Statewide Iowa — (RI) — The US Small Business Administration approved loans to more than 400 Iowa businesses during the just-ended fiscal year, helping them to start or expand operations.
Jayne Armstrong, director of the S-B-A’s Iowa District Office, says the loans totaled nearly $170-million statewide for the fiscal year, that’s up from about $155-million the previous year.
Loans were approved to 405 Iowa businesses during the year, down from 455 the previous year. When the economy isn’t doing so well, that’s when people more often look to start their own businesses, so the decline in loan numbers is being interpreted as a positive.
Figures from Iowa Workforce Development released Friday put Iowa’s unemployment rate for September at two-and-a-half percent. That’s unchanged from August and is the second-lowest in the nation. While that’s great in one respect, it’s also making progress a challenge for small merchants and large employers alike.
The SBA report says the 400-plus loans created 12-hundred-58 jobs in Iowa and retained an additional 26-hundred-45 jobs. She says the SBA remains a critical resource for small start-ups and expansions.