscal 2023 to fiscal 2025.
| # | Lender | Loans | Approved | Median loan | To startups | Most common borrower |
|---|---|---|---|---|---|---|
| 1 | U.S. Bank Bank · Cincinnati, OH | 242 | $25.1M | $30,000 | 43% | Construction |
| 2 | Lincoln Savings Bank Bank · Reinbeck, IA | 81 | $37.5M | $299,000 | 47% | Restaurants and hotels |
| 3 | Farmers State Bank Bank · Waterloo, IA | 78 | $23.0M | $127,000 | 54% | Restaurants and hotels |
| 4 | Huntington National Bank Bank · Columbus, OH | 61 | $26.8M | $250,000 | 74% | Arts, entertainment and recreation |
| 5 | Nicolet National Bank Bank · Green Bay, WI | 58 | $17.9M | $199,950 | 52% | Health care and social assistance |
| 6 | Northeast Bank Bank · Portland, ME | 56 | $7.8M | $100,000 | 20% | Construction |
| 7 | Community 1st CU Credit union · Ottumwa, IA | 54 | $5.4M | $63,700 | 65% | Retail |
| 8 | Newtek Bank Bank · Miami, FL | 49 | $19.8M | $240,500 | 16% | Restaurants and hotels |
| 9 | Northwest Bank Bank · Spencer, IA | 49 | $16.8M | $156,500 | 57% | Other services (repair, personal care) |
| 10 | Hills Bank and Trust Bank · Hills, IA | 40 | $10.3M | $147,500 | 70% | Construction |
| 11 | United Bank of Iowa Bank · Ida Grove, IA | 35 | $10.8M | $170,000 | 46% | Restaurants and hotels |
| 12 | Wells Fargo Bank Bank · Sioux Falls, SD | 35 | $10.2M | $15,000 | 91% | Retail |
| 13 | Readycap Lending Non-bank lender · Berkeley Heights, NJ | 32 | $17.5M | $84,000 | 9% | Professional and technical services |
| 14 | BayFirst National Bank Bank · St. Petersburg, FL | 31 | $4.4M | $150,000 | 0% | Construction |
| 15 | Farmers and Merchants Savings Bank Bank · Manchester, IA | 30 | $10.4M | $199,250 | 43% | Administrative and support services |
| 16 | Bank Iowa Bank · West Des Moines, IA | 27 | $3.7M | $73,500 | 44% | Retail |
| 17 | TruBank Bank · Indianola, IA | 25 | $7.7M | $178,500 | 32% | Retail |
| 18 | Bankers Trust Bank · Des Moines, IA | 25 | $6.0M | $175,000 | 48% | Manufacturing |
| 19 | First Mid Bank & Trust Bank · Mattoon, IL | 24 | $8.4M | $293,900 | 58% | Restaurants and hotels |
| 20 | Clear Lake Bank & Trust Bank · Clear Lake, IA | 24 | $6.6M | $171,650 | 42% | Administrative and support services |
| 21 | City State Bank Bank · Norwalk, IA | 23 | $12.3M | $250,000 | 43% | Transportation and warehousing |
| 22 | Live Oak Banking Bank · Wilmington, NC | 22 | $24.4M | $505,000 | 27% | Health care and social assistance |
| 23 | Cedar Rapids Bank and Trust Bank · Cedar Rapids, IA | 20 | $4.9M | $207,500 | 75% | Restaurants and hotels |
| 24 | United Midwest Savings Bank Bank · Degraff, OH | 20 | $4.7M | $150,000 | 75% | Construction |
| 25 | First Interstate Bank Bank · Billings, MT | 19 | $6.4M | $90,000 | 42% | Construction |
| # | Certified development company | Loans | SBA portion approved | Median |
|---|---|---|---|---|
| 1 | Iowa Business Growth Johnston, IA | 126 | $97.1M | $476,000 |
| 2 | Siouxland Economic Development Sioux City, IA | 47 | $41.3M | $706,000 |
| 3 | Dakota Business Finance Sioux Falls, SD | 39 | $38.2M | $570,000 |
| 4 | Black Hawk Economic Development Waterloo, IA | 31 | $21.0M | $389,000 |
| 5 | Pivotal Business Partners Des Moines, IA | 26 | $27.2M | $744,500 |
| 6 | E.C.I.A. Business Growth Dubuque, IA | 23 | $20.1M | $523,000 |
| 7 | Small Business Growth Springfield, IL | 16 | $16.2M | $580,000 |
| 8 | Mortgage Capital Development Oakland, CA | 3 | $7.2M | $2,906,000 |
| 9 | North Texas Certified Development Plano, TX | 1 | $473K | $473,000 |
| 10 | Nebraska Economic Development Lincoln, NE | 1 | $553K | $553,000 |
| Industry | Loans | Share | Median loan | Most active lender |
|---|---|---|---|---|
| Restaurants and hotels | 313 | $321,000 | Iowa Business Growth | |
| Construction | 243 | $115,000 | U.S. Bank | |
| Other services (repair, personal care) | 242 | $189,000 | U.S. Bank | |
| Retail | 239 | $167,000 | U.S. Bank | |
| Health care and social assistance | 192 | $236,500 | Iowa Business Growth | |
| Manufacturing | 138 | $355,000 | Siouxland Economic Development | |
| Professional and technical services | 126 | $153,000 | U.S. Bank | |
| Administrative and support services | 114 | $167,250 | U.S. Bank | |
| Arts, entertainment and recreation | 112 | $264,850 | Huntington National Bank | |
| Wholesale trade | 77 | $240,000 | U.S. Bank | |
| Transportation and warehousing | 77 | $110,000 | U.S. Bank | |
| Real estate and rental | 50 | $235,000 | U.S. Bank |
| City | Loans | Approved | Median loan | Most active lender |
|---|---|---|---|---|
| Des Moines | 156 | $69.6M | $200,000 | U.S. Bank |
| Cedar Rapids | 112 | $53.5M | $215,500 | Iowa Business Growth |
| West Des Moines | 86 | $40.9M | $221,500 | U.S. Bank |
| Ankeny | 84 | $33.1M | $150,000 | U.S. Bank |
| Urbandale | 68 | $29.9M | $183,750 | U.S. Bank |
| Davenport | 67 | $30.1M | $150,000 | U.S. Bank |
| Cedar Falls | 47 | $17.7M | $200,000 | Farmers State Bank |
| Dubuque | 46 | $16.2M | $161,000 | Nicolet National Bank |
| Waukee | 40 | $23.3M | $385,000 | Iowa Business Growth |
| Iowa City | 39 | $15.6M | $205,500 | Nicolet National Bank |
| Ames | 37 | $12.7M | $150,000 | BayFirst National Bank |
| Grimes | 37 | $27.7M | $515,000 | Huntington National Bank |
| Waterloo | 36 | $20.0M | $161,500 | Farmers State Bank |
| Bettendorf | 36 | $12.0M | $191,250 | Small Business Growth |
| Johnston | 31 | $16.8M | $350,000 | Iowa Business Growth |
22 Iowa cities and suburbs with at least 25 SBA loans since October 2021. Search any zip code at the top of the page.