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Small Business Loans in Iowa

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10 Small Business Loans in Iowa

Our compilation is the result of in-depth analysis of small business lending in Iowa, anchored in reliable data. 

The lenders are ranked according to the volume of small business loans they've provided within the current year, highlighting the institutions that are truly active in supporting small businesses within the state. 

This approach sets our findings apart from other sites, which often limit their discussions to non-lending nonprofits and inaccessible government initiatives.

Takeaway: Most small business loans in Iowa are issued by local banks.

Methodology: Our analysis is grounded in data from SBA 7a loans, indicating that each lender mentioned provides these loans. In addition, we've detailed various other small business financing options advertised on their websites. 

Given that conventional banks often demand high credit scores and a business history of more than two years, we've initially included two alternative funding solutions to accommodate small business owners facing challenges with credit scores or who are relatively new to running a business.

1. Credit Suite

Credit Suite stands out as a firm specializing in business credit guidance and software solutions, providing two unique financing options.

Their Cash Flow Financing option is ideal for entrepreneurs who have been in operation for a few years and only need a basic credit score to qualify. This allows you to use your business’s steady cash flow as collateral for obtaining adaptable financial support. Instead of fixed monthly installments, the repayment plan is tied to a portion of your continuous cash flow.

The Credit Line Hybrid is designed to provide financing based solely on an individual's creditworthiness, eliminating the need for detailed financial reports, bank records, or business proposals. Tailored for emerging startups and tenured businesses, it makes available funds ranging from $5,000 to $150,000. 

It's an ideal solution for fledgling businesses not yet two years old, offering a financial boost without the traditional paperwork.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid
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2. U.S. Bank

US Bank stands out as a prominent, nationwide banking institution offering an array of business financing options. With its extensive network of branch locations, it's a familiar presence in many communities. 

In Iowa, it leads the pack by issuing the highest number of SBA loans compared to any other financial provider.

Business financing options offered:

  • US Bank Quick Loan

  • Business Term Loan

  • Commercial Real Estate Loan

  • Equipment Financing

  • SBA Loans

  • Dental, Medical, and Vet Practice Loans

  • Business Line of Credit

  • Manage Cash Flow

  • Business Equity Line of Credit

  • Business Reserve Line

  • 4 Business Credit Cards

3. Lincoln Savings Bank

Lincoln Savings is a small Iowa bank with a big heart. They offer a wide variety of small business financing options. They're proud to be a top SBA lender in Iowa (which is how they ended up on this list).

Business financing options offered:

  • SBA & USDA Loans for Small Business

  • Small Business Package

  • Agricultural Lending and Farm Financing

  • Business Expansion Term Loans

  • Community Child Care Center Financing

  • Commercial Real Estate Loans

  • Equipment Leasing

  • Operating Lines of Credit

  • Recreational Land Lending

  • Business Credit Cards

4. Community 1st Credit Union

Community 1st is the only credit union on this list. It has a great variety of financing options.

Business financing options offered:

  • Short-Term, Single Payment Operating Loans

  • Equipment, Vehicle, and Fixed Asset Loans

  • Secured and Unsecured Lines of Credit

  • Commercial Real Estate Loans

  • Letters of Credit

  • SBA Loans

5. The Huntington National Bank

Huntington National Bank stands out not only as a leading provider of small business loans within this state but also as the top issuer of SBA 7a loans across the United States. 

This achievement earns them a spot among the top lenders in almost every other state, underscoring their commitment to supporting small enterprises. 

Beyond SBA loans, Huntington delivers an extensive selection of financing solutions tailored for small businesses, encompassing equipment leasing, agricultural financing, and a diverse range of real estate loan options. 

Business financing options offered:

  • SBA 7a Loans

  • Equipment Leasing

  • Church Lending

  • Greek House Financing

  • Agricultural Loans

  • Warehouse Lending

  • Real Estate Loans, Term Loans, and Lines of Credit

6. Farmers State Bank

Farmers State Bank doesn’t have much information on its website about its business financing products. We know for sure that they issue SBA loans and business credit cards.

Business financing options offered:

  • SBA Loans

  • 2 business credit cards

7. MidWestOne Bank

MidWestOne is a regional bank with branches primarily in Iowa, Minnesota, and Wisconsin. They have a normal array of business loan offerings. Their livestock financing isn't something that you see often, even from other rural Midwest banks.

Business financing options offered:

  • SBA Loans 

  • Commercial mortgages and construction loans

  • Line of Credit

  • Equipment

  • Real Estate & Investor Real Estate

  • Livestock

  • 1 Business Credit Card

8. Northwest Bank

Northwest Bank is a small bank in Iowa and Nebraska.

Business financing options offered:

  • Equipment Loans

  • Equipment Leasing

  • Real Estate Construction Loans

  • SBA Guaranteed Loans

  • Working Capital Loans

  • 5 Business Credit Cards

9. Hills Bank and Trust Company

Hills Bank and Trust is an Iowa-based, local community bank with a small portfolio of business loan products. However, they offer detailed instructions on their website for the documentation needed for each lending scenario.

Business financing options offered:

  • Commercial construction and real estate development loans

  • Agriculture financing

  • 3 business credit cards

10. Newtek Small Business Finance

Newtek might not ring a bell like your typical brick-and-mortar bank, given it lacks physical branches. Yet, it's a significant entity in the financial market, recognized for its extensive involvement in small business financing as a publicly traded company. 

While their online portal showcases just a quartet of financing solutions for small businesses, their repertoire extends far beyond, offering a suite of services tailored for the small business sector. 

This array includes, but is not limited to, solutions for payment processing, insurance coverage, employee benefits, and payroll management.

Business financing options offered:

  • Term Loans

  • Asset Based Financing

  • Inventory Based Financing

  • SBA Loans

How to apply for a small business loan in Iowa

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!

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