Best SBA Lenders In Indiana (2027)
Indiana businesses closed 936 SBA 7(a) loans worth $547M in FY2026, through 123 lenders. The Huntington National Bank led by dollar volume, and 169 of the loans financed business acquisitions.
Key Takeaways
- The Huntington National Bank was the top SBA lender in Indiana with $54.5M across 112 loans.
- 169 business acquisitions were financed, averaging $1.2M per loan.
- The median loan was $200K, and loans averaged 11.3 years in term.
- Hotels (except Casino Hotels) and Motels drew the most SBA dollars of any industry.
Top SBA Lenders In Indiana
Ranked by SBA 7(a) dollar volume approved in FY2026. Average rate is the rate at approval.
| # | Lender | SBA Loans | Total Volume | Avg Loan | Avg Rate | Acquisition Loans |
|---|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 112 | $54.5M | $486K | 9.21% | 33 |
| 2 | GBankLas Vegas, NV | 7 | $30.0M | $4.3M | 7.86% | 4 |
| 3 | Old National BankEvansville, IN | 30 | $29.8M | $993K | 7.92% | 9 |
| 4 | First Internet Bank of IndianaFishers, IN | 19 | $27.1M | $1.4M | 9.07% | 16 |
| 5 | Live Oak Banking CompanyWilmington, NC | 27 | $22.7M | $841K | 9.00% | 13 |
| 6 | Merchants Bank of IndianaCarmel, IN | 15 | $18.2M | $1.2M | 8.90% | 3 |
| 7 | Centier BankWhiting, IN | 51 | $17.1M | $335K | 8.64% | 7 |
| 8 | KeyBankCleveland, OH | 23 | $15.4M | $671K | 9.42% | 1 |
| 9 | Newtek BankMiami, FL | 44 | $14.5M | $329K | 10.62% | 0 |
| 10 | 1st Source BankSouth Bend, IN | 53 | $14.2M | $268K | 8.73% | 1 |
| 11 | Byline BankChicago, IL | 10 | $11.9M | $1.2M | 9.47% | 6 |
| 12 | Citizens BankElizabethton, TN | 4 | $11.0M | $2.8M | 8.94% | 0 |
| 13 | Everwise Credit UnionSouth Bend, IN | 7 | $10.7M | $1.5M | 8.82% | 0 |
| 14 | Stock Yards Bank & Trust CompanyLouisville, KY | 12 | $9.9M | $826K | 7.33% | 2 |
| 15 | First Bank of the LakeOsage Beach, MO | 10 | $9.5M | $954K | 10.32% | 1 |
Best SBA Lenders For Buying A Business In Indiana
Business acquisition loans are SBA loans used to buy an existing company. They are larger than average and need more experience from the lender.
Most Active Acquisition Lenders
- The Huntington National Bank33 acquisition loans
- First Internet Bank of Indiana16 acquisition loans
- Live Oak Banking Company13 acquisition loans
- Old National Bank9 acquisition loans
- Centier Bank7 acquisition loans
- Byline Bank6 acquisition loans
Among this area's top 15 lenders by volume.
Buying A Business?
We take your deal to the SBA lenders that close the most acquisitions, so they compete for it. It is free to you.
Loan Sizes In Indiana
How SBA dollars split by loan size.
Top Industries In Indiana
Industries that drew the most SBA dollars.
SBA Lending In Indiana Since 2020
SBA 7(a) dollars approved each fiscal year.
FY2026 dollar volume in Indiana was down 3.2% from FY2025, and the loan count was down 24.4%. Part of that drop is the calendar: SBA approved no 7(a) loans in October 2025 during the federal government shutdown (October 1 to November 12, 2025), so FY2026 covers about 11 months of lending.
How To Choose An SBA Lender In Indiana
Lending in Indiana is spread out. 123 lenders made at least one SBA 7(a) loan, and the top five together made 30% of the dollars. That gives you room to compare offers, because no single bank sets the terms.
6 of the top 15 lenders are headquartered in IN, including Old National Bank. Local banks can bring relationship banking and local credit knowledge; national SBA lenders bring speed and experience with larger acquisitions.
The average SBA loan here was $584K, close to the national average of $578K, and the median was $200K.
Among the top lenders with at least three loans, Stock Yards Bank & Trust Company had the lowest average rate at approval (7.33%). The overall average was 9.25%, and 86% of loans were variable. Rate depends heavily on loan size and term, so compare offers on the same structure.
Business acquisitions made up 38% of SBA dollars here, above the national share of 27%. 169 buyers used an SBA loan to purchase a business, with an average acquisition loan of $1.2M.
Franchises took 17% of loans, led by Biggby Coffee, Smoothie King, PIP Center.
The fastest way to compare is to send one complete package to several lenders at once. That is what we do: GoSBA Loans takes your deal to the SBA lenders that fit it, and they compete for your business.
How Much You Need Down
For a business acquisition, SBA sets the minimum Down Payment. Lenders can ask for more.
- 10% minimum. SBA requires a Down Payment of at least 10% of the project for an initial business acquisition (SOP 50 10 8.1, Appendix 15).
- A seller note can cover up to half. When the seller finances part of the price on full standby, with no payments for the life of the SBA loan, it can count for up to half of the required Down Payment. That can bring your cash to 5%.
- Investors can help. Minority investors can fund part of the Down Payment. Anyone who owns 20% or more personally guarantees the loan.
- Ten year term for most acquisitions. Business acquisition loans without real estate run up to 10 years. Real estate in the deal can stretch the term.
Example For Indiana
The average business acquisition loan here was $1.2M. At 10% down, that is a project of about $1.4M:
Illustration only. Your lender sets the final structure.
Questions About SBA Lenders In Indiana
Who is the top SBA lender in Indiana?
The Huntington National Bank made the most SBA 7(a) dollars in Indiana in FY2026: $54.5M across 112 loans.
How many SBA loans were made in Indiana?
SBA approved 936 7(a) loans totaling $547M in Indiana in FY2026. The average loan was $584K and the median was $200K. 123 lenders made at least one loan.
What is the average SBA loan rate in Indiana?
The average initial rate on SBA 7(a) loans in Indiana was 9.25% (8.54% weighted by loan size). 86% of loans had a variable rate tied to the Prime Rate. SBA caps the spread a lender can charge, and larger loans usually price lower.
Which SBA lender is best for buying a business in Indiana?
The Huntington National Bank closed the most business acquisition loans among the top lenders here (33). The best lender for your deal depends on its size and industry, so it helps to have several lenders review it.
How much do I need down to buy a business in Indiana with an SBA loan?
SBA requires at least 10% down for a business acquisition. A seller note on full standby can cover up to half of that, so some buyers put in 5% of their own cash. On the average acquisition loan here ($1.2M), 10% down is roughly $136K.
Does GoSBA Loans charge borrowers?
No. GoSBA Loans is 100% free to borrowers. We prepare your loan package and take it to the SBA lenders that fit your deal.
Keep Exploring
Cities In Indiana
- Indianapolis$108M
- Carmel$27.8M
- Fort Wayne$21.4M
- Evansville$21.3M
- South Bend$9.6M
Top Industries Here
About this data. Rankings use SBA 7(a) loan approvals from the SBA FOIA data set, fiscal year 2026 (October 1, 2025 to September 30, 2026), as published by SBA through September 30, 2026. Lenders are ranked by approved dollar volume. Rates are the initial rate at approval, a simple average across loans; most SBA 7(a) loans are variable and move with the Prime Rate. Business acquisition loans are those SBA marks as a change of ownership. GoSBA Loans is an SBA loan broker, not a lender, and is not affiliated with SBA.
Get Started On Your SBA Loan
Tell us about your deal. An SBA loan broker reviews it and gets back to you within one business day.
Thanks, we got it.
A senior advisor will reach out within one business day with next steps.
