LOCATION & INDUSTRIES

Iowa Small Business Loans

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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

From agricultural to manufacturing companies and neighborhood stores to family restaurants, Iowa is home to a range of small businesses. Sometimes, those businesses need capital to maintain operations, cover emergency expenses or grow. When you need capital to keep your business moving forward, you might start researching Iowa small business loans.

We get it. That’s why we’re making it easy for you. Here are some options when you’re considering applying for business financing, as well as helpful resources for entrepreneurs.

Small Business Landscape in Iowa

There are more than 270,000 small businesses in Iowa, and they employ nearly 650,000 people. That’s almost half of the private-sector workforce, according to the U.S. Small Business Administration (SBA).

Some of the industries responsible for the highest number of small business employment include these:

  • Healthcare and social assistance
  • Food services and accommodations
  • Retail
  • Construction
  • Wholesale trade

Banks Offering Iowa Business Loans

1. American Bank & Trust

Head to the Davenport, IA, branch or visit American Bank & Trust online to find more details about the Iowa business loans offered. This lender has been in operation since the late 1960s and has most recently earned a 5-star rating on WalletHub.

You’ll find the following financing options available here:

  • Term loans
  • Lines of credit 
  • Real estate loans
  • Construction loans
  • Business credit cards

2. Decorah Bank & Trust

If you’re seeking SBA loans in Iowa, check out this lender. Decorah Bank & Trust has demonstrated its commitment to its customers, having earned 5-star Google rating, 5-star WalletHub rating and an A+ rating with the Better Business Bureau (BBB). In addition, revolving lines of credit, building and land loans are available here.

3. Availa Bank

Not only does Availa Bank have a 5-star rating on WalletHub, but it’s also earned an A+ rating on the BBB. Whether you’re looking for commercial real estate loans in Iowa or another type of financing for your business, you’ll likely find it here. 

Other loans available include these:

  • Operating lines of credit
  • Agricultural loans
  • Land development loans
  • Equipment and machinery loans
  • Rental/investment property loans
  • Commercial construction loans

4. Farmers State Bank

Farmers State Bank has earned an A+ rating from the BBB. This Iowa SBA lender offers 7(a) and 504 loans as well as the following funding.

Commercial loans available here include these:

  • Lines of credit 
  • Term loans
  • Commercial real estate loans
  • Commercial investment loans
  • Floor plan loans (e.g., inventory, including equipment and machinery)

Farmers State Bank also offers these agricultural loans:

  • Farm Service Agency loans
  • Operating lines of credit
  • Equipment loans
  • Acreage purchase or refinance loans
  • Grain system or building construction loans

5. Peoples Bank

Peoples Bank is an Iowa SBA lender and an agricultural industry lender, offering USDA Farm Service Agency loans and Iowa Agricultural Development Division loans. It has earned a 5-star rating on WalletHub.

Additional financing options include the following:

  • Livestock loans
  • Operating lines of credit
  • Real estate financing
  • Agricultural equipment loans

How to Get a Small Business Loan in Iowa

To get a small business loan in Iowa, you’ll need to meet certain business loan requirements, including minimum time in business, credit score and revenue requirements. Minimum qualifications for these will vary depending on the lender and type of financing.

While conventional lenders, such as the banks noted above, are often able to offer competitive interest rates and terms, they typically have stricter requirements when it comes to approving business owners for loans. Additionally, the process to get approved and funded can take some time. 

In contrast, alternative lenders are known for their streamlined applications, less stringent requirements and quick approval processes. That said, applicants should expect shorter repayment terms, more frequent payments and increased interest rates. 

Applying for Alternative Financing Through Fast Capital 360

Iowa small business funding is available through our nationwide network of lending partners. At Fast Capital 360, you’ll benefit from the following:

Speed

Our online application takes just a few minutes to complete.

Multiple Offers

We work with lenders throughout the country, which means your single application could return multiple offers.

Expert Guidance

One of our Business Advisors will review all financing offers and terms with you and answer any questions you have about the approval and funding process.

 

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Small Business Resources in Iowa

Get helpful information and business assistance from organizations within the state dedicated to entrepreneurial growth. Here are a few you can turn to.

IA Source Link

Visit the website, where you’ll find a wealth of informational articles, guides and videos to help you start, expand, fund and innovate your business. Take part in relevant classes and training sessions, roundtable discussions and networking events. Access additional resources, too, with the organization’s Resource Navigator.

Iowa Small Business Development Center

This organization is sponsored in part by the SBA. Branches are available throughout the state of Iowa. Entrepreneurs can get financing and loan proposal assistance as well as business counseling and training in areas such as the following:

  • Accounting
  • Startup guidance
  • Market research
  • Business planning
  • Human resources
  • Disaster recovery
  • Business plan writing
  • Cash-flow projections

Iowa Economic Development Authority

This organization works with entrepreneurs throughout Iowa. Find business development programs for your small business, such as business license information, federal funding details, COVID-19 relief resources and more. Additionally, get facts about tax credits, workforce training and investing. 

Small business owners interested in growing an import/export business can also benefit from individual consultation, educational workshops and other trade resources.

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