GoSBA’s Top 50 Iowa SBA Lenders in 2024
Introduction to Iowa SBA Loans
Iowa is home to a diverse economy driven by agriculture, manufacturing, technology, and finance. With a population of over 3.2 million, the state is rich in opportunities for entrepreneurs and small business owners. Whether you want to start a business in the thriving city of Des Moines or expand your agricultural operation in rural Iowa, an SBA loan can be the perfect source of financing to help you grow.
GoSBA Loans helps you find the best Iowa SBA loans to fuel your business. We work with the top SBA lenders in the state to connect you to financing options tailored to your needs. In this updated guide, we showcase the top Iowa SBA lenders in 2024, ensuring that you have the information you need to secure the funding necessary to succeed.
Finding the Best Iowa SBA Lenders
Obtaining an SBA loan in Iowa requires knowing where to look. Many lenders serve this market, ranging from large national banks to smaller local credit unions. By choosing the right lender, you’ll increase your chances of approval and secure competitive interest rates and favorable terms. GoSBA Loans simplifies this process by curating a list of the top SBA lenders in Iowa, based on their loan volume and the number of loans funded.
In FY 2023, Iowa’s SBA loan providers funded 3,100 businesses, with a total loan volume of over $920 million. This impressive figure demonstrates the crucial role that SBA loans play in helping small businesses thrive across the state. Read on to explore the top 50 Iowa SBA lenders of 2024.
Challenges in Securing SBA Loans in Iowa
One of the challenges for small businesses in Iowa is finding the right lender that matches their industry and business size. With many lenders in the state, it’s essential to choose one that has experience in your industry. Whether you run a tech startup or an agribusiness, a knowledgeable lender can streamline the loan process.
We understand that navigating the financing landscape can be overwhelming, and our mission at GoSBA Loans is to help you secure the funding you need in an easier, faster, and more affordable manner.
Analyzing the Top Iowa SBA Lenders by Loan Volume and Loan Units Funded
Based on the updated data, Farmers State Bank emerges as the top SBA lender in Iowa by loan volume, funding over $5.5 million across 21 loans. The Huntington National Bank follows closely, funding $4.7 million across 8 loans, showcasing its commitment to supporting small businesses across the state.
Another notable lender is Colony Bank, which funded $4.5 million in SBA loans across 3 businesses, providing vital capital to fuel growth. MidWestOne Bank contributed significantly with a loan volume of over $3.9 million across 14 loans.
The diversity of lenders on this list—from national players like Live Oak Banking Company to local favorites like VisionBank of Iowa—illustrates the options available for businesses seeking financial support. The variety ensures that businesses across Iowa can find a lender that aligns with their unique needs.
GoSBA’s Official Ranking: Top 50 Iowa SBA Lenders in 2024
Below is the official ranking of the top 50 Iowa SBA lenders in 2024, showcasing their loan volumes, the number of loans funded, and the average interest rates:
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Avg Initial Interest Rate |
| Farmers State Bank | $2,197 | $5,511,500 | 21 | 8.84% |
| Live Oak Banking Company | $846 | $6,035,000 | 4 | 9.81% |
| The Huntington National Bank | $1,020 | $4,673,000 | 8 | 10.44% |
| Colony Bank | $540 | $4,510,000 | 3 | 11.17% |
| MidWestOne Bank | $1,422 | $3,903,300 | 14 | 10.84% |
| VisionBank of Iowa | $438 | $3,809,100 | 2 | 11.00% |
| United Bank of Iowa | $1,434 | $3,561,000 | 8 | 7.84% |
| Lincoln Savings Bank | $1,569 | $3,160,300 | 10 | 11.25% |
| Byline Bank | $420 | $2,822,000 | 3 | 11.00% |
| Bank Five Nine | $240 | $2,585,000 | 2 | 10.06% |
| Metro City Bank | $600 | $2,230,000 | 2 | 10.00% |
| Clear Lake Bank & Trust Company | $637 | $2,186,500 | 6 | 8.00% |
| Cedar Rapids Bank and Trust Company | $960 | $1,943,800 | 8 | 11.06% |
| Freedom Financial Bank | $120 | $1,766,000 | 1 | 9.00% |
| Heritage Bank, Inc. | $600 | $1,693,300 | 5 | 12.10% |
| BayFirst National Bank | $1,440 | $1,441,600 | 12 | 13.25% |
| Hills Bank and Trust Company | $549 | $1,390,100 | 9 | 7.28% |
| GBank | $300 | $1,545,000 | 1 | 9.75% |
| Readycap Lending, LLC | $900 | $1,195,000 | 6 | 14.21% |
| West Bank | $84 | $929,000 | 1 | 9.00% |
| United Midwest Savings Bank, National Assn | $600 | $725,000 | 5 | 11.25% |
| Fairfax State Savings Bank | $420 | $678,800 | 4 | 10.19% |
| TruBank | $360 | $518,700 | 7 | 9.25% |
| Raccoon Valley Bank | $203 | $516,200 | 2 | 8.00% |
| First Interstate Bank | $480 | $557,200 | 4 | 10.75% |
| Northeast Bank | $720 | $500,000 | 6 | 11.25% |
| First Internet Bank of Indiana | $120 | $500,000 | 1 | 11.25% |
| Elgin State Bank | $96 | $495,000 | 1 | 8.00% |
| Bankers Trust Company | $258 | $745,500 | 3 | 10.42% |
| Union Bank and Trust Company | $288 | $1,413,000 | 3 | 8.83% |
| Collins Community Credit Union | $300 | $630,000 | 1 | 7.75% |
| BankIowa | $204 | $708,000 | 2 | 8.20% |
| Fortress Bank | $369 | $713,900 | 2 | 9.00% |
| City State Bank | $222 | $625,000 | 3 | 10.25% |
| HTLF Bank | $240 | $603,500 | 2 | 10.13% |
| The First National Bank in Sioux Falls | $120 | $550,000 | 1 | 8.04% |
| First Bank of the Lake | $240 | $525,000 | 2 | 12.88% |
Benefits of SBA Loans for Iowa Small Businesses
Whether you are looking to expand your agricultural operation, purchase new equipment, or boost your working capital, an SBA loan can be the right solution for your needs. Iowa SBA loans provide long repayment terms, competitive interest rates, and government backing that makes it easier for small businesses to access funding.
The best SBA lenders in Iowa have experience working with businesses in a variety of industries, from agriculture and manufacturing to finance and technology. Choosing the right lender can make a significant difference in securing the funding you need at favorable terms.
Why Choose GoSBA Loans for SBA Loans in Iowa?
At GoSBA Loans, our goal is to make the SBA loan process as simple and efficient as possible. By connecting you with the best Iowa SBA lenders, we ensure that your application reaches the right banks at the right time. Our network of lenders has a proven track record of supporting small businesses, providing flexible loan options, and offering competitive interest rates.
Partnering with GoSBA Loans means getting expert guidance every step of the way, from selecting the best loan option for your business to securing approval. Our team is dedicated to helping you access the capital needed to grow and thrive in Iowa.
Apply for an Iowa SBA Loan Today
If you are ready to secure the funding your business needs, apply today with GoSBA Loans. Our streamlined application process will help match you with the best SBA lender based on your specific business needs. Get started now and take the next step toward achieving your business goals.
Conclusion
Securing an SBA loan is a powerful way to support your business growth. Whether you are just getting started or planning to expand, finding the right SBA lender in Iowa can make all the difference. The lenders listed in this guide have a proven track record of supporting small businesses across Iowa, making them the best options for entrepreneurs looking to take their businesses to the next level.
Let GoSBA Loans assist you in finding the ideal SBA lender in Iowa to fuel your growth and success in 2024 and beyond.
