Harkin: 26 Iowa Small Businesses Receive Nearly $16 Million in Loans to Grow and Hire PDF Print E-mail
News Releases - Business, Economy & Finance
Written by Sen. Tom Harkin   
Monday, 11 October 2010 12:13
WASHINGTON, D.C. – Senator Tom Harkin (D-IA) applauded the Small Business Administration for processing all of the loan applications in their queue and disbursing funds to 26 Iowa small businesses, just ten days after President Obama signed the Small Business Lending Fund Act into law.  Iowa’s recipients received a total of $15,917,000 in loans to grow and hire.

“Today’s announcement means that 26 Iowa small businesses will be able to move our economy forward by continuing to expand and hire,” Senator Harkin said. “Our small businesses provide jobs, needed goods and services, and give Iowa the character that makes it a great place to live.  They are the engines of our economic growth, and supporting them will help spur along our fragile recovery.  Congratulations to the entrepreneurs who received these loans.”

The Small Business Lending Fund Act provides small businesses with access to capital, robust incentives for investment and support for innovation and entrepreneurship.  The legislation provides some $12 billion in small business tax credits and will create as many as 500,000 jobs nationwide.  It is also fully paid for, and will not add a dime to the federal deficit.

Similar to the HIRE Act and other job creating measures, the Small Business Lending bill was opposed by Senate Republicans who delayed its passage for months.  

Below is a list of Iowa companies who received Small Business Administration loans:


BORROWER                                                            CITY                           TOTAL APPROVED LOAN AMOUNT
B & J HAULING & EXCAVATING, IN                   Monticello                                          $1,055,900
BEAR CORP AND NICHOLAS BARRETT             Clarion                                               $150,000
BUTTERFACE, L.L.C.                                              West Des Moines                               $112,500
CHRISTEL MANSON INSURANCE AGEN           Waterloo                                            $310,000
Davenport Furniture Co., L.L.C                                   Davenport                                          $25,000
DUCK CREEK TIRE & SERVICE, INC                   Bettendorf                                          $465,800
FEIEREISEN, INC.                                                   Cedar Rapids                                      $1,411,000
FIZZIX MANUFACTURING , LLC                         Ottumwa                                             $250,000
FLUENT CHIROPRACTIC CLINIC, PC                 Sioux City                                           $514,000
Frey Pet Hospital                                                        Cedar Rapids                                      $883,000
GYM F/X, L.L.C. / LAKESIDE FIT                          Des Moines                                        $240,000
HAMILL MOTOR COMPANY, INC.                      Sheldon                                              $425,000
HANSON FITNESS INC.                                         Mason City                                        $165,000
Hillcrest Healthcare Services                                        Hull                                                    $1,244,000
JURRENS, INC.                                                        George                                               $220,000
LAKESIDE FITNESS AND TANNING L                Pleasant Hill                                        $1,362,500
Lambro Properties, LLC                                             Cedar Rapids                                      $600,000
LARLO HOLDINGS, LLC (EPC) AND                    Des Moines                                        $1,666,300
LISA AND SCOTT PAGELER                                 Lemars                                                $430,000
MACHINE & PATTERN WORKS, INC.                 Princeton                                            $191,700
MCGREGOR MARINA INC.                                    McGregor                                          $835,000
RON'S TOY BOX TOO, LLC                                   Bettendorf                                          $1,521,300
THE HUB LIVE LLC                                                 Cedar Falls                                         $215,000
THE OAKS                                                                Cedar Falls                                         $39,000
THE POWDER SHOP, INC                                      Manchester                                         $225,000
YOGI'S, INC.                                                            Monticello                                           $1,360,000
Total:    $15,917,000

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