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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:
Most active SBA lenders in Iowa
| State Rank | Bank | Bank Headquarters | # of Loans | Avg Loan | Avg Interest |
|---|---|---|---|---|---|
| 1 | U.S. Bank | Cincinnati, OH | 98 | $61,802 | 8.5% |
| 2 | Wells Fargo | Sioux Falls, SD | 27 | $267,789 | 9.5% |
| 3 | United Midwest Savings Bank | De Graff, OH | 20 | $166,600 | 7.9% |
| 4 | Farmers & Merchants Savings Bank | Manchester, IA | 14 | $571,342 | 5.9% |
| 5 | Northwest Bank | Spencer, IA | 14 | $378,257 | 6.3% |
| 6 | Cedar Rapids Bank and Trust | Cedar Rapids, IA | 12 | $485,000 | 7.7% |
| 7 | Lincoln Savings Bank | Cedar Falls, IA | 12 | $287,675 | 7.7% |
| 8 | Bankers Trust Company | Des Moines, IA | 11 | $193,727 | 6.7% |
| 9 | Community 1st CU | Ottumwa, IA | 10 | $144,230 | 6.4% |
| 10 | Newtek Small Business Finance | Lake Success, NY | 9 | $364,611 | 8.1% |
| 11 | First National Bank | Waverly, IA | 8 | $211,500 | 6.6% |
| 12 | Farmers State Bank | Waterloo, IA | 8 | $134,209 | 6.7% |
| 13 | I H Mississippi Valley CU | Moline, IL | 7 | $395,929 | 6.1% |
| 14 | TruBank | Indianola, IA | 6 | $485,700 | 6.1% |
| 15 | First Citizens Bank | Mason City, IA | 6 | $133,500 | 5.8% |
| 16 | Raccoon Valley Bank | Perry, IA | 6 | $107,050 | 6.4% |
| 17 | Stearns Bank | Saint Cloud, MN | 6 | $101,167 | 8.7% |
| 18 | Byline Bank | Chicago, IL | 5 | $1,660,000 | 8.1% |
| 19 | Midwest Heritage Bank, F.S.B. | West Des Moines, IA | 5 | $370,160 | 8.0% |
| 20 | United Community Bank | Blairsville, GA | 4 | $804,000 | 7.5% |
Top Iowa PPP lenders (loans <$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | U.S. Bank | 1,597 |
| 2 | Northwest Bank | 1,291 |
| 3 | Farmers State Bank | 1,251 |
| 4 | United Bank of Iowa | 1,245 |
| 5 | Iowa State Bank | 1,167 |
| 6 | MidWestOne Bank | 1,091 |
| 7 | Fidelity Bank & Trust | 1,064 |
| 8 | Farm Credit Services of America | 1,036 |
| 9 | Hills Bank and Trust Company | 996 |
| 10 | First State Bank | 880 |
Top Iowa PPP lenders (loans >$150,000)
| Rank | Bank | # PPP Loans |
|---|---|---|
| 1 | Bankers Trust Company | 229 |
| 2 | Great Western Bank | 207 |
| 3 | West Bank | 198 |
| 4 | MidWestOne Bank | 197 |
| 5 | Farmers State Bank | 194 |
| 6 | Hills Bank and Trust Company | 187 |
| 7 | Northwest Bank | 173 |
| 8 | Cedar Rapids Bank and Trust Company | 171 |
| 9 | U.S. Bank | 167 |
| 10 | Farmers & Merchants Savings Bank | 133 |
Note: Iowa PPP loan activity data from the CARES Act from March – August and does not include Heals/Heroes Act PPP loans.