Last annual update:
A lot of Iowa-based banks were among the largest lenders to “The Hawkeye State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Iowa:
Top SBA lenders in Iowa
| IA Rank | Iowa Bank | Bank HQs | # of Loans | Avg Interest | Avg IA Loan |
|---|---|---|---|---|---|
| 1 | Lincoln Savings Bank | Reinbeck, IA | 27 | 6.8% | $422,933 |
| 2 | Farmers State Bank | Waterloo, IA | 19 | 5.6% | $374,411 |
| 3 | Community 1st CU | Ottumwa, IA | 18 | 5.8% | $81,683 |
| 4 | U.S. Bank | Cincinnati, OH | 16 | 7.0% | $62,900 |
| 5 | United Bank of Iowa | Ida Grove, IA | 13 | 4.5% | $386,169 |
| 6 | MidWestOne Bank | Iowa City, IA | 9 | 5.6% | $368,356 |
| 7 | Citizens First Bank | Clinton, IA | 8 | 5.2% | $132,813 |
| 8 | Hills Bank and Trust Company | Hills, IA | 8 | 4.8% | $766,575 |
| 9 | Northwest Bank | Spencer, IA | 8 | 5.5% | $442,550 |
SBA loans – Iowa
A note about these Iowa SBA lenders – People frequently ask us if one of the banks above is 1) on the Iowa preferred lender list 2) an approved lender in Iowa, or 3) participating in the Iowa SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Iowa and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Iowa. We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.