FY20241 Oct 2023 – 30 Sep 2024
SBA loans in Iowa, FY2024
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 FY2024 (1 October 2023 to 30 September 2024) SBA approved 476 loans in Iowa: 421 under 7(a) and 55 under 504, worth $196M.
That is up 40% on FY2023, when there were 340 approvals worth $139M.
Iowa accounted for 0.6% of the 76,235 approvals nationwide that year. 103 lenders had at least one approval in the state; U.S. Bank, National Association had the most, 65.
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 FY2024, of 103 active.
| # | Lender | Program | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|---|
| 1 | U.S. Bank, National Association | 7(a) | 65 | $2.7M | 13.7% | 26 | +39 |
| 2 | Farmers State Bank | 7(a) | 21 | $6.3M | 4.4% | 12 | +9 |
| 3 | Nicolet National Bank | 7(a) | 18 | $5.1M | 3.8% | 11 | +7 |
| 4 | BayFirst National Bank | 7(a) | 17 | $2.4M | 3.6% | 6 | +11 |
| 5 | Iowa Business Growth Company | 504 | 16 | $16.6M | 3.4% | 23 | -7 |
| 6 | The Huntington National Bank | 7(a) | 16 | $7.9M | 3.4% | 16 | 0 |
| 7 | Hills Bank and Trust Company | 7(a) | 16 | $2.0M | 3.4% | 9 | +7 |
| 8 | Lincoln Savings Bank | 7(a) | 13 | $3.8M | 2.7% | 25 | -12 |
| 9 | Northwest Bank | 7(a) | 13 | $2.6M | 2.7% | 9 | +4 |
| 10 | Northeast Bank | 7(a) | 12 | $1.1M | 2.5% | 1 | +11 |
| 11 | Readycap Lending, LLC | 7(a) | 11 | $9.4M | 2.3% | 4 | +7 |
| 12 | Newtek Bank, National Association | 7(a) | 11 | $3.2M | 2.3% | 5 | +6 |
| 13 | Dakota Business Finance | 504 | 10 | $2.6M | 2.1% | 5 | +5 |
| 14 | Wells Fargo Bank National Association | 7(a) | 10 | $1.0M | 2.1% | 7 | +3 |
| 15 | Siouxland Economic Development Corporation | 504 | 9 | $8.3M | 1.9% | 5 | +4 |
| 16 | Farmers and Merchants Savings Bank | 7(a) | 9 | $3.5M | 1.9% | 6 | +3 |
| 17 | Cedar Rapids Bank and Trust Company | 7(a) | 9 | $2.2M | 1.9% | 4 | +5 |
| 18 | United Bank of Iowa | 7(a) | 8 | $3.6M | 1.7% | 5 | +3 |
| 19 | TruBank | 7(a) | 7 | $519K | 1.5% | 5 | +2 |
| 20 | Live Oak Banking Company | 7(a) | 6 | $11.0M | 1.3% | 3 | +3 |
| 21 | E.C.I.A. Business Growth, Inc. | 504 | 6 | $7.0M | 1.3% | 3 | +3 |
| 22 | Black Hawk Economic Development, Inc. | 504 | 6 | $3.9M | 1.3% | 0 | new |
| 23 | Clear Lake Bank & Trust Company | 7(a) | 6 | $2.2M | 1.3% | 5 | +1 |
| 24 | First Mid Bank & Trust, National Association | 7(a) | 6 | $1.9M | 1.3% | 5 | +1 |
| 25 | United Midwest Savings Bank National Association | 7(a) | 6 | $1.1M | 1.3% | 4 | +2 |
| 26 | Bank Iowa | 7(a) | 6 | $319K | 1.3% | 8 | -2 |
| 27 | Pivotal Business Partners | 504 | 5 | $6.9M | 1.1% | 5 | 0 |
| 28 | Heritage Bank Inc | 7(a) | 5 | $1.7M | 1.1% | 0 | new |
| 29 | Farmers State Bank | 7(a) | 5 | $1.4M | 1.1% | 0 | new |
| 30 | Fairfax State Savings Bank | 7(a) | 5 | $749K | 1.1% | 4 | +1 |
| 31 | Community 1st CU | 7(a) | 5 | $235K | 1.1% | 19 | -14 |
| 32 | Byline Bank | 7(a) | 4 | $3.5M | 0.8% | 0 | new |
| 33 | City State Bank | 7(a) | 4 | $1.1M | 0.8% | 2 | +2 |
| 34 | Bankers Trust Company | 7(a) | 4 | $930K | 0.8% | 1 | +3 |
| 35 | Central Bank | 7(a) | 4 | $905K | 0.8% | 0 | new |
| 36 | Lendistry SBLC, LLC | 7(a) | 4 | $774K | 0.8% | 0 | new |
| 37 | First Interstate Bank | 7(a) | 4 | $557K | 0.8% | 4 | 0 |
| 38 | Shoreham Bank | 7(a) | 3 | $6.5M | 0.6% | 0 | new |
| 39 | VisionBank of Iowa | 7(a) | 3 | $5.1M | 0.6% | 1 | +2 |
| 40 | Colony Bank | 7(a) | 3 | $4.5M | 0.6% | 1 | +2 |
Approvals by county
| # | County | Approvals | Dollars | Share of state | FY2023 | Change |
|---|---|---|---|---|---|---|
| 1 | Polk County | 114 | $47.8M | 23.9% | 90 | +24 |
| 2 | Linn County | 40 | $20.4M | 8.4% | 40 | 0 |
| 3 | Dallas County | 33 | $17.2M | 6.9% | 12 | +21 |
| 4 | Scott County | 28 | $9.7M | 5.9% | 8 | +20 |
| 5 | Johnson County | 24 | $10.9M | 5.0% | 16 | +8 |
| 6 | Black Hawk County | 18 | $5.6M | 3.8% | 15 | +3 |
| 7 | Warren County | 17 | $11.1M | 3.6% | 7 | +10 |
| 8 | Dubuque County | 13 | $2.7M | 2.7% | 7 | +6 |
| 9 | Cerro Gordo County | 13 | $5.3M | 2.7% | 7 | +6 |
| 10 | Jasper County | 10 | $7.0M | 2.1% | 7 | +3 |
| 11 | Story County | 10 | $2.3M | 2.1% | 14 | -4 |
| 12 | Wapello County | 9 | $4.2M | 1.9% | 8 | +1 |
| 13 | Pottawattamie County | 7 | $3.6M | 1.5% | 1 | +6 |
| 14 | Marion County | 7 | $3.4M | 1.5% | 0 | new |
| 15 | Woodbury County | 6 | $3.6M | 1.3% | 5 | +1 |
| 16 | Dickinson County | 6 | $3.1M | 1.3% | 2 | +4 |
| 17 | Lyon County | 5 | $3.6M | 1.1% | 1 | +4 |
| 18 | Cedar County | 5 | $572K | 1.1% | 3 | +2 |
| 19 | Sioux County | 5 | $3.1M | 1.1% | 3 | +2 |
| 20 | Guthrie County | 5 | $644K | 1.1% | 2 | +3 |
| 21 | Emmet County | 4 | $1.8M | 0.8% | 0 | new |
| 22 | Benton County | 4 | $2.0M | 0.8% | 6 | -2 |
| 23 | Muscatine County | 4 | $869K | 0.8% | 4 | 0 |
| 24 | Clinton County | 4 | $5.8M | 0.8% | 10 | -6 |
| 25 | Bremer County | 4 | $1.0M | 0.8% | 6 | -2 |
| 26 | Ida County | 4 | $241K | 0.8% | 2 | +2 |
| 27 | Webster County | 3 | $645K | 0.6% | 3 | 0 |
| 28 | Boone County | 3 | $980K | 0.6% | 2 | +1 |
| 29 | Chickasaw County | 3 | $106K | 0.6% | 6 | -3 |
| 30 | Clay County | 3 | $416K | 0.6% | 1 | +2 |
| 31 | Grundy County | 3 | $325K | 0.6% | 0 | new |
| 32 | Delaware County | 3 | $425K | 0.6% | 1 | +2 |
| 33 | Washington County | 3 | $194K | 0.6% | 0 | new |
| 34 | Crawford County | 3 | $591K | 0.6% | 3 | 0 |
| 35 | Mills County | 3 | $339K | 0.6% | 2 | +1 |
| 36 | Keokuk County | 3 | $445K | 0.6% | 0 | new |
| 37 | Lee County | 3 | $678K | 0.6% | 0 | new |
| 38 | Jefferson County | 2 | — | 0.4% | 0 | new |
| 39 | Buchanan County | 2 | — | 0.4% | 1 | +1 |
| 40 | Fayette County | 2 | — | 0.4% | 0 | new |
The 40 counties with the most approvals; every county is on the Iowa page.
FY2024 against FY2023
| Iowa | FY2024 | FY2023 |
|---|---|---|
| 7(a) approvals | 421 | 296 |
| 7(a) dollars | $146M | $99.1M |
| Median 7(a) approval | $150K | $150K |
| 504 approvals | 55 | 44 |
| 504 dollars | $49.9M | $40.2M |
| Jobs supported, as reported | 4,436 | 3,507 |
Questions and answers
Which lenders made the most SBA loans in Iowa in FY2024?
U.S. Bank, National Association (65), Farmers State Bank (21), Nicolet National Bank (18), BayFirst National Bank (17), Iowa Business Growth Company (16). 103 lenders had at least one approval.
How many SBA loans were approved in Iowa in FY2024?
476: 421 under 7(a) worth $146M and 55 under 504 worth $49.9M.
Which Iowa counties had the most SBA approvals in FY2024?
Polk County (114), Linn County (40), Dallas County (33), Scott County (28), Johnson County (24).
When does FY2024 start and end?
The federal fiscal year 2024 runs from 1 October 2023 to 30 September 2024.
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