Fewer SBA Loans Awarded in 2023

by Brian Wilson
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The U-S Small Business Administration is wrapping up the year reporting a significant drop in both the number of loans made to Iowa businesses and the overall dollar amount approved. Jayne Armstrong, district director of the S-B-A in Iowa, attributes the fall to two key elements — bounding interest rates, and the fact so much money was put out during the pandemic years through grants and forgivable loans.

The number of S-B-A-guaranteed loan approvals made in Iowa during the past year reached 340, down from 466 loans last year, while the amount approved dropped from more than 242-million dollars last year to 139-million this year. Armstrong notes, that 139-million figure is still a very significant amount of money that was pumped into start-up and expanding Iowa businesses.

As a direct result of S-B-A loans, she says more than 16-hundred jobs were created in Iowa and nearly 19-hundred more were retained. Armstrong isn’t particularly worried about the year-end figures, as she says the S-B-A continues to play a critical role in helping Iowa small business owners access capital.

Of the 340 loans approved in Iowa during the fiscal year, 208 of them went to new business start-ups or to finance changes in ownership, which are considered new businesses by the agency. Find out more online at www.sba.gov.

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