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 10 SBA Lenders in Iowa:
| State Rank | Bank | Headquarters | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|
| 1 | Bankers Trust Company | Des Moines, IA | 41 | $214,949 | 6.2% |
| 2 | U.S. Bank | Cincinnati, OH | 32 | $81,350 | 8.1% |
| 3 | Wells Fargo | Sioux Falls, SD | 30 | $259,763 | 8.3% |
| 4 | Farmers State Bank | Waterloo, IA | 19 | $81,563 | 5.9% |
| 5 | Northwest Bank | Spencer, IA | 13 | $188,515 | 6.0% |
| 6 | Cedar Rapids Bank and Trust | Cedar Rapids, IA | 12 | $388,050 | 5.9% |
| 7 | Midwest Heritage Bank, F.S.B. | West Des Moines, IA | 12 | $229,000 | 6.6% |
| 8 | Bank of the West | San Francisco, CA | 11 | $195,455 | 6.8% |
| 9 | Live Oak | Wilmington, NC | 11 | $1,211,364 | 6.2% |
| 10 | Great Western Bank | Watertown, SD | 9 | $555,500 | 5.4% |
| 11 | United Bank of Iowa | Ida Grove, IA | 7 | $75,857 | 5.3% |
| 12 | Celtic Bank | Salt Lake City, UT | 6 | $206,000 | 6.8% |
| 13 | First National Bank | Waverly, IA | 6 | $92,400 | 6.3% |
| 14 | Raccoon Valley Bank | Perry, IA | 6 | $296,833 | 5.1% |
| 15 | 1st Source Bank | South Bend, IN | 5 | $30,826 | 6.1% |
| 16 | Independence Bank | East Greenwich, RI | 5 | $145,000 | 6.8% |
| 17 | Lincoln Savings Bank | Cedar Falls, IA | 5 | $668,960 | 6.5% |
| 18 | Ohnward Bank & Trust | Cascade, IA | 5 | $242,900 | 5.7% |
| 19 | American State Bank | Osceola, IA | 4 | $250,500 | 6.4% |
| 20 | Byline Bank | Chicago, IL | 4 | $920,000 | 6.8% |