The United States Small Business Administration has been at the forefront of Iowa’s economic recovery for the past two years. As we enter the final stages of the SBA’s economic stimulus programs, I want to thank our small businesses and nonprofit communities for their inspiration and resilience during this difficult time. While challenges remain, we all need to take a step back and recognize their impact on the economy.
From Council Bluffs to Davenport and all the small towns and cities in between, small businesses and nonprofits have been severely affected by mandatory state and local government closures and the overall economic downturn during the pandemic of COVID-19. The SBA is proud of the role our Federal Economic Stimulus programs have played in keeping the lights on, the doors open, and the staff employed in Iowa. The implementation of these programs has not always been pretty, as the SBA itself has been forced to constantly adapt to the unprecedented national economic crisis to meet the changing needs of small businesses and non-profit organizations. lucrative.
Through the SBA’s partnership with the Iowa lending community, the Congressional delegation, and our network of resource partners from 15 Small Business Development Centers, Four SCORE Chapters, the SBA Women’s Business Center at the Iowa Center for Economic Success and the Veterans Business Resource Center, we funded 172,991 Paycheck Protection Program (P3) forgivable loans for $ 8.1 billion in Iowa alone. We have also funded over $ 3 billion in the form of Economic Disaster Loans (EIDL), EIDL Advances, EIDL Targeted Advances, EIDL Supplementary Advances, Grants for Closed Site Operators, and grants and loans from the Restaurant Revitalization Fund to date in Iowa. As part of the SBA Debt Relief Program, we have also made a substantial financial investment in our small business community by covering up to six months of loan repayments on new and existing SBA loans.
Behind the scenes was a very small group of five to seven dedicated SBA employees who have worked around the clock since March 2020 to answer emails and phone calls, host webinars and town halls to raise awareness and provide insight. daily technical assistance to residents of Iowa. Words cannot adequately express my appreciation for my colleagues for their work ethic and commitment over the past two years. They truly are the rock stars of Iowa’s economic recovery.
In addition to our economic stimulus programs, the Iowa District office also increased its normal SBA loans by funding 476 SBA guaranteed loans totaling $ 263.1 million in the previous fiscal year, an increase of 47 loans and 29 , $ 3 million over the previous year.
The SBA Iowa District Office is deeply honored to work for Iowa Small Businesses in good times and in bad times. As we enter the final stages of this unprecedented crisis, the SBA encourages everyone to support their local small businesses and nonprofits during the holiday season and throughout the years to come. Thanks, Iowa – we were really in the same boat.
Jayne Armstrong is the director
from the SBA’s Iowa district office.