DES MOINES, IOWA, USA, April 5, 2022 /EINPresswire.com/ — In a year when the small businesses that typically drive our local economy were struggling, Lincoln Savings Bank (LSB) was there to help. As a Small Business Administration (SBA) lender, they stepped up to #1 in dollars and volume.
For fiscal year 2021, LSB was the top 7(a) program lender, with both the highest number and highest dollar amount of SBA-backed loans in the state. With 35 loans, totaling more than $21.8 million, they nearly doubled every other Iowa 7(a) SBA lender.
In fact, LSB was among the top five lenders in 2021 in the following categories:
#1 among SBA’s top SBA 7(a) lenders
#1 Top SBA Lender – Female Owned
#2 Top SBA Lender – Minority Owned
#2 Top SBA Lender – Veteran Owned
#2 Top SBA Lender – Small Startups #2 Top SBA Lender – Export
“There are plenty of lists we’d love to be on the top, but we couldn’t be prouder to be on this one!” At LSB, we consider ourselves a small business and believe that helping others succeed is not just our job, but our responsibility as a community bank. Our lenders work hard to build those relationships, earn trust, and work within SBA parameters and programs to get the job done for those businesses. This is important work for an important cause, and we couldn’t do it without them,” Erik Skovgard, CEO of LSB.
From a state perspective, the SBA approved $263.1 million in loan guarantees for Iowa businesses in fiscal year 2021.
The FY21 Regular Program loan totals for Iowa were as follows:
• 7(a) Loan Program: 381 loans, approved for USD 197,213,100
• 504 Loan Program: 95 loans, approved for $65,899,000
As a result, 2,042 reported jobs were created and 3,436 were retained, helping to significantly boost Iowa’s economy post-pandemic.
“These numbers are significant, and we are very proud to be part of the solution…we believe in the businesses we serve and this will ultimately lead to a stronger and even more sustainable Iowa,” said Jason Walters, LSB 1st Vice President/ Manager of Government Guaranteed Loans.
To learn more about the different SBA programs, please visit: mylsb.com/sba
With Lincoln in our name, you can assume a rich history…and you’d be right. But the future is just as important to us. Delivering modern banking services to help businesses grow and customers protect what they’ve worked so hard to achieve. And embracing the power of technology – combined, these qualities will be our guide. At Lincoln Savings Bank (LSB), our commitment is real and we’re all on board. To learn more about us, visit: MyLSB.com or find us on Facebook. FDIC member
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