SBA Awards Northwest Iowa Businesses

December 17, 2019 3:29pm

Sba Award

Members of Iowa State Bank and Siouxland Economic Development Corporation Receive awards

The Small Business Association (SBA) Iowa District Office presented two of its top Lender Awards for Fiscal Year 2019 during a business visit to Van’s Implement in Hull Tuesday.

 

Iowa State Bank of Hull was awarded the Iowa SBA Top 504 3rd Party award.  The bank participated as a third-party lender on two SBA 504 loan program projects in Iowa in FY 2019 totaling over $3.8 million in third party financing.  Leroy Van Kekerix, President and CEO of Iowa State Bank says the program does more than just make loans

 

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The SBA 504 Loan Program provides long-term, fixed asset financing for start-up and existing businesses through a combination of borrower injection, third-party lender financing and SBA Certified Development Company (CDC) Financing. 

 

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Siouxland Economic Development Corporation of Sioux City was recognized as the Top 504 CDC in Iowa for financing seventeen 504 projects worth over $18.8 million.  Executive Vice President, Ken Beekley says acting as a financial intermediary, they are able to provide more for the borrower

 

The award ceremony was held at Van’s Implement in Hull, a recipient of 504 funding provided by Iowa State Bank and Siouxland Economic Development Corporation in FY 2017 and is a successful example of how the program works to provide long-term, fixed asset funding to small businesses and to help create jobs.