Republicans present Trump's domestic policy blueprint in Iowa, yet some business owners have yet to be convinced
In a recent gathering at Iowa State University, GOP Sen. Joni Ernst hosted an event designed to help small businesses and entrepreneurs navigate federal and state contracting opportunities in the Trump administration. The event aimed to level the playing field, bringing key politicians and representatives from across the federal government together for face-to-face interactions.
Sen. Ernst, who chairs the Committee on Small Business and Entrepreneurship, has proposed new bipartisan legislation to increase the maximum loan limit for small businesses with the aim of boosting domestic manufacturing. Small Business Administrator Kelly Loeffler claims that her agency guarantees approximately 2,000 small business loans every week.
However, concerns were raised by some in the audience about the rollback of environmental regulations and the elimination of renewable energy tax credits, which Iowa Republicans now have to defend. Small business leaders and entrepreneurs expressed concerns about the lack of clarity regarding replacements or a path forward after the slashing of the federal workforce.
Tanner Heikens, an attendee of the event, expressed concern that the administration is pushing for the creation of new businesses and not focusing enough on existing businesses, particularly in the labor force. Jordi Quevedo-Valls, another attendee, disagreed with the EPA's rollback of environmental protections and called the decision to phase out clean energy tax credits "terrible, terrible, terrible."
Laura Pager, a small business contractor, has lost out on approximately $6 million in work this year due to federal government cost-cutting efforts. Pager's Illinois-based contracting firm typically contracts with agencies across the federal government.
Department of Agriculture Secretary Brooke Rollins visited the Iowa State Fair over the weekend to announce new rural development investments. Department of Energy Secretary Chris Wright is expected to visit Iowa later this week.
Majority Leader Steve Scalise was in Iowa this week, making public appearances and fundraising for Nunn and Miller-Meeks, who are running in competitive House races for the midterms. Iowa GOP Rep. Randy Feenstra spoke at the event, promoting Trump's tax and spending cuts law.
Regarding Small Business Administration (SBA) loans specifically, they remain a popular option due to the partial government guarantee, which reduces lender risk and can increase approval chances compared to conventional loans. However, exact SBA loan approval rates are not detailed in the available data. The process requires meeting SBA size standards, operating within the U.S., having a good credit score, and demonstrating inability to secure financing on reasonable terms elsewhere.
SBA loan interest rates in 2025 range approximately from 10.5% to 15.5%, depending on the loan size and whether the rate is fixed or variable. Loan amounts range broadly from $500 to $5.5 million. Given this structure, SBA loans can be easier to qualify for than standard small business loans, but the overall approval environment remains competitive.
Small business loan approval rates hover around 50% nationwide for commercial loans as of early-mid 2025. This figure refers to commercial and industrial loans to non-farm small businesses and does not specifically isolate SBA loans, but indicates the general lending environment.
Zeldin, a representative from New York, argued that the EPA can protect the environment and grow the economy after the administration's move to repeal the endangerment finding regarding planet-warming pollution from fossil fuels. This debate on environmental regulations and energy policies is likely to continue as the midterms approach and the administration's policies are scrutinized.
[1] Source: Federal Reserve Bank of New York [3] Source: SBA [4] Source: Federal Reserve [5] Source: SBA website
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