Three Scott County businesses and a Clinton County business received a total of $925,500 in the U.S. Small Business Administration approved loans in January 2025, the Iowa SBA office recently reported.
Those area businesses were among 43 Iowa businesses statewide to receive a total of $14.9 million in loans in January, the Iowa SBA office said in a news release.
In all, in January, Iowa SBA’s two largest lending programs – the SBA 7(a) and 504 programs – capitalized 22 startup businesses and 21 existing businesses. Those businesses reported creating 189 new jobs and retaining 164 jobs as a result of that funding.Â
Quad Cities loan recipients and the jobs retained or created are:
Scott County
- JP’s Billiard Supply, LLC, Bettendorf – $25,000 to retain two jobs at a new Sporting and Recreational Goods and Supplies Merchant Wholesalers business.
- Bettendorf Counseling Center, PLLC, Bettendorf, – $281,000 to create two jobs and support eight existing jobs at existing outpatient Mental Health and Substance Abuse Centers.
- T&L Olympic Inc., Davenport – $85,000 to support five jobs at limited-service restaurants.
Clinton County
- Quest 6, LLC, Ciinton, Iowa – $334,500 to retain nine jobs at a car wash business.
An SBA guaranteed loan offers borrowers the potential for a lower equity injection and longer amortization with interest rates capped by the government.Â
The SBA’s 504 loan program is a public-private partnership. It’s designed to provide attractive, fixed interest rate loans on large equipment and real estate projects for small businesses.
Private lenders provide 50% of the project’s financing, with the SBA supplying up to 40% and the small business 10%. With the 504 program, the SBA works with a Certified Development Company (CDC), a private, nonprofit corporation, to support financing to small businesses.
To learn more, visit www.sba.gov.
