FY20231 Oct 2022 – 30 Sep 2023
SBA loans in Iowa, FY2023
That fiscal year's approvals by lender and by county.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
In FY2023 (1 October 2022 to 30 September 2023) SBA approved 340 loans in Iowa: 296 under 7(a) and 44 under 504, worth $139M.
That is down 27% on FY2022, when there were 466 approvals worth $243M.
Iowa accounted for 0.5% of the 63,286 approvals nationwide that year. 86 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 26.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Approvals by lender
The 40 lenders with the most approvals to Iowa businesses in FY2023, of 86 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 26 | $1.0M | 7.6% | 18 | +8 |
| 2 | Lincoln Savings Bank | 7(a) | 25 | $9.0M | 7.4% | 36 | -11 |
| 3 | Iowa Business Growth Company | 504 | 23 | $15.3M | 6.8% | 47 | -24 |
| 4 | Community 1st CU | 7(a) | 19 | $2.3M | 5.6% | 23 | -4 |
| 5 | The Huntington National Bank | 7(a) | 16 | $3.8M | 4.7% | 5 | +11 |
| 6 | Farmers State Bank | 7(a) | 12 | $2.2M | 3.5% | 26 | -14 |
| 7 | Nicolet National Bank | 7(a) | 11 | $1.8M | 3.2% | 11 | 0 |
| 8 | Northwest Bank | 7(a) | 9 | $2.9M | 2.6% | 11 | -2 |
| 9 | Hills Bank and Trust Company | 7(a) | 9 | $1.1M | 2.6% | 7 | +2 |
| 10 | Citizens First Bank | 7(a) | 8 | $1.8M | 2.4% | 10 | -2 |
| 11 | Bank Iowa | 7(a) | 8 | $740K | 2.4% | 3 | +5 |
| 12 | Wells Fargo Bank National Association | 7(a) | 7 | $100K | 2.1% | 10 | -3 |
| 13 | Farmers and Merchants Savings Bank | 7(a) | 6 | $899K | 1.8% | 8 | -2 |
| 14 | BayFirst National Bank | 7(a) | 6 | $839K | 1.8% | 2 | +4 |
| 15 | Dakota Business Finance | 504 | 5 | $10.3M | 1.5% | 9 | -4 |
| 16 | Pivotal Business Partners | 504 | 5 | $6.4M | 1.5% | 7 | -2 |
| 17 | Newtek Small Business Finance, Inc. | 7(a) | 5 | $4.6M | 1.5% | 7 | -2 |
| 18 | Newtek Bank, National Association | 7(a) | 5 | $3.0M | 1.5% | 0 | new |
| 19 | Siouxland Economic Development Corporation | 504 | 5 | $2.3M | 1.5% | 20 | -15 |
| 20 | First Mid Bank & Trust, National Association | 7(a) | 5 | $1.9M | 1.5% | 7 | -2 |
| 21 | TruBank | 7(a) | 5 | $1.3M | 1.5% | 7 | -2 |
| 22 | Clear Lake Bank & Trust Company | 7(a) | 5 | $753K | 1.5% | 10 | -5 |
| 23 | United Bank of Iowa | 7(a) | 5 | $650K | 1.5% | 18 | -13 |
| 24 | Celtic Bank Corporation | 7(a) | 4 | $4.7M | 1.2% | 0 | new |
| 25 | First Interstate Bank | 7(a) | 4 | $4.0M | 1.2% | 4 | 0 |
| 26 | Readycap Lending, LLC | 7(a) | 4 | $2.8M | 1.2% | 3 | +1 |
| 27 | South Ottumwa Savings Bank | 7(a) | 4 | $872K | 1.2% | 0 | new |
| 28 | First Bank | 7(a) | 4 | $793K | 1.2% | 4 | 0 |
| 29 | Fairfax State Savings Bank | 7(a) | 4 | $670K | 1.2% | 2 | +2 |
| 30 | Cedar Rapids Bank and Trust Company | 7(a) | 4 | $645K | 1.2% | 1 | +3 |
| 31 | United Midwest Savings Bank National Association | 7(a) | 4 | $525K | 1.2% | 3 | +1 |
| 32 | Live Oak Banking Company | 7(a) | 3 | $3.4M | 0.9% | 2 | +1 |
| 33 | TowneBank | 7(a) | 3 | $1.8M | 0.9% | 0 | new |
| 34 | E.C.I.A. Business Growth, Inc. | 504 | 3 | $1.2M | 0.9% | 6 | -3 |
| 35 | Heartland Bank | 7(a) | 3 | $721K | 0.9% | 0 | new |
| 36 | East West Bank | 7(a) | 2 | — | 0.6% | 0 | new |
| 37 | Fortress Bank | 7(a) | 2 | — | 0.6% | 0 | new |
| 38 | 22nd State Bank, A Division of 22nd State Banking Company | 7(a) | 2 | — | 0.6% | 0 | new |
| 39 | Iowa State Bank | 7(a) | 2 | — | 0.6% | 0 | new |
| 40 | Small Business Growth Corporation | 504 | 2 | — | 0.6% | 7 | -5 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2022 | Change |
|---|---|---|---|---|---|---|
| 1 | Polk County | 90 | $45.4M | 26.5% | 103 | -13 |
| 2 | Linn County | 40 | $15.7M | 11.8% | 36 | +4 |
| 3 | Johnson County | 16 | $3.8M | 4.7% | 18 | -2 |
| 4 | Black Hawk County | 15 | $6.2M | 4.4% | 26 | -11 |
| 5 | Story County | 14 | $3.7M | 4.1% | 13 | +1 |
| 6 | Dallas County | 12 | $5.0M | 3.5% | 15 | -3 |
| 7 | Clinton County | 10 | $3.8M | 2.9% | 13 | -3 |
| 8 | Appanoose County | 10 | $1.3M | 2.9% | 6 | +4 |
| 9 | Scott County | 8 | $4.4M | 2.4% | 28 | -20 |
| 10 | Wapello County | 8 | $4.2M | 2.4% | 8 | 0 |
| 11 | Dubuque County | 7 | $2.1M | 2.1% | 17 | -10 |
| 12 | Cerro Gordo County | 7 | $783K | 2.1% | 8 | -1 |
| 13 | Jasper County | 7 | $1.8M | 2.1% | 2 | +5 |
| 14 | Warren County | 7 | $4.8M | 2.1% | 16 | -9 |
| 15 | Benton County | 6 | $1.1M | 1.8% | 1 | +5 |
| 16 | Chickasaw County | 6 | $2.5M | 1.8% | 1 | +5 |
| 17 | Bremer County | 6 | $877K | 1.8% | 4 | +2 |
| 18 | Woodbury County | 5 | $3.1M | 1.5% | 14 | -9 |
| 19 | Muscatine County | 4 | $957K | 1.2% | 3 | +1 |
| 20 | Clayton County | 4 | $2.1M | 1.2% | 0 | new |
| 21 | Webster County | 3 | $495K | 0.9% | 3 | 0 |
| 22 | Cedar County | 3 | $454K | 0.9% | 0 | new |
| 23 | Sioux County | 3 | $1.7M | 0.9% | 5 | -2 |
| 24 | Crawford County | 3 | $542K | 0.9% | 1 | +2 |
| 25 | Humboldt County | 3 | $1.3M | 0.9% | 4 | -1 |
| 26 | Plymouth County | 2 | — | 0.6% | 1 | +1 |
| 27 | Iowa County | 2 | — | 0.6% | 0 | new |
| 28 | Boone County | 2 | — | 0.6% | 0 | new |
| 29 | Jackson County | 2 | — | 0.6% | 0 | new |
| 30 | Dickinson County | 2 | — | 0.6% | 11 | -9 |
| 31 | Winnebago County | 2 | — | 0.6% | 0 | new |
| 32 | Kossuth County | 2 | — | 0.6% | 2 | 0 |
| 33 | Madison County | 2 | — | 0.6% | 0 | new |
| 34 | Ida County | 2 | — | 0.6% | 8 | -6 |
| 35 | Mills County | 2 | — | 0.6% | 1 | +1 |
| 36 | Mahaska County | 2 | — | 0.6% | 1 | +1 |
| 37 | Guthrie County | 2 | — | 0.6% | 2 | 0 |
| 38 | Floyd County | 2 | — | 0.6% | 3 | -1 |
| 39 | Buchanan County | 1 | — | 0.3% | 6 | -5 |
| 40 | Lyon County | 1 | — | 0.3% | 9 | -8 |
The 40 counties with the most approvals; every county is on the Iowa page.
FY2023 against FY2022
| Iowa | FY2023 | FY2022 |
|---|---|---|
| 7(a) approvals | 296 | 357 |
| 7(a) dollars | $99.1M | $143M |
| Median 7(a) approval | $150K | $200K |
| 504 approvals | 44 | 109 |
| 504 dollars | $40.2M | $99.8M |
| Jobs supported, as reported | 3,507 | 5,071 |
Questions and answers
Which lenders made the most SBA loans in Iowa in FY2023?
U.S. Bank, National Association (26), Lincoln Savings Bank (25), Iowa Business Growth Company (23), Community 1st CU (19), The Huntington National Bank (16). 86 lenders had at least one approval.
How many SBA loans were approved in Iowa in FY2023?
340: 296 under 7(a) worth $99.1M and 44 under 504 worth $40.2M.
Which Iowa counties had the most SBA approvals in FY2023?
Polk County (90), Linn County (40), Johnson County (16), Black Hawk County (15), Story County (14).
When does FY2023 start and end?
The federal fiscal year 2023 runs from 1 October 2022 to 30 September 2023.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error