SBA approves $16.8 million for Iowa small businesses

Loans helped create 152 new jobs and retain 491 existing positions

George Ford
Published: January 9 2014 | 2:12 pm - Updated: 29 March 2014 | 1:52 am in
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The U.S. Small Business Administration guaranteed 46 loans for $16.8 million from participating lenders last month to finance Iowa small businesses.

The SBA 7(a) and 504 programs capitalized 11 new and 35 existing businesses that planned to create 152 new jobs and retain 491 existing positions. Approval of the loan guarantees does not  indicate that the loans were accepted by the businesses and money was provided.

RCR Enterprises in Cedar Rapids, doing business as Right at Home, was approved for a $115,000 loan to create two jobs.

In Iowa City, Posh Hotel LLC was approved for a $2.4 million loan guarantee with 36 jobs retained. Drain Rite Plumbing and Drain Inc. received a $145,000 loan guarantee to retain a position and T.J.'s Vending was approved for a $45,000 loan guarantee to retain two jobs.

R.W. McDowell Truck & Auto Repair in Manchester was approved for a $220,000 guaranteed loan to create two jobs and retain five. Stuefen Manufacturing in Tipton received a $189,000 loan guarantee to create three jobs and retain six.

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