Last annual update:
Note: On March 31 the Treasury and SBA released important information regarding CARES Act SBA 7(a) loans. We encourage you to read our blog post and act quickly.
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:
| State Rank | Bank | Headquarters | # Loans | Avg Loan | Avg Int |
|---|---|---|---|---|---|
| 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 | 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% |