The Short Answer: You Don’t Have to Choose

If you’re comparing Live Oak Banking Company and First Internet Bank of Indiana for your SBA loan, here’s what most borrowers don’t realize: you don’t have to pick one.

When you work with an SBA loan broker like GoSBA Loans, your deal goes to both of these lenders — plus 50+ others — with a single application. Instead of choosing between Live Oak Banking Company at 9.34% and First Internet Bank of Indiana at 10.13%, you get competing term sheets from both and pick the best offer. The broker’s service is free to you because lenders pay the origination fee.

That said, understanding the differences between these two SBA lenders is still valuable — especially if you’re buying a business or going through a change of ownership. Here’s how they compare based on 2025 SBA FOIA data.

Side-by-Side SBA Lending Data

Rate Comparison

A 0.79% rate difference matters. On a $1M SBA loan over 10 years, that’s roughly $121,000 in total interest. But here’s the thing: your rate from either lender depends on your credit score, deal structure, down payment, and industry — not their portfolio average. The only way to know which lender will give you the better rate is to get both offers.

For Business Acquisitions & Change of Ownership

If you’re buying a business with an SBA loan, the acquisition percentage tells you how experienced each lender is with change-of-ownership deals:

• Live Oak Banking Company: 35% of their SBA volume goes to business acquisitions
• First Internet Bank of Indiana: 54% of their SBA volume goes to business acquisitions

Acquisition deals are the most complex SBA transactions — they require business valuations, seller financial analysis, transition plans, and often seller financing components. A lender with higher acquisition volume has underwriters who’ve seen hundreds of these deals and can navigate the complexity faster.

But again — why limit yourself to two options? An SBA broker submits your acquisition deal to every qualified lender simultaneously, ensuring you get the most competitive offer from whichever bank wants your deal the most.

The Broker Advantage: Why Choosing Between Two Lenders Is the Wrong Approach

Here’s why searching “Live Oak Banking Company vs First Internet Bank of Indiana” misses the point:

• There are 2,000+ SBA lenders. Limiting yourself to two means ignoring 1,998 others who might offer better terms for your specific deal.
• Competition drives rates down. When lenders know they’re bidding against each other, they sharpen their pencils. A single application to one bank gives them no incentive to compete.
• Different lenders want different deals. Your deal might be a perfect fit for a lender you’ve never heard of — one that specializes in your industry, your state, or your deal size.
• It’s free. SBA loan brokers are paid by the lender, not the borrower. There’s literally no cost to you for getting multiple offers instead of one.

Frequently Asked Questions

Data sourced from SBA 7(a) FOIA records, Calendar Year 2025. Visit sba.gov for official info.