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SBA backs eight Central Iowa loans


The U.S. Small Business Administration in November guaranteed eight private loans for a combined $10.6 million for Central Iowa projects.

That loan total was the second-highest of the year, behind $16.4 million in July.

The projects are expected to create 169 jobs and retain 19. Central Iowa is defined as Polk, Story, Boone, Dallas, Madison, Warren, Marion, Jasper and Marshall counties. 

Two Des Moines businesses each borrowed $5 million. Excel Mechanical Co. Inc., a commercial and industrial machinery and equipment firm, plans to create 71 jobs and retain one. Swaps Cash LLC, a new hotel or motel operation, expects to employ 40.

Those were the only two loans over $1 million. The next highest was $248,000 for TESA LLC, a Grimes restaurant business that plans to add 13 jobs.

Statewide, the SBA backed 29 loans for a combined $19.4 million, including 20 new and nine existing businesses. The businesses expect to create 365 new jobs and retain 124 jobs with the financing.

See the complete listing of Central Iowa SBA loans. (Insider)

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