Davenport is a city located along the Mississippi River in Scott County, Iowa, United States. The population was 99,685 at the 2010 census. The city is the county seat of Scott County.
Davenport is the third-largest city in the Quad Cities metropolitan area, following nearby Des Moines and Iowa City. It is one of the Quad Cities, along with neighboring Bettendorf and several other cities in the area.
Davenport was founded on May 14, 1836, by Antoine Le Claire and was named for his friend, George Davenport, a colonel during the Black Hawk War stationed at nearby Fort Armstrong. According to the 2010 census, the city had a population of 99,685. The median income for a household in the city was $37,371, and the median income for a family was $46,924.
Davenport has a diverse economy with a foundation in manufacturing, agriculture, and healthcare. The city's largest employers include Alcoa, Rock Island Arsenal, Genesis Health System, and the Quad Cities campus of Western Illinois University. The city is also home to the Quad Cities River Bandits, a minor league baseball team.
Davenport is a great place to start a small business because of its diverse economy and friendly business environment. The city offers a variety of resources to help small businesses get started and grow. The Small Business Development Center at Scott Community College provides counseling, training, and resources to help small businesses succeed. The city also offers a Business Incentive Program that provides financial assistance to businesses that create new jobs or make significant investments in the community.
Comparing SBA loan types in Davenport
Three SBA programs come up most often for Davenport, Iowa businesses, and they do different jobs.
Small business loans available in Davenport
An SBA 7(a) loan made to a Davenport, 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 Davenport
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.