Loans valued at more than $3.26 were awarded in May to five Scott County businesses by the U.S. Small Business Administration (SBA), according to a recent news release from the SBA’s Iowa District office.
In all, last month the U.S. SBA backed 55 loans for $27,425,600 to Iowa businesses from participating lenders using its two largest lending programs. In April a total of five businesses in Scott, Muscatine and Clinton county businesses were granted a total of $2.7 million through the same program. That included $1.9 million to help Adcraft Custom Apparel and Merchandise construct its nearly $5 million, 36,000-square-foot facility in Clinton.
In all, in May, the SBA 7(a) and 504 programs capitalized 28 new and 27 existing businesses that will create 198 new jobs and retain 270 jobs. The projects approved for Scott County project by the SBA in May were:
- Bishop Enterprises, Inc., Davenport, $2,481,000,13 jobs created, two jobs retained, 16 existing jobs for this General Line Grocery Merchant Wholesalers.
- Beauty Bar Aesthetic & Wellness PLLC, Davenport, $350,000, three jobs retained for this existing beauty salon.
- Exline Signs and Things LLC, Davenport, $130,000 to create six jobs and this Independent Artists, Writers, and Performers business that employs eight.
- Vitality Physical Medicine, PLLC, Davenport, $125,000 to create two jobs and retain two jobs at this existing Business offices of Physicians (except Mental Health Specialists) company that employs 11.
- Abrahams Machine Service, Inc., Davenport, $30,000 for this general automotive repair business with seven employees.
- Midwest Iron Addicts LLC, Walcott, $150,000 to create two jobs and retain two jobs at this fitness and recreational sports center that employs one.
About SBA loans
The U.S. Small Business Administration is the only go-to resource and voice for small businesses backed by the strength of the federal government.
It empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations.
To learn more about SBA and its programs and service visit www.sba.gov.
