SBA loans by state
SBA loans in Iowa: 308 approvals in FY 2026, median $201,000
28% of loans had a fixed rate, against 13% nationally. 17% of loans financed the purchase of a business.
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Iowa: 7(a) loans approved last year
308
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Iowa: median rate at approval, $50,001 to $250,000 | 9.50% |
| Iowa: median 7(a) loan last year | $201,000 |
| Payment over 10 years, SBA fee added to the loan | $2,716/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Iowa, FY 2026: 308 SBA 7(a) approvals for $181.0 million (36th of the 50 states and DC, SBA file of September 30, 2026). 28% of loans had a fixed rate, against 13% nationally. 17% of loans financed the purchase of a business. 85 lenders were active, a wide field for the volume. Franchises took 19% of loans. The state used 504 loans heavily: 55 approvals for $43.8 million. Few approvals were cancelled, 9%. U.S. Bank alone made 21% of the loans. Businesses under two years old took 20% of loans. Mid-size loans had a median rate of 9.50%, below the national 9.75%. Borrowers reported 11.8 jobs per loan. The state stood out for loans to all other specialty trade contractors. Today’s cap on a $201,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| U.S. Bank | 65 | $36,000 | 10.74% | Ohio |
| Newtek Bank | 20 | $165,000 | 9.75% | Florida |
| Farmers State Bank | 13 | $88,000 | n/a | Iowa (in-state) |
| Northwest Bank | 12 | $146,500 | n/a | Iowa (in-state) |
| Huntington National Bank | 12 | $243,750 | 9.25% | Ohio |
A fixed-rate market
Iowa lenders wrote 28% of their SBA loans at a fixed rate, 5th highest among the 50 states and DC, at a median of 8.00%. The fixed cap, prime plus 5 to 8 points, is set in the Federal Register notice of August 1, 2022.
Many loans buy an existing business
Changes of ownership were 17% of Iowa’s approvals (13% nationally). SBA’s rules for buying a business govern them: the buyer’s equity, the valuation of the business and the debt service coverage are checked under their own rules, and a seller note can count toward equity only on stated terms.
More lenders per loan than most states
85 lenders made Iowa’s 308 loans. For that many loans, its number of lenders is the 6th highest among the 50 states and DC. Shopping the same project to three or four of them is realistic here.
Franchise lending stands out
19% of Iowa’s loans went to franchise units, 8th highest among the 50 states and DC.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 84 | 10.74% | 13.50% |
| $50,001 to $250,000 | 88 | 9.50% | 13.00% |
| $250,001 to $350,000 | 27 | 9.50% | 11.50% |
| over $350,000 | 109 | 8.75% | 10.00% |
504 loans are well used
55 504 loans for $43.8 million were approved for Iowa projects, 17.9 for every 100 7(a) loans against 10.8 nationally, with a median debenture of $473,000. The busiest certified development companies were Iowa Business Growth Company (18), Dakota Business Finance (11) and Black Hawk Economic Development, Inc. (9).
Few cancellations
Only 9% of Iowa’s approvals were later cancelled (14% nationally); nearly every loan approved went on to be disbursed.
One lender stands out: U.S. Bank
U.S. Bank made 21% of Iowa’s approvals by itself, 65 loans with a median of $36,000 and a median variable rate of 10.74%. Across all its loans nationally, 0% of its variable loans were at the SBA cap.
Young businesses are well represented
Firms open two years or less took 20% of Iowa’s loans, against 15% nationally. With a short record, their lenders lean on the owners’ guarantees and collateral, which SBA requires when available.
Counties with the most approvals: Polk (74), Scott (31) and Linn (28). Trades: fitness and recreational sports centers (16), full-service restaurants (15), all other specialty trade contractors (11), plumbing, heating, and air-conditioning contractors (11) and landscaping services (8).
All states compared.