GoSBA’s 50 Best Indianapolis SBA Lenders In 2024
Introduction to Indianapolis SBA Loans
The U.S. Small Business Administration (SBA) Indiana District Office serves over 90 counties, which have a combined population base of nearly 6.6 million residents. This service area is the primary industrial, commercial, and transportation hub for the Midwest, thus attracting many small business entrepreneurs. Indianapolis possesses a diverse and prosperous economic base with sectors such as tourism, hospitality, manufacturing, retail, and trade driving growth.
Finding the Best Indianapolis SBA Lenders
Finding the best and most affordable business loans has always been a hassle, so we make it easier by comparing all the best SBA lenders in Indianapolis for you. Our detailed analysis will help you identify the top SBA lenders who can provide the funding you need for your business. After reading our analysis, click “Apply Now” to get matched with the best SBA loan providers in Indianapolis.
Overview of Indianapolis SBA Loans in 2024
GoSBA Loans is proud to announce the updated rankings for the 50 Best SBA Banks providing SBA loans in Indianapolis in 2024. As one of the top 10 cities for small business entrepreneurs, Indianapolis’s SBA loan providers financed 1,021 businesses valued at $386.8 million in FY 2023. This substantial investment has helped Indianapolis maintain its status as a thriving hub for small business innovation and growth, encouraging new business ventures across a wide range of industries.
Challenges in Securing SBA Loans in Indianapolis
One of the biggest challenges that small businesses face is access to affordable financing. Top lenders issuing SBA-backed loans in Indianapolis include larger banks like Wells Fargo and Chase Bank, as well as smaller players like Horizon Bank and Star Financial Bank. These banks often have strict underwriting criteria, making it challenging for many small businesses to qualify for loans. This is why small businesses often benefit from working with smaller and more aggressive SBA lenders in Indianapolis. Applicants who apply for an SBA loan with GoSBA Loans benefit from having their loan applications circulated automatically to 33 of the top 100 Indianapolis SBA lenders.
Top Indianapolis SBA Lenders by Loan Volume and Loan Units Funded
When analyzing the table of the top Indianapolis SBA lenders, The Huntington National Bank stands out as a major lender, funding over $13.6 million across 93 loans, making it a leader in the number of SBA loans funded in the region. First Internet Bank of Indiana funded 7 loans with a total value of $8.5 million, demonstrating its strong commitment to supporting small businesses. Old National Bank also performed well, funding $8.2 million across 3 loans. GBank issued $8.4 million in 2 loans, making it another key player. These figures highlight the diverse lending options available to small businesses in Indianapolis, ranging from large national banks to smaller, specialized lenders focused on supporting local growth.
GoSBA’s Official Ranking: 50 Best Indianapolis SBA Lenders in 2024
Below, we present GoSBA’s official ranking of the 50 Best Indianapolis SBA Lenders in 2024:
Bank Name |
Amount Funded |
Loans Funded |
|---|---|---|
| 1st Source Bank | $693,600 | 1 |
| American Bank of Freedom | $210,000 | 1 |
| Bank of America, National Association | $363,000 | 1 |
| BayFirst National Bank | $604,300 | 5 |
| Byline Bank | $2,500,000 | 2 |
| Cadence Bank | $60,000 | 1 |
| Capital Bank, National Association | $387,000 | 1 |
| Centerstone SBA Lending, Inc. | $300,000 | 1 |
| Centier Bank | $1,391,600 | 3 |
| Citizens State Bank of New Castle | $1,367,500 | 8 |
| Community First Bank of Indiana | $475,000 | 2 |
| East West Bank | $350,000 | 1 |
| Everwise Credit Union | $740,200 | 3 |
| Fifth Third Bank | $5,354,000 | 3 |
| First Bank of Central Ohio | $674,000 | 1 |
| First Bank of the Lake | $141,900 | 2 |
| First Chatham Bank | $2,970,200 | 1 |
| First Internet Bank of Indiana | $8,502,000 | 7 |
| First Merchants Bank | $250,000 | 3 |
| Flagship Enterprise Center, Inc. (dba Bankable) | $100,000 | 1 |
| FWBank | $1,761,000 | 1 |
| GBank | $8,405,000 | 2 |
| Grasshopper Bank National Association | $1,945,000 | 1 |
| Harvest Small Business Finance, LLC | $478,500 | 1 |
| Horizon Bank | $1,212,300 | 2 |
| JPMorgan Chase Bank, National Association | $1,000,000 | 5 |
| KeyBank National Association | $1,679,500 | 4 |
| Lake City Bank | $1,321,000 | 2 |
| Lendistry SBLC, LLC | $62,000 | 1 |
| Merchants Bank of Indiana | $1,235,300 | 5 |
| Newtek Bank, National Association | $1,450,000 | 7 |
| Northeast Bank | $164,900 | 4 |
| Northwest Bank | $175,000 | 2 |
| Old National Bank | $8,244,100 | 3 |
| PNC Bank, National Association | $3,328,000 | 9 |
| Readycap Lending, LLC | $67,500 | 3 |
| Regions Bank | $860,500 | 1 |
| Shoreham Bank | $5,190,000 | 2 |
| STAR Financial Bank | $350,000 | 2 |
| Stock Yards Bank & Trust Company | $316,200 | 2 |
| The Farmers Bank, Frankfort, Indiana | $960,000 | 4 |
| The Huntington National Bank | $13,605,800 | 93 |
| The North Salem State Bank | $121,000 | 1 |
| United Midwest Savings Bank, National Association | $150,000 | 1 |
Find the Right SBA Lender in Indianapolis for Your Business
Whether you’re a new startup or a growing business, securing the right financing is essential. The lenders listed above offer various options to help small businesses succeed in Indianapolis’s diverse economy. Working with an experienced SBA loan broker like GoSBA Loans ensures that your loan application gets in front of the lenders most likely to fund your business.
Apply for an SBA Loan Today
Apply today to get connected with the best SBA lenders in Indianapolis and secure the funding you need to take your business to the next level. The process is simple, and GoSBA Loans will help match you with the right lender based on your unique business needs.
Apply Now to see which SBA lender is the best match for your business needs.
Why Choose GoSBA Loans?
GoSBA Loans is committed to simplifying the SBA loan application process for businesses in Indianapolis. By working with us, you get access to a network of lenders that have a proven track record of supporting small businesses. Whether you’re looking for competitive interest rates, a streamlined approval process, or flexible loan terms, GoSBA Loans is here to help you find the best SBA lender in Indianapolis.
Conclusion
Securing an SBA loan can be the key to unlocking growth opportunities for your business. With the right lender by your side, you can access the capital you need to expand, hire, and innovate. The Indianapolis SBA lenders listed above have demonstrated their commitment to supporting the small business community, making them excellent options for entrepreneurs in the region. Let GoSBA Loans assist you in finding the best SBA lender in Indianapolis for your business today.
