| $150,000–350,000 | A&M SERVICES, INC. | SPENCER, IA | Northwest Bank |
| $150,000–350,000 | ASHER MOTOR COMPANY. INC. | SPENCER, IA | Community State Bank |
| $150,000–350,000 | BOJI BUILDERS ENTERPRISES, LLC | SPENCER, IA | Northwest Bank |
| $150,000–350,000 | CAMPBELL, HIGGINS & MUMMERT, PC | SPENCER, IA | Bank Iowa |
| $150,000–350,000 | CARLSON PROPERTY HOLDINGS & MANAGEMENT, LLC | SPENCER, IA | Foundation One Bank |
| $150,000–350,000 | CHRISTIANS SHEET METAL HVAC, INC. | SPENCER, IA | Community State Bank |
| $350,000–1 million | COMMUNITY HOUSING INITIATIVES, INC. | SPENCER, IA | Northwest Bank |
| $150,000–350,000 | DEL'S GARDEN CENTER, INC. | SPENCER, IA | Community State Bank |
| $150,000–350,000 | DR. BRYON L. GAUL DBA GAUL DERMATOLOGY | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | DR. GARY C. VAN HOFWEGEN, D.D.S., P.C. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | DRS. GEYER & BINZER, P.C | SPENCER, IA | Northwest Bank |
| $350,000–1 million | DYNO OIL CO INC | SPENCER, IA | Northwest Bank |
| $350,000–1 million | ECI JOBS, INC. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | ENGINEERED SEALS & COMPONENTS, L.L.C. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | FOX INTERNATIONAL INC | SPENCER, IA | Bremer Bank, National Association |
| $150,000–350,000 | GENERAL MACHINE WORKS COMPANY | SPENCER, IA | U.S. Bank, National Association |
| $1–2 million | GRAHAM TIRE COMPANY OF SPENCER, INC. | SPENCER, IA | Community State Bank |
| $350,000–1 million | GRAVES CONSTRUCTION CO., INC. | SPENCER, IA | Iowa State Bank |
| $150,000–350,000 | GREAT LAKES COMMUNICATION CORP | SPENCER, IA | Northwest Bank |
| $350,000–1 million | GREAT LAKES CONCRETE, INC. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | H & N CHEVROLET CO. INC | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | HANSON'S PLUMBING & HEATING, INC. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | HEITER TRUCK LINE INC | SPENCER, IA | State Bank |
| $350,000–1 million | JANITOR'S CLOSET, LTD | SPENCER, IA | Northwest Bank |
| $350,000–1 million | JOHNSTON AUTO AND IND OR SPENCER IA, INC. | SPENCER, IA | Northwest Bank |
| $150,000–350,000 | JONES DAIRY, L.C. | SPENCER, IA | Farmers Trust and Savings Bank |
| $350,000–1 million | LONGHOUSE-NORTHSHIRE, LTD | SPENCER, IA | State Bank |
| $350,000–1 million | METAL WORKS, INC. | SPENCER, IA | Community State Bank |
| $150,000–350,000 | MIDSTATES BUILDERS, INC. | SPENCER, IA | State Bank |
| $150,000–350,000 | MIDWEST ELECTRICAL & ENERGY SOLUTIONS, INC. | SPENCER, IA | Farmers Trust and Savings Bank |
| $350,000–1 million | MIDWESTERN MECHANICAL OF IOWA INC | SPENCER, IA | First PREMIER Bank |
| $150,000–350,000 | NORTHWEST IOWA ANESTHESIA ASS | SPENCER, IA | State Bank |
| $1–2 million | NORTHWEST IOWA MENTAL HEALTH CENTER | SPENCER, IA | Community State Bank |
| $350,000–1 million | NORTHWEST IOWA SURGEONS, PC | SPENCER, IA | Northwest Bank |
| $350,000–1 million | NW IA BONE, JOINT & SPORTS SURGEONS, PC | SPENCER, IA | Northwest Bank |
| $150,000–350,000 | ORTHOPAEDICS, P.C. | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | PIERSON MOTOR COMPANY, INC | SPENCER, IA | Dacotah Bank |
| $150,000–350,000 | SACRED HEART OF JESUS ROMAN CATHOLIC CHURCH | SPENCER, IA | Farmers Trust and Savings Bank |
| $2–5 million | SHINE BROS. CORP. | SPENCER, IA | Community State Bank |
| $350,000–1 million | SPENCER AG CENTER LLC | SPENCER, IA | Farmers Trust and Savings Bank |
| $150,000–350,000 | SPENCER DIESEL INJECTION TURBO INC. | SPENCER, IA | Northwest Bank |
| $1–2 million | ST LUKE HOME & SERVICES, INC | SPENCER, IA | Community State Bank |
| $350,000–1 million | TECTON INDUSTRIES, INC. | SPENCER, IA | Community State Bank |
| $1–2 million | TJN ENTERPRISES, INC. | SPENCER, IA | Community State Bank |
| $1–2 million | VANDER HAAG'S INC | SPENCER, IA | Northwest Bank |
| $350,000–1 million | VERIDIAN LIMITED | SPENCER, IA | Northwest Bank |
| $350,000–1 million | WINTHER, STAVE & CO LLP | SPENCER, IA | Bank Midwest |
| $150,000–350,000 | YOUNG MEN'S CHRISTIAN ASSOCIATION OF SPENCER, IOWA | SPENCER, IA | Community State Bank |