Fewer minority-owned Iowa small businesses were approved for U.S. Small Business Administration loans in the last fiscal year.
Agency statistics show 80 Iowa minority business owners were approved for SBA loans in the fiscal year that ended Sept. 30, down from 89 in fiscal 2007.
In Linn County, six loans were approved in fiscal 2008, down from 12 in fiscal 2007. Seven loans were approved fiscal year in Johnson County, according to statistics provided by the Des Moines SBA district office.
Small business owners from Asian or Pacific Island countries were approved for more small business loans than African-Americans each fiscal year. Hispanic business owners accounted for the third largest number of SBA loan approvals each fiscal year.
SBA approvals do not necessarily mean that the loans were accepted. Many small business owners apply for SBA loans, but choose direct bank loans or other sources of financing.
Statewide, the SBA approved fewer small business loans in fiscal 2008 than it did in fiscal 2007.
The SBA approved 741 loans for Iowa small businesses between Oct. 1 and Sept. 30, down from 822 loans approved in fiscal 2007. The total dollar value of the loans increased to $188.8 million in fiscal 2008 from $182.5 million in fiscal 2007.
The loan totals for fiscal 2008 do not include SBA disaster loans for the tornadoes and floods of 2008.
The federal agency approved 3,502 disaster loans for $236.4 million. This includes 580 business loan approvals for $85 million and 2,922 home loan approvals for $151.3 million.
Women who own small business were approved for 128 loans for $25.76 million in fiscal 2008, down from 180 loans for $33.88 million in fiscal 2007.
Rural Iowa small businesses were approved for 299 loans for $74.1 million in fiscal 2008, compared with 318 loans for $81.5 million in the previous fiscal year.
Source:http://www.gazetteonline.com/apps/pbcs.dll/