The dollar amount of U.S. Small Business Administration-backed loans made in Iowa increased by 39% in fiscal 2020, with $233.7 million in loans during the fiscal year ended Sept. 30, compared with $168.1 million in loans made in fiscal 2019. 

The 429 loans extended through the SBA’s 7(a) and 504 loan programs — not counting Paycheck Protection Program loans — was up from 406 SBA-backed loans made by Iowa financial institutions in FY 2019. 

U.S. Bank had the highest number of 7(a) loans made in Iowa — 38 — according to the tally of lenders provided by the Iowa SBA office. Cincinnati-based U.S. Bank was also the No. 2 lender nationally based on the number of SBA loans, with 2,676 loans. 

“This has been a challenging year for businesses, but at U.S. Bank we believe in powering potential and this means doing everything we can to support businesses in Iowa,” said Bob Weiss, U.S. Bank’s Iowa market president, who was recently named regional executive for U.S. Bank’s Community Central Division. “We are proud to be a top SBA lender and we are even more proud of the way Iowans continue to find ways to innovate during difficult times.”

Of the 105 financial institutions in Iowa that made SBA-backed loans during the fiscal year, only 10 made 10 or more loans through the 7(a) or 504 programs last fiscal year. Thirty-nine of the institutions participating in the program made just one SBA-backed loan each. 

Iowa Business Growth Co., a certified development company based in Johnston, had the most loans through the SBA’s 504 Fixed Asset Financing Program — 33 totaling nearly $32.5 million. In total, six CDCs made 75 loans under the 504 program totaling $58,347,000.  

Lincoln Savings Bank, which now has 17 locations in Iowa, made the largest number of SBA-backed loans among state-chartered Iowa banks for fiscal 2020, which ended on Sept. 30. Based in Reinbeck, Lincoln Savings had 30 approved loans totaling more than $15.1 million.   

Measured by total dollar amount of loans, Manchester-based Farmers & Merchants Savings Bank had the highest 7(a) loan tally in Iowa, with nearly $26.86 million extended through 26 loans.  

Rounding out the top five 7(a) lenders were Community 1st Credit Union with 16 loans and Bankers Trust, with 13 loans. 

The Huntington National Bank, based in Columbus, Ohio, was the top national SBA lender, with 3,183 loans; Wells Fargo Bank was third nationally behind U.S. Bank, with 1,872 loans.