From October 2023 through September 2026, Indiana businesses received 3,094 SBA 7(a) loans totaling $1.53B, net of cancellations. That ranks 20th of 52 by number of loans and 18th by dollars. The median loan was $150K at a median starting rate of 10.00%. In FY2026 alone, lenders approved 935 Indiana loans for $546M before cancellations.
What stands out in Indiana
Transportation and trucking stands out
Transportation and trucking accounted for 8.0% of Indiana's 7(a) loans (246 loans), 1.7 times its 4.6% national share. The median transportation and trucking loan in Indiana was $75K at a median rate of 10.50%.
One lender dominates
The Huntington National Bank approved 638 of Indiana's 3,094 SBA 7(a) loans in FY2024 to FY2026, a 20.6% share. The top three lenders together made 30.6%. Nationally, the same bank holds 10.3% of all 7(a) loans. When one bank makes this many of a state's loans, its pricing and credit appetite set the tone, so a second quote is worth getting.
Lower charge-offs on older loans
Of the 1,846 Indiana 7(a) loans approved in FY2020 and FY2021, 2.4% had been charged off by September 2026, against 3.7% nationally. Measured in dollars, 0.5% of the amount approved was charged off (1.0% nationally).
Industries that borrow most in Indiana
| Sector | Loans | Share | Median loan | Median rate |
|---|---|---|---|---|
| Construction | 424 | 13.7% | $150K | 10.25% |
| Restaurants and hotels | 418 | 13.5% | $348K | 9.75% |
| Other services (repair, personal care) | 333 | 10.8% | $150K | 9.75% |
| Retail | 308 | 10.0% | $200K | 10.00% |
| Professional services | 264 | 8.5% | $150K | 10.25% |
| Health care | 264 | 8.5% | $150K | 9.75% |
| Transportation and trucking | 246 | 8.0% | $75K | 10.50% |
| Manufacturing | 221 | 7.1% | $245K | 9.50% |
Top SBA 7(a) lenders in Indiana
| Lender | Loans | Share of state |
|---|---|---|
| 1. The Huntington National Bank | 638 | 20.6% |
| 2. 1st Source Bank | 183 | 5.9% |
| 3. Centier Bank | 126 | 4.1% |
| 4. First Merchants Bank | 115 | 3.7% |
| 5. Old National Bank | 82 | 2.7% |
| 6. Readycap Lending, LLC | 80 | 2.6% |
| 7. Northeast Bank | 77 | 2.5% |
| 8. STAR Financial Bank | 74 | 2.4% |
| 9. Citizens State Bank of New Castle | 72 | 2.3% |
| 10. Newtek Bank, National Association | 70 | 2.3% |
Indiana SBA 7(a) loans by fiscal year
SBA fiscal years run October to September, so FY2026 covers October 2025 through September 2026. "Approved" counts every loan SBA guaranteed, the basis of SBA's own published totals; "not cancelled" drops loans that were later cancelled before or after funding. FY2026 loans are recent, so some of them may still be cancelled.
| FY2024 | FY2025 | FY2026 | |
|---|---|---|---|
| Loans approved | 1,321 | 1,239 | 935 |
| Dollars approved | $588M | $565M | $546M |
| Loans not cancelled | 1,219 | 1,038 | 837 |
| Median loan | $150K | $150K | $200K |
| Median rate | 10.50% | 9.75% | 9.00% |
| Loans of $150K or less | 57.3% | 51.0% | 44.6% |
| SBA Express share | 41.3% | 33.7% | 35.2% |
FY2026 approvals in Indiana changed by −24.5% from FY2025; nationally the change was −28.1%. See why SBA lending fell in FY2026.
What a typical Indiana SBA loan looks like
| FY2024-FY2026, not cancelled | Indiana | United States |
|---|---|---|
| Median loan | $150K | $175K |
| Average loan | $495K | $508K |
| Median starting rate | 10.00% | 10.25% |
| Variable-rate loans | 87.0% | 86.4% |
| Median term | 120 months | 120 months |
| Loans of $150K or less | 51.7% | 49.0% |
| Loans of $500K or less | 79.2% | 76.9% |
| Loans of $1M or more | 12.6% | 13.6% |
| Startups (loan opens the business) | 18.6% | 16.1% |
| Startups and businesses 2 years old or less | 32.8% | 32.0% |
| Change of ownership (buying a business) | 13.2% | 10.9% |
| Franchise businesses | 14.3% | 11.0% |
| SBA Express loans | 37.1% | 35.8% |
| Jobs supported (reported at approval) | 29,774 | 1,733,816 |
Most frequent franchise brands among Indiana 7(a) loans: Subway (10).
Where in Indiana the loans go
| County | Loans |
|---|---|
| Marion | 628 |
| Hamilton | 382 |
| Lake | 190 |
| Allen | 176 |
| Johnson | 116 |
| Hendricks | 111 |
| St Joseph | 102 |
| Vanderburgh | 98 |
| City | Loans |
|---|---|
| Indianapolis | 639 |
| Fort Wayne | 160 |
| Carmel | 121 |
| Fishers | 113 |
| Evansville | 97 |
| Noblesville | 75 |
| Greenwood | 69 |
| Elkhart | 53 |
Counts only, and only places with at least 10 loans. No individual businesses are listed.
SBA 504 loans in Indiana
The SBA 504 program finances owner-occupied real estate and long-life equipment. A certified development company (CDC) lends up to 40% of the project with an SBA-backed debenture, a bank typically lends about 50%, and the business puts in the rest. The amounts below are the CDC portion.
| Indiana | United States | |
|---|---|---|
| 504 loans, FY2024-FY2026 (not cancelled) | 329 | 18,076 |
| 504 dollars | $350M | $20.82B |
| Median 504 loan | $625K | $742K |
| Jobs supported (reported at approval) | 3,574 | 190,338 |
| Most active CDCs | 504 loans |
|---|---|
| Indiana Statewide Certified Development Corporation | 127 |
| Premier Capital Corporation | 77 |
| Regional Development Company | 47 |
| Business Development Corporation (bdc) | 32 |
| Community Development Corporation Of Fort Wayne | 26 |
How older loans performed
Of the 1,846 SBA 7(a) loans approved for Indiana businesses in FY2020 and FY2021 (not cancelled), 45 had been charged off by September 30, 2026: 2.4% by count and 0.5% of dollars approved. The national figures are 3.7% and 1.0%. Loans from these years have had five to seven years to season, so they say more about losses than recent loans do.
SBA district office for Indiana
Indiana loans are overseen by the SBA Indiana District Office. District offices do not make loans; they support lenders and borrowers and point businesses to local resource partners. Contact details are on SBA's local assistance page.
Comparing SBA and other funding in Indiana
An SBA loan is often the cheapest long-term money a small business can get, but approval takes weeks and the 2025 and 2026 rule changes narrowed who qualifies. FSE (Funding Solutions Experts) is an independent commercial finance brokerage. We are not an SBA lender and are not affiliated with the U.S. Small Business Administration; one application lets us compare SBA and non-SBA options from our funding partners side by side.
- No fee to your business: we are paid a commission by the funding partner.
- No credit check to apply.
- To be considered, a business generally needs at least 1 year in business and $10,000 or more in monthly revenue.
Read what an SBA loan is and how the programs work or our SBA and term loans guide, and see our guide to business funding in Indiana.
Frequently asked questions
How many SBA loans were made in Indiana?
Lenders approved 1,321 SBA 7(a) loans for Indiana businesses in FY2024, 1,239 in FY2025 and 935 in FY2026, before cancellations. Net of cancelled loans, the three years total 3,094 loans worth $1.53B, plus 329 SBA 504 loans worth $350M.
Which banks make the most SBA loans in Indiana?
In FY2024 to FY2026 the most active 7(a) lenders in Indiana were The Huntington National Bank (638 loans, 20.6%), 1st Source Bank (183 loans, 5.9%), Centier Bank (126 loans, 4.1%).
What is the typical SBA loan size and rate in Indiana?
The median 7(a) loan in Indiana was $150K and the average was $495K. The median starting interest rate was 10.00%, 87.0% of loans had a variable rate, and the median term was 120 months.
Source and method
Figures come from the U.S. Small Business Administration's 7(a) and 504 FOIA loan files (as of September 30, 2026), aggregated by FSE. Loans are assigned to Indiana by project state. Profile figures cover FY2024-FY2026 loans that were not cancelled. We publish aggregates only: no borrower names or addresses, and no figure based on fewer than 10 loans. Full details are in the methodology, and every state's figures can be downloaded as CSV.
Compare nearby states by volume: Virginia, Utah, Oregon, Wisconsin, or see all states.