How To Apply For a Small Business Loan in Iowa


Business owners in the state of Iowa have taken as hard a hit as those in the rest of the nation, thanks to the current pandemic and shutdown of commerce. The Governor of Iowa, Kim Reynolds has worked hard on behalf of the residents and business owners in the state. New markets for trade to export agricultural and manufactured goods have been firmly established with countries throughout the world in the past few years. Although the Governor has recently made steps to bring businesses back online, a great deal of damage has been done. Small business owners who are in need of financial assistance can apply for relief or standard loans through the Small Business Administration. Although funds were depleted in the middle of April 2020, additional programs have been funded to bring relief. If you’re among the 90% of affected businesses then here are some resources that are currently available, and how to apply for a small business loan in Iowa.

PPP and EIDL Loan programs

Two loan programs created in response to the COVID-19 related crisis are the Paycheck Protection Program and the Economic Injury Disaster Loan. Each of these loans has eligibility requirements but they are extremely relaxed in comparison with standard bank loans. PPP loan proceeds are intended to be used to pay workers for sick leave as well as ensuring that every worker receives a paycheck.

EIDL loans are not as well-known since these are fairly new. The application process is easy if the SBA website is working properly. This is a $10,000 grant available for eligible business owners.

How to apply for the Paycheck Protection Program Loan

As of April 27, 2020, the SBA has resumed the acceptance of PPP applications. The proceeds of loan money may be used for making payroll, paying mortgage interest, utilities, and rent of a business. You can apply for this loan through an SBA 7 (a) lender, or through a federally insured depository institution, participating Farm Credit System institution, or federally insured credit union.

How to apply for an EIDL loan

The SBA has experienced a massive response for EIDL loans and the application process has experienced temporary shutdowns from time to time. If this is the case when you attempt to apply, continue to check back daily. This loan program provides up to $10,000 in relief for small businesses employing under 500 workers. Those with over 500 employees are reviewed on a case by case basis. The business must suffer an economic loss due to the COVID-19 crisis to qualify.

Other Small business loans in Iowa

The SBA also offers a loan program that is called the SBA Express Bridge Loan Pilot Program. This is a loan of up to $25,000 that is reported to be much faster than PPP or EIDL loan disbursements. The bridge gap is intended to put money into your business more quickly and it can be used to bridge the gap while you are waiting for a decision to be made on your EIDL loan application. The EIDL will be used to help repay the amount you take out in the Express Bridge Loan up to $25,000.

Debt relief options

As a part of the economic relief efforts for small businesses impacted by the pandemic, The SBA offers other forms of help. Payments on microloans that were made after March f27, 2020 may qualify for the SBA to make principal, interest, and fee payments on the loans for a period of 6 months. Although Microloan lenders have been instructed not to collect loan payments, it is important that borrowers contact their lenders about questions for this payment relief while the current health crisis is ongoing.

Automatic deferral of payments

The SBA also offers an automatic deferral for home and business loans made from March 1, 2020, through December 31, 2020. If you qualify for this form of debt relief then it is vital that you understand that this declaration will not change or cancel any automatic/recurring payments that you have set up with your banking institution. If you have this setup you will need to make the appropriate arrangements to stop the payments from being taken out of your account.

Other small business loans

If you wish to apply for a small business loan in the state of Iowa, there are other programs that are not connected with the COVID-19 pandemic. The application process starts with your local bank. The top participating banks include Libertyville Savings Bank, Houghton State Bank, Farmers Trust, and Savings, First Central State Bank, Ohnward Bank and Trust, and American State Bank. The Small Business Administration helps to connect applicants with the best possible lender, including the list that we’ve just shared above.


Whether your business has been impacted by the recent COVID-19 crisis, or you have other reasons for applying, there are several available programs for business owners in Iowa. In most cases, the application is not complicated, but if you’re seeking disaster relief funding, be warned that there is a backlog for those who are living in the state of Iowa. It’s best to apply as soon as possible, because of the slow turnaround times for the funding to arrive. Patience may be required, but you can also apply for an Express Bridge Loan which promises a fast turnaround on your EIDL loan. We’ve provided a list of the lenders in Iowa who are participating in small business loans. These are excellent resources to investigate, or you can apply directly through the SBA website by following the easy to navigate links. These are trying times, and although most loan processing times have been slowed dramatically, the sooner you apply the better.

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