Best Indiana SBA Lenders & Rates (2026)
2025 FOIA data: top lenders, rates, industries & loan types in Indiana
SBA Loans in Indiana
Indiana businesses received $564.8M in SBA 7(a) loan approvals across 1,239 businesses in 2025, supporting 11,402 jobs. With 119 active SBA lenders competing for business in Indiana, comparing offers is essential — rates vary significantly by lender.
The average SBA loan in Indiana is $456K at 9.95%, which is 0.37% below the national average of 10.32%. The top lender in Indiana is The Huntington National Bank, with the most-funded industry being Hotels (except Casino Hotels) and Motels.
SBA Loans in Indiana by Business Type
Whether you’re starting a business, buying one, or expanding an existing operation in Indiana, here’s how SBA lending breaks down:
Startups represent 15% of Indiana SBA loans (221 loans totaling $85.0M). Business acquisitions (change of ownership) account for 27% (121 loans, $151.5M). Existing businesses make up the largest share at 43% (728 loans). If you’re buying a business in Indiana, acquisitions are a well-established use case for SBA 7(a) loans.
Indiana vs. National Average
How does Indiana’s SBA lending market compare to the national average in 2025?
Indiana9.95%
National Avg10.32%
✅ Indiana’s avg rate is 0.37% lower than the national average
Indiana$456K
National Avg$478K
Indiana’s avg loan is 1x the national average
A rate lower than the national average of 10.32% is significant context for Indiana borrowers. Individual rates depend on your credit profile, deal structure, loan size, and the specific lender you work with — which is why comparing multiple offers from different banks is consistently the best strategy to get the lowest possible rate on your SBA loan.
Top SBA Lenders in Indiana (2025 Data)
The table below ranks every SBA 7(a) lender active in Indiana in 2025 by total dollar volume approved. This data comes directly from SBA FOIA records and represents actual funded loans — not pre-qualifications or applications received.
| # | Lender | Volume | Loans | Avg Rate |
|---|---|---|---|---|
| 1 | The Huntington National Bank | $54.7M | 236 | 9.77% |
| 2 | GBank | $37.6M | 10 | 8.55% |
| 3 | Live Oak Banking Company | $26.9M | 19 | 9.7% |
| 4 | First Internet Bank of Indiana | $25.4M | 20 | 9.74% |
| 5 | 1st Source Bank | $25.1M | 68 | 9.56% |
| 6 | Shoreham Bank | $18.8M | 8 | 9.81% |
| 7 | Old National Bank | $17.0M | 24 | 8.35% |
| 8 | Millennium Bank | $16.3M | 4 | 9.62% |
| 9 | KeyBank National Association | $15.8M | 29 | 10.29% |
| 10 | Newtek Bank, National Association | $15.1M | 43 | 10.92% |
| 11 | Stock Yards Bank & Trust Company | $14.6M | 15 | 7.45% |
| 12 | Northeast Bank | $14.4M | 95 | 10.8% |
| 13 | Horizon Bank | $13.7M | 28 | 8.25% |
| 14 | Centier Bank | $11.3M | 46 | 9.33% |
| 15 | Citizens State Bank of New Castle | $11.3M | 21 | 9.35% |
Pay close attention to the “Avg Rate” column — rates vary significantly between lenders operating in the same state. The spread between the lowest and highest rate in this table can represent tens of thousands of dollars over the life of your loan. The top lenders in Indiana have funded the most deals locally, meaning their loan officers understand Indiana’s commercial real estate values, industry mix, and economic conditions. This familiarity typically translates into faster underwriting and more competitive terms.
However, don’t limit your search to local banks alone. Many of the top national SBA lenders fund loans across all 50 states and may offer better rates or more experience with your specific industry. An SBA loan broker like GoSBA gives you access to both Indiana-based lenders and national lenders with a single application — ensuring you get the most competitive offer available.
Get Matched with the Best SBA Lender in Indiana
One 5-minute application. 119 lenders competing for your deal. GoSBA matches you to the best fit — free, no obligation.
Top Industries Funded in Indiana
SBA lending in Indiana reflects the state’s economic profile and business formation trends. The table below shows which industries received the most SBA 7(a) funding in Indiana in 2025, ranked by total dollar volume:
| Industry | Loans | Volume |
|---|---|---|
| Hotels (except Casino Hotels) and Motels | 24 | $80.8M |
| Full-Service Restaurants | 45 | $22.9M |
| Limited-Service Restaurants | 50 | $17.1M |
| Offices of Dentists | 17 | $13.2M |
| Plumbing, Heating, and Air-Conditioning Contractors | 22 | $12.3M |
| Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesaler | 2 | $10.0M |
| Insurance Agencies and Brokerages | 21 | $9.9M |
| Child Day Care Services | 15 | $9.5M |
| Electrical Contractors | 23 | $9.4M |
| Machine Shops | 4 | $8.8M |
| General Automotive Repair | 22 | $8.3M |
| General Freight Trucking, Long Distance, Truckload | 53 | $8.2M |
| Residential Remodelers | 33 | $7.6M |
| All Other Specialty Trade Contractors | 27 | $7.4M |
| Custom Computer Programming Services | 14 | $7.2M |
If your business operates in one of Indiana’s top-funded industries, you’re in a strong position. Lenders who have funded dozens of similar businesses in your state understand the unit economics, seasonal revenue patterns, and typical margins for your sector. This familiarity translates into faster approvals, less documentation back-and-forth, and more accurate risk pricing — which typically means better terms for the borrower.
Even if your industry isn’t listed above, SBA 7(a) loans are available for nearly every legal business type. An SBA loan broker can identify which lenders have the most experience with your specific industry.
Top Cities for SBA Loans in Indiana
SBA lending activity within Indiana is concentrated in major metropolitan areas, but businesses in smaller cities and towns also receive significant funding. The table below shows where in Indiana the most SBA 7(a) loans were funded in 2025:
| City | Loans | Volume |
|---|---|---|
| Indianapolis | 236 | $102.1M |
| Carmel | 65 | $33.4M |
| Fishers | 63 | $30.1M |
| Fort Wayne | 60 | $27.1M |
| Evansville | 34 | $23.9M |
| Portage | 6 | $15.5M |
| Columbus | 12 | $15.4M |
| Elkhart | 16 | $14.5M |
| Noblesville | 35 | $14.4M |
| South Bend | 17 | $14.1M |
How to Get an SBA Loan in Indiana
Option 1: Apply directly to one of the top Indiana lenders above. You’ll get a single quote from one bank.
Option 2: Use an SBA loan broker (recommended). GoSBA Loans submits your application to multiple Indiana-active lenders simultaneously, creating competition for your deal. Better rates, faster approvals — at no cost to you.
Frequently Asked Questions
How many SBA loans were funded in Indiana in 2025?
What is the average SBA loan interest rate in Indiana?
Can I get an SBA loan to start a business in Indiana?
Who is the top SBA lender in Indiana?
What industries get the most SBA loans in Indiana?
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Data sourced from official SBA 7(a) FOIA loan approval records for Calendar Year 2025, published by the U.S. Small Business Administration. For official information, visit sba.gov.
