SBA backs 24 loans for $3.1 million to Iowa businesses in October

Shutdown shows impact on lending activity

March 28, 2014 | 11:11 pm

Ten new and 14 existing Iowa businesses were capitalized in October with $3.1 million of loans from participating lenders backed by the U.S. Small Business Administration.

The loans potentially created 67 new jobs and retained 86 existing positions. Although the loans were approved, the businesses were under no obligation to accept them.

The SBA said eight loans totaling $1.16 million were approved for seven Corridor businesses.

Receiving approval were Frugal Heart LLC, Cedar Rapids, $325,000; Heartland Subs Inc., Cedar Rapids, $252,600; Haan Enterprises, Cedar Rapids, $50,000; Hand in Hand Daycare & Preschool, Marion, $258,500; Total Health Chiropractic LLC, Coralville, $67,000 and $25,000; Shepherd Engine Development, Solon, $134,300, and Spindthrift LLC, Solon, $52,000.

The SBA was not able to process loan applications from Oct. 1, 2013, through Oct. 16, 2013, due to the partial federal government shutdown.

Data for the same month a year ago shows the impact of the shutdown on lending activity.

In October 2012, the SBA backed 54 loans for $15.9 million to Iowa small businesses. The loans capitalized 18 new and 36 existing businesses, potentially creating 188 new jobs and retaining 174 existing jobs. 

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