State lending data
SBA lending in Iowa
1,243 SBA 7(a) loans went to businesses in Iowa recently, at a median of $150,000. The lenders that made them, what they charged, and how the state is trending.
1,243 SBA 7(a) loans went to businesses in Iowa in the most recent fiscal years, at a median of $150,000. The most active lender in the state was U.S. Bank, with 200 loans. Approvals are down 27.6% on the year.
SBA lending in Iowa, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans actually approved to businesses in Iowa, not advertised ranges.
| Measure | Iowa | National |
|---|---|---|
| Loans approved | 1,243 | 214,102 |
| Total approved | $492.5 million | $104.1 billion |
| Median loan | $150,000 | $150,000 |
| 25th – 75th percentile | $50,000 – $383,800 | $50,000 – $500,000 |
| Median term | 10 years | 10 years |
| Median initial rate | 9.50% | 10.25% |
| Share to startups | 43.3% | 33.6% |
| Charge-off rate, FY2010–19 | 7.7% | 7.1% |
| Jobs supported | 12,754 | 2,142,602 |
| Counties with recorded lending | 87 | — |
| Lenders active in the state | 168 | — |
Is SBA lending in Iowa growing or shrinking?
Shrinking, along with almost every other state. Comparing December 2025 to June 2026 with December 2024 to June 2025, the same months a year earlier, 7(a) approvals to businesses in Iowa went from 261 to 189 loans, down 27.6% — while the dollars approved went from $104.4 million to $101.3 million, down 2.9%. The average approval rose from $399,868 to $535,961, so the change is weighted toward larger loans.
Iowa is falling harder than most of the country: 41st of 51 for year-on-year change, against a national decline of 21.0%.
| Fiscal year | Loans in Iowa | Loans nationally | State share |
|---|---|---|---|
| FY2023 | 265 | 51,747 | 0.5% |
| FY2024 | 391 | 62,618 | 0.6% |
| FY2025 | 383 | 64,096 | 0.6% |
| FY2026 (part year) | 204 | 35,641 | 0.6% |
Which lenders actually fund businesses in Iowa
Ranked by loans approved inside Iowa. The median, startup share and rate columns describe each lender's own Iowa loans, not its national averages — the same bank often writes very different business from one state to the next.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| U.S. Bank | 200 | $35,000 | 42% | 10.24% |
| Farmers State Bank | 64 | $130,250 | 52% | 8.50% |
| The Huntington National Bank | 54 | $207,500 | 74% | 10.25% |
| Lincoln Savings Bank | 44 | $274,500 | 50% | 10.62% |
| Nicolet National Bank | 42 | $150,000 | 55% | 10.25% |
| Northwest Bank | 37 | $150,000 | 57% | 8.50% |
| Newtek Bank | 34 | $200,000 | 15% | 10.88% |
| Community 1st CU | 31 | $64,700 | 68% | 6.95% |
| Northeast Bank | 29 | $100,000 | 10% | 10.75% |
| Hills Bank and Trust Company | 28 | $107,500 | 75% | 7.44% |
| Readycap Lending, LLC | 28 | $76,750 | 7% | 13.25% |
| BayFirst National Bank | 26 | $150,000 | 0% | 13.25% |
What stands out about Iowa
Reading the state's own figures against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- New businesses do well here. 43.3% of these loans went to startups or businesses no more than two years old, against 33.6% nationally — an unusually open market if you have no trading history.
- Rates run lower here. The median initial rate of 9.50% is 0.75 points below the 10.25% national median. Most 7(a) lending is variable-rate, so treat this as a comparison between markets, not a quote.
Who borrows in Iowa
The industry mix of SBA borrowers here, led by restaurants and hotels.
| Sector | Loans | Share | Median loan | To startups |
|---|---|---|---|---|
| Restaurants and Hotels | 172 | 13.8% | $224,000 | 46% |
| Construction | 162 | 13.0% | $50,000 | 39% |
| Personal Services | 144 | 11.6% | $137,750 | 40% |
| Retail | 137 | 11.0% | $150,000 | 46% |
| Healthcare | 121 | 9.7% | $180,000 | 46% |
| Arts and Recreation | 81 | 6.5% | $281,700 | 72% |
| Manufacturing | 79 | 6.4% | $275,000 | 34% |
| Professional Services | 79 | 6.4% | $150,000 | 27% |
| Admin Services | 79 | 6.4% | $167,000 | 49% |
| Wholesale | 46 | 3.7% | $150,000 | 26% |
| Trucking | 44 | 3.5% | $101,350 | 46% |
| Media | 26 | 2.1% | $50,000 | 42% |
Where the money goes in Iowa
SBA lending is more concentrated than state totals suggest, and Polk County alone accounts for 26% of the state's loans.
| County | Loans | Median loan | Total approved |
|---|---|---|---|
| Polk County | 322 | $159,850 | $135.2 million |
| Linn County | 115 | $150,000 | $44.8 million |
| Scott County | 68 | $149,600 | $19.6 million |
| Dallas County | 65 | $250,000 | $25.2 million |
| Johnson County | 60 | $159,500 | $21.8 million |
| Black Hawk County | 58 | $150,000 | $25.7 million |
| Story County | 32 | $150,000 | $11.2 million |
| Warren County | 27 | $171,000 | $12.9 million |
| Dubuque County | 26 | $150,000 | $5.8 million |
| Jasper County | 26 | $94,250 | $11.3 million |
| Cerro Gordo County | 26 | $125,000 | $6.0 million |
SBA 504 in Iowa
7(a) is the general-purpose program. 504 is the one for buying the building or the heavy equipment, at a long fixed rate — a different program with its own lenders, called Certified Development Companies.
| Measure | Iowa 504 | National 504 |
|---|---|---|
| Projects approved | 198 | 22,192 |
| Median CDC share | $469,500 | $730,000 |
| Median total project | $1,083,532 | $1,642,000 |
| Median term | 25 years | 25 years |
- Which CDCs operate here, and on what terms: SBA 504 in Iowa
- How the two programs differ: SBA 504 loans and SBA 7(a) loans
How to use this page
- Start from the lender table, not a search engine. Shortlist three whose median loan in Iowa is near what you need. Size match beats brand.
- Follow your industry link in the sector table for the lenders that fund your kind of business in this state specifically.
- Then your county, if it is listed, for the local picture.
- Check the payment before you apply with the affordability calculator — lenders decline on cash flow more than on anything else.
- Filter the whole lender file yourself in the lender finder if you want to combine state, industry, loan size and business age at once.
Other states
- States of comparable lending volume: Kansas, Maine, Alabama, Mississippi, Oklahoma, Nebraska, California, Florida
Questions people actually ask
How many SBA loans are approved in Iowa each year?
1,243 SBA 7(a) loans were approved to businesses in Iowa across fiscal years 2023 to 2026, using data released June 2026, worth $492.5 million in total. Over the most recent comparable months the number of approvals ran down 27.6% year on year, while the dollars approved ran down 2.9%.
Which bank approves the most SBA loans in Iowa?
U.S. Bank, with 200 loans approved to businesses in the state and a median loan of $35,000. That makes it the most active, not necessarily the best fit — a lender whose median is far from your number is usually the wrong call.
Do I have to use a lender based in Iowa?
No. SBA lenders routinely lend across state lines and several of the largest are non-bank lenders with no branches at all. What the state data tells you is which institutions are already comfortable with businesses like yours here.