Top Indiana SBA Lenders | SBA Loans in IN

Last annual update: Mar 2, 2024

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Many Indiana-based banks were among the largest lenders to “The Hoosier State” businesses through the U.S. Small Business Administration’s 7(a) program. Whether your business is a restaurant, auto repair, medical practice, funeral home, veterinary or hotel, your mission is to exceed your customer expectations. So, if you’re ready to step up your business to the next level, here are the top SBA Lenders in Indiana:

Top SBA lenders in Indiana

State RankBankBank HQs # of LoansAvg Interest Avg Loan
1Huntington BankColumbus, OH 21510.2% $221,367
21st Source BankSouth Bend, IN 7710.2% $162,240
3Centier BankWhiting, IN 429.8% $397,510
4U.S. BankCincinnati, OH 289.3% $62,329
5First Merchants BankMuncie, IN 2711.5% $160,330
6BayFirst National BankSaint Petersburg, FL 2412.5% $143,371
7KeyBankCleveland, OH 2211.5% $330,114
8Merchants Bank of IndianaCarmel, IN 2110.1% $825,176
9Community First Bank of IndianaKokomo, IN 1810.2% $470,650
10Live OakWilmington, NC 169.6% $1,335,000
11Old National BankEvansville, IN 168.6% $963,888
12STAR Financial BankFort Wayne, IN 168.8% $173,556
13JPMorgan Chase BankColumbus, OH 1512.5% $140,600
14Horizon BankMichigan City, IN 149.2% $349,179
15Lake City BankWarsaw, IN 138.9% $717,015
16Citizens State Bank of New CastleNew Castle, IN 1210.0% $151,000
17United Midwest Savings BankDe Graff, OH 1210.9% $269,667
18BancorpSouth BankTupelo, MS 1110.8% $397,073
19Everwise Credit UnionSouth Bend, IN 1110.1% $321,182
20First Financial BankCincinnati, OH 118.7% $617,773

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Top industries receiving SBA loans in Indiana

RankIndustry (NAICS Description)# of LoansAvg Interest Avg Loan
1General Freight Trucking, Long Distance, Truckload5210.4% $160,877
2Full-Service Restaurants429.9% $490,662
3Limited-Service Restaurants3510.2% $449,794
4General Freight Trucking, Local2910.5% $60,514
5Fitness and Recreational Sports Centers219.4% $326,533
6All Other Specialty Trade Contractors219.8% $362,600
7Landscaping Services189.7% $292,983
8Hotels (except Casino Hotels) and Motels189.4% $3,235,783
9Electrical Contractors1610.2% $387,013
10Residential Remodelers1510.5% $74,340
11Plumbing, Heating, and Air-Conditioning Contractors1510.7% $247,687
12Roofing Contractors149.9% $473,407
13Snack and Nonalcoholic Beverage Bars1410.1% $639,721
14Beauty Salons1110.6% $167,091
15Home Health Care Services1010.2% $368,600
16General Automotive Repair1010.4% $651,480
17Nail Salons912.3% $81,056
18Offices of Mental Health Practitioners (except Physicians)810.2% $136,263
19Drinking Places (Alcoholic Beverages)88.7% $776,750
20Retail Bakeries810.6% $368,700

SBA loans – Indiana

A note about these Indiana SBA lenders – People frequently ask us if one of the banks above is 1) on the Indiana preferred lender list 2) an approved lender in Indiana, or 3) participating in the Indiana SBA Express lending program. All these questions revolve around whether a given SBA bank makes small business SBA loans in Indiana and can they process SBA loans quickly. The answer is yes, of course. These are not the small banks that only make a few SBA loans a year and do not understand the SBA 7(a) loan program. These are the banks that have made the most SBA loans in Indiana, Fort Wayne, and Indianapolis.

We analyze thousands of SBA loans each year and rank lenders based on recent activity. We would be remiss if we did not mention that although many banks will only lend in certain geographies, there are a handful of extremely aggressive nationwide SBA lenders who will lend anywhere. These lenders understand the SBA program as well as anyone and move very quickly, so we recommend not limiting your search to your home state. If you utilize our lender match tool, we can find you suitable SBA banks based on your geography, industry, and company and size at no cost or obligation to you to save you valuable time.

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