Des Moines is the capital of Iowa and the most populous city in the state. It is also the county seat of Polk County. A small portion of the city extends into Warren County. It was incorporated on September 22, 1851, as Fort Des Moines, which was shortened to "Des Moines" in 1857. The city's population is 217,521, making it the 101st-largest city in the United States. The five-county metropolitan area is ranked 91st in terms of population in the United States with 634,725 residents, and is the largest metropolitan area fully located within the state. The Des Moines-West Des Moines Metropolitan Statistical Area has a population of 729,223 and is the 85th-largest CSA in the United States.
The city is the economic and cultural anchor of the Des Moines metropolitan area, which encompasses five counties with a combined population of 669,637. Des Moines is a major center of the U.S. insurance industry and has a sizable financial services and publishing business base. The city was credited as the "number one spot for U.S. insurance companies" in a Business Wire article and named the third-largest "insurance capital" of the world.
The city is home to several cultural attractions, including the Des Moines Art Center, the Des Moines Symphony, and the Des Moines Metro Opera. The city's performing arts venues include the Civic Center of Greater Des Moines and the Temple for Performing Arts. Des Moines is also the headquarters for the Principal Financial Group, the Meredith Corporation, Ruan Transportation, EMC Insurance Companies, and Wellmark Blue Cross Blue Shield.
Comparing SBA loan types in Des Moines
Three SBA programs come up most often for Des Moines, Iowa businesses, and they do different jobs.
Small business loans available in Des Moines
An SBA 7(a) loan made to a Des Moines, Iowa business is made by a participating lender, not by the SBA. The lender underwrites it, sets the rate within the SBA maximum, and services it. What varies locally is which lenders are active, not the program rules.
Common uses here are the same as everywhere: working capital, equipment, owner-occupied commercial real estate, refinancing business debt, and buying an existing business.
Insurance and closing
Most SBA lenders require hazard and, where the collateral is real property, property insurance in place before closing. See commercial property insurance for businesses and ways to ensure your SBA loan closes smoothly.
Getting started in Des Moines
Check the eligibility requirements, run the numbers with the SBA 7(a) loan calculator, then get financing and we will route your inquiry to lending partners.