GoSBA’s Top 50 Indiana SBA Lenders in 2024
Overview of SBA Loans in Indiana
Indiana, with a population of approximately 6.8 million people, has a diverse economy driven by industries such as manufacturing, agriculture, healthcare, and logistics. The state is known for its strong industrial base, including automotive production, as well as its strategic location, which provides access to major markets. With cities like Indianapolis, Fort Wayne, and Evansville, Indiana offers a supportive environment for both small and large businesses.
Popular industries in Indiana include manufacturing, healthcare, logistics, agriculture, and retail. In FY 2023, Indiana SBA loan providers funded 2,600 businesses, with a total loan volume of $1.8 billion. Indiana has a growing community of entrepreneurs, with many women-owned businesses making significant contributions to the state’s economic growth.
Finding the Best Indiana SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Indiana for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Indiana.
Challenges in Accessing SBA Loans in Indiana
A significant challenge for small businesses in Indiana is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like First Merchants Bank, Old National Bank, Huntington National Bank, Centier Bank, JPMorgan Chase, PNC Bank, Fifth Third Bank, Bank of America, Regions Bank, and STAR Financial Bank. These ten lenders funded 1,300 businesses in Indiana, with a combined loan volume of $1.4 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Indiana Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 30 of the top 100 SBA lenders in Indiana, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Indiana SBA lenders in 2024.
Top 50 Indiana SBA Lenders in 2024
| Bank Name | Sum of Term in Months | Amount Funded | Loans Funded | Average Initial Interest Rate |
|---|---|---|---|---|
| The Huntington National Bank | $28,218 | $42,946,700 | 247 | 10.57% |
| GBank | $1,800 | $24,233,700 | 6 | 9.54% |
| Old National Bank | $2,844 | $18,616,400 | 19 | 9.08% |
| Newtek Bank, National Association | $3,319 | $16,129,000 | 25 | 11.76% |
| Merchants Bank of Indiana | $2,658 | $14,709,100 | 13 | 10.19% |
| First Internet Bank of Indiana | $1,342 | $12,941,000 | 10 | 11.03% |
| Centier Bank | $4,689 | $12,539,800 | 37 | 10.44% |
| Byline Bank | $1,326 | $12,437,000 | 8 | 10.91% |
| Everwise Credit Union | $1,468 | $12,398,200 | 7 | 11.00% |
| Live Oak Banking Company | $1,344 | $12,278,000 | 10 | 10.12% |
| Horizon Bank | $2,243 | $11,597,700 | 22 | 9.20% |
| First Bank of the Lake | $1,206 | $11,348,600 | 10 | 11.70% |
| Shoreham Bank | $1,440 | $9,060,000 | 6 | 9.96% |
| Hanover Community Bank | $600 | $8,726,000 | 2 | 10.25% |
| Fifth Third Bank | $1,182 | $8,583,000 | 8 | 9.38% |
| 1st Source Bank | $5,311 | $8,173,400 | 55 | 10.64% |
| Celtic Bank Corporation | $1,157 | $7,415,500 | 8 | 11.16% |
| FWBank | $429 | $6,759,900 | 2 | 10.38% |
| Heritage FCU | $3,444 | $6,121,000 | 25 | 9.78% |
| The Farmers Bank, Frankfort, Indiana | $720 | $6,030,000 | 9 | 9.19% |
| KeyBank National Association | $1,656 | $5,877,200 | 13 | 11.76% |
| Readycap Lending, LLC | $2,952 | $5,777,600 | 24 | 13.82% |
| First Federal Savings Bank | $1,759 | $5,734,800 | 12 | 9.98% |
| The First National Bank of Carmi | $1,026 | $5,647,700 | 7 | 9.38% |
| First Bank of Central Ohio | $360 | $5,504,500 | 3 | 11.08% |
| Citizens State Bank of New Castle | $3,383 | $5,199,200 | 25 | 10.29% |
| Village Bank and Trust, National Association | $477 | $5,075,000 | 3 | 8.75% |
| Mission Valley Bank | $300 | $5,000,000 | 1 | 9.50% |
| Lake City Bank | $1,110 | $4,821,500 | 11 | 10.00% |
| Community First Bank of Indiana | $1,632 | $4,727,500 | 10 | 10.53% |
| JPMorgan Chase Bank, National Association | $2,832 | $4,665,700 | 23 | 12.01% |
| First Merchants Bank | $2,694 | $3,991,200 | 23 | 11.78% |
| Millennium Bank | $600 | $3,950,000 | 2 | 10.25% |
| BayFirst National Bank | $3,468 | $3,921,700 | 29 | 13.19% |
| PNC Bank, National Association | $2,280 | $3,783,000 | 19 | 12.31% |
| 1st Financial Bank USA | $120 | $3,500,000 | 2 | 10.50% |
| Grasshopper Bank National Association | $300 | $3,328,000 | 2 | 11.38% |
| Berkshire Bank | $120 | $3,147,000 | 1 | 11.00% |
| United Midwest Savings Bank, National Association | $1,080 | $3,045,000 | 9 | 11.22% |
| First Chatham Bank | $306 | $2,970,200 | 1 | 9.00% |
| Flagship Enterprise Center, Inc. (dba Bankable) | $1,752 | $2,908,000 | 17 | 12.50% |
| Inova FCU | $600 | $2,823,500 | 3 | 9.00% |
| The State Bank and Trust Company | $648 | $2,732,200 | 5 | 7.99% |
| U.S. Bank, National Association | $1,092 | $2,675,300 | 9 | 10.00% |
| STAR Financial Bank | $2,145 | $2,621,600 | 27 | 9.39% |
| German American Bank | $240 | $2,411,700 | 2 | 9.00% |
| Stock Yards Bank & Trust Company | $960 | $2,317,200 | 8 | 8.33% |
| Bank of America, National Association | $504 | $2,237,200 | 3 | 6.96% |
| IncredibleBank | $204 | $2,040,000 | 2 | 10.88% |
| Field & Main Bank | $300 | $2,030,000 | 1 | 10.00% |
Leading Indiana SBA Lenders by Loan Volume
Analyzing the table above, The Huntington National Bank leads the way in Indiana with the highest loan volume, funding over $42.95 million across 247 loans. This positions The Huntington National Bank as a strong choice for businesses looking for substantial financing in Indiana.
Top SBA Lenders by Number of Loans Funded
When it comes to the number of loans funded, The Huntington National Bank also takes the lead with 247 loans totaling over $42.95 million. This makes The Huntington National Bank highly active in the SBA lending market and a reliable choice for small business owners seeking an experienced lender.
Other Notable SBA Lenders in Indiana
Old National Bank and Centier Bank are also significant players in the Indiana SBA lending market. Old National Bank funded 19 loans totaling $18.62 million, while Centier Bank provided 37 loans with a loan volume of $12.54 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like 1st Source Bank, Citizens State Bank of New Castle, and Community First Bank of Indiana provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Indiana?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Indiana. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Indiana Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Indiana’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Indiana?
If you’re ready to find the best SBA lenders in Indiana, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
