The Board of Directors of the Siouxland Economic Development Corporation (SEDC) is pleased to announce it has selected Iowa State Bank as the SEDC Lender of the Year for 2018/19. This annual award is given to commercial lenders in the Siouxland area who have demonstrated a high regard for customer service and have successfully, consistently, and creatively utilized the SBA 504 Loan Program and SEDC Revolving Loan Fund Program (RLF) to further economic development in Siouxland.
Dusty Small, Chairperson of the SEDC Board of Directors, commented, “The Lender of the Year award has been created to recognize outstanding performance by private lenders. The commercial lenders at Iowa State Bank have proven to us more than once that they are valued small business advocates committed to economic development in Siouxland.” In 2018/19, SEDC and Iowa State Bank cooperated in completing economic development projects totaling $14.6 million that have created or retained 70 jobs in the Siouxland area. This will be the second time in the 22 year history of this award that it has been presented to Iowa State Bank.
SEDC would like to specifically recognize three lenders at Iowa State Bank that most significantly utilized the SBA 504 loan program and SEDC Revolving Loan Fund (RLF) program. These lenders are Nathan Van Gorp for B&D Poultry, Scott Jones for Bavarian Meadows & Aspen Heights Assisted Living, and Mark Kleinwolterink for Grand Island Pizza Ranch, Rick’s Custom, Inc., and Shumate Pit Row. These projects totaled more than $14.6 million with Iowa State Bank financing of $8.2 million and SEDC/SBA 504 financing of $3.9 million. These projects created and retained 70 jobs.
The SEDC Chairperson, Dusty Small, went on to say “Over the nearly 40 year history of SEDC and the SBA 504 program, Iowa State Bank has worked cooperatively with SEDC to complete 33 SBA 504 projects that total more than $42.4 million and created or retained hundreds of jobs. Iowa State Bank has also successfully utilized other SEDC and SBA lending programs to promote small business start-up and expansion in Siouxland. SEDC extends its congratulations to Iowa State Bank, Nathan Van Gorp (Sheldon), Mark Kleinwolterink (Sheldon & Sanborn), and Scott Jones (Remsen) for the support they have shown to their business community. Iowa State Bank is one of the great community banks we are fortunate to have in Northwest Iowa. The Board and staff at SEDC look forward to continuing our long and mutually beneficial partnership with all the commercial lenders at Iowa State Bank.”
Iowa State Bank is a locally owned financial institution with a rich history in NW Iowa that dates back to 1879. The bank has grown from the initial asset size of $35,000 to its current assets of over $600,000,000. Iowa State Bank has offices located in the communities of Hull, Ireton, Le Mars, Orange City, Paullina, Remsen, Sanborn, and Sheldon.
Siouxland Economic Development Corporation will host a reception in early September to formally present the 2018/19 Lender of the Year Award to Nathan Van Gorp, Scott Jones, Mark Kleinwolterink, and Iowa State Bank.
