STRONG
How competitive are their spreads? Lower = better for you.
STRONG
Total SBA loans closed. More deals = more experience.
GOOD
How many industries do they lend in? More = flexible.
FAIR
States where they've done deals. Wider = easier if you're out of state.
Total SBA Loans
1,403
2010–2026
Total Volume
$618M
Gross loan amounts
States Active
19
With recorded loans
Programs
7(a) & 504
1403 total segments
First Merchants Bank has a strong focus on existing businesses, with 79% of their deals serving this purpose. This makes them a solid choice if you're looking to expand or refinance an established business.
With an average 7(a) spread of P+2.20%, First Merchants Bank offers competitive pricing compared to the national median of P+2.75%. This could save you money over the life of your loan.
Despite a solid volume of 1,403 SBA deals, First Merchants Bank has seen a decline of 9% year-over-year in their lending activity. This trend may indicate a tightening of their lending criteria, so be prepared for a more rigorous approval process.
Quarterly SBA lending activity, last 5 years.
Estimated spreads based on real historical SBA lending data. Directional, not exact quotes. Excludes 343 504 loans, which use fixed SBA debenture rates.
Top 15 of 19 states where First Merchants Bank has recorded SBA lending activity.
+ 10 more states
Lending activity by industry cluster.
Top 8 of 15 industries by deal count
Manufacturing
Manufacturing
Restaurants & Food Service
Accommodation & Food Services
Specialty Trade Contractors
Construction
Food & Beverage Stores
Retail Trade
Wholesale Trade
Wholesale Trade
Administrative & Waste Services
Administrative & Waste Services
Transportation & Warehousing
Transportation & Warehousing
Other Health Practitioners
Health Care & Social Assistance
+ 7 more
All recorded SBA lending activity for First Merchants Bank, grouped by state, industry, and deal size.
| Segment | Program | Deals↓ | Median Spread | Avg Size | Last Deal |
|---|---|---|---|---|---|
| Indiana · Specialty Trade Contractors · Under $150K | 7(a) | 52 | P+3.38% | $62K | Q3 2025 |
| Indiana · Restaurants & Food Service · Under $150K | 7(a) | 30 | P+2.74% | $79K | Q1 2025 |
| Indiana · Manufacturing · Under $150K | 7(a) | 30 | P+2.75% | $74K | Q1 2025 |
| Indiana · Transportation & Warehousing · Under $150K | 7(a) | 28 | P+4.00% | $66K | Q4 2025 |
| Michigan · Food & Beverage Stores · $350K – $500K | 7(a) | 26 | P+2.25% | $416K | Q4 2024 |
| Indiana · Building Construction · Under $150K | 7(a) | 22 | P+4.00% | $71K | Q1 2025 |
| Indiana · Administrative & Waste Services · Under $150K | 7(a) | 21 | P+2.25% | $79K | Q3 2025 |
| Michigan · Restaurants & Food Service · $150K – $350K | 7(a) | 20 | P+2.13% | $244K | Q1 2021 |
| Indiana · Auto Repair & Maintenance · Under $150K | 7(a) | 18 | P+2.50% | $46K | Q3 2025 |
| Indiana · Other Health Practitioners · Under $150K | 7(a) | 17 | P+2.75% | $54K | Q1 2025 |
| Indiana · Wholesale Trade · Under $150K | 7(a) | 17 | P+2.00% | $91K | Q4 2024 |
| Indiana · Manufacturing · $150K – $350K | 7(a) | 17 | P+1.75% | $247K | Q1 2019 |
| Michigan · Manufacturing · Under $150K | 7(a) | 15 | P+2.50% | $100K | Q1 2025 |
| Michigan · Food & Beverage Stores · $150K – $350K | 7(a) | 14 | P+2.25% | $270K | Q4 2015 |
| Michigan · Food & Beverage Stores · $500K – $1M | 7(a) | 13 | P+2.00% | $624K | Q2 2016 |
| Michigan · Restaurants & Food Service · Under $150K | 7(a) | 13 | P+1.75% | $82K | Q1 2025 |
| Indiana · Engineering & Architecture · Under $150K | 7(a) | 13 | P+2.00% | $56K | Q2 2025 |
| Indiana · Management & IT Consulting · Under $150K | 7(a) | 13 | P+2.00% | $59K | Q3 2023 |
| Indiana · Arts, Entertainment & Recreation · Under $150K | 7(a) | 12 | P+2.38% | $56K | Q2 2019 |
| Indiana · Restaurants & Food Service · $150K – $350K | 7(a) | 12 | P+2.50% | $274K | Q2 2023 |
| Indiana · Manufacturing · $500K – $1M | 504 | 11 | — | $686K | Q3 2022 |
| Michigan · Manufacturing · $500K – $1M | 7(a) | 11 | P+2.00% | $833K | Q3 2021 |
| Indiana · Food & Beverage Stores · Under $150K | 7(a) | 11 | P+2.75% | $67K | Q2 2025 |
| Indiana · Retail Trade · Under $150K | 7(a) | 11 | P+2.00% | $61K | Q4 2025 |
| Indiana · Other Repair & Services · Under $150K | 7(a) | 10 | P+2.25% | $76K | Q3 2024 |
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Real experiences from borrowers who closed SBA loans with First Merchants Bank.
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