Businesses in the West Des Moines area received the most loans from the federal Paycheck Protection Program compared to other Iowa ZIP codes, according to an analysis of data released by the Small Business Administration.
Medical companies and developers have based their headquarters in the 50266 area, which encompasses both Polk and Dallas counties. It is also home to the Jordan Creek Town Center area, where a high number of retailers and dining establishments are based.
The 50266 ZIP code, which encompasses the western side of West Des Moines, received 933 PPP loans, which is the highest number in the state. The majority of those were under $150,000, though West Des Moines also had the highest number of large loans as well.
Several companies in the area received loans between $5 million to $10 million, including ITA Group Inc., a global marketing and advertising company, and Palmer Companies Inc., an employment agency.
Hubbell Realty Company, Des Moines Orthopaedic Surgeons and Iowa Home Care Inc. each received between $2 million to $5 million in federal loans.
Lutheran Church of Hope, which has locations across the Des Moines metro, but is based in West Des Moines, received between $2 million to $5 million in federal loans, according to SBA data.
Cedar Rapids businesses received the second-highest number of loans in Iowa.
Businesses in the 52404 ZIP code, which encompasses central and southern Cedar Rapids, received 156 loans that were valued at $150,000 or higher. Meanwhile, businesses on the north side received 570 small loans.
Modern Holdings Inc., a mechanical contracting company; Thomas L. Cardella & Associates Inc., a telemarketing company; and Van Meter Inc., an electric supply company, all received loans between $5 million to $10 million.
Beyond West Des Moines and Cedar Rapids, parts of the Des Moines metro, Davenport and Cedar Falls also received a high number of PPP loans.
Businesses in the 50322 ZIP code, which encompasses Urbandale and Des Moines, received 151 large loans. Bob Brown Chevrolet, a car dealership; KBC Group, an agricultural equipment manufacturer; and Logan Contractors Supply, which supplies construction equipment all received between $2 million to $5 million.
Meanwhile, businesses in Cedar Falls and Davenport received a high number of small loans that were under $150,000, according to SBA Data.
In total, nearly 6,000 in PPP loans have been doled out to Iowa businesses through banks. Because of the prevalence and speed of community banks, Iowa was one of the top states to start receiving PPP loans when the program began.
Businesses are now waiting on Congress to relax their restrictions and allow them a second chance at additional PPP loans to help them through the COVID-19 pandemic. Small business experts said they expect Congress to pass the next phase of PPP aid by the end of July.