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Reinbeck, Iowa – Lincoln Savings Bank (LSB) is one of the top SBA lenders in the state of Iowa for fiscal year 2020, and a recipient of three SBA “Top Lender” awards from the Iowa District Office. LSB was recognized yesterday for:
Among SBA 7(a) lenders in the state, LSB ranked second for both number of loans made to Iowa businesses (30) and dollar amount ($15.1 million). LSB made the highest number of SBA loans among Iowa-chartered banks.
In total, including 7(a) loans made to businesses outside of Iowa, LSB made 37 loans totaling more than $19 million.
In addition, LSB made 681 Paycheck Protection Program loans (PPP) to Iowa businesses, representing a $78 million injection into local communities. PPP loans were newly created in 2020 as part of the federal government’s CARES Act coronavirus emergency relief.
This is the second year LSB has achieved high marks in the SBA lending arena. In FYE 2019, it was the top SBA lender in Iowa in terms of total dollar volume, providing more than $15.5 million in capital Infusion.
“In recent years, we have increased our focus on serving the small business community, never imagining how vital it would turn out to be in the context of a worldwide pandemic,” said Jason Walters, Regional Commercial Lending Manager for LSB. “We can’t overemphasize how important small businesses are to Iowa communities. We’ll stand beside them during difficult and uncertain times and remain a resource until we’re all enjoying a brighter economic environment.”
During the past three years, LSB has expanded its commercial lending team to include a dedicated small business lending staff with expertise in SBA lending programs. “We want to earn our spot as the best small business lender in Iowa, and eventually, use our expertise to become an SBA lender at the national level,” Walters said.
Additionally, as a result of its fintech partnerships, LSB serves more than two million customers around the nation through its digital payment platform used by fintech companies such as Square, Qapital, Acorns and Q2. In 2020, LSB was awarded “Fintech of the Year” by the Iowa Technology Association.
About Lincoln Savings Bank:
Founded in 1902, Lincoln Savings Bank (LSB) has been headquartered in Reinbeck, Iowa since 1934. Now with 17 locations, LSB has expanded to offer a variety of bank and financial services to its loyal customers. Member FDIC.
Angela Evans, Lincoln Savings Bank, (319) 233-1900, [email protected]