SBA Lenders in Indiana
Top lenders ranked by real SBA lending data. See who's most active in Indiana across deal count, loan size, and pricing.
What Borrowers Should Know
Indiana's median 7(a) spread of P+2.24% is 51 basis points below the national median of P+2.75%, meaning borrowers here pay measurably less interest on SBA loans. This advantage likely reflects strong competition among 227 active lenders and The Huntington National Bank's dominance with 641 deals—nearly 20% of the state's volume—which may pressure other lenders to offer tighter rates to win business.
The Huntington National Bank controls a disproportionate share of Indiana's SBA market with 641 deals versus 176 for the second-place lender. This concentration means your loan approval, timeline, and terms may hinge heavily on Huntington's appetite and processes. Diversifying your approach across 1st Source Bank, First Merchants, or KeyBank (which collectively hold 419 deals) could improve your negotiating position and reduce single-lender dependency risk.
Indiana's average deal size of $360,454 suggests the state's SBA lending is heavily weighted toward smaller businesses. If your financing need is materially larger than this figure, you may face fewer lenders with experience at your scale, potentially extending approval timelines. Conversely, if you need less than $500K, you're in the mainstream and should encounter standard pricing and underwriting.
Total SBA Loans
3,218
Active Lenders
182
Avg Deal Size
$360K
Total Volume
$1.2B
Top 10 Lenders in Indiana
Ranked by total deal count across all SBA programs.
| # | Lender | Type | Deals | Avg Size | Spread | |
|---|---|---|---|---|---|---|
| 1 | The Huntington National Bank | Bank | 644 | $174K | P + 2.13%GOOD | |
| 2 | 1st Source Bank | Bank | 195 | $198K | P + 2.38%AVERAGE | |
| 3 | First Merchants Bank | Bank | 150 | $294K | P + 2.13%GOOD | |
| 4 | STAR Financial Bank | Bank | 123 | $261K | P + 1.50%COMPETITIVE | |
| 5 | KeyBank National Association | Bank | 123 | $494K | P + 2.25%GOOD | |
| 6 | JPMorgan Chase Bank, National Association | Bank | 106 | $167K | P + 1.75%GOOD | |
| 7 | First Financial Bank | Bank | 92 | $365K | P + 1.38%COMPETITIVE | |
| 8 | Premier Capital Corporation | CDC/504 | 86 | $713K | — | |
| 9 | Indiana Statewide Certified De | CDC/504 | 85 | $686K | — | |
| 10 | Centier Bank | Bank | 83 | $283K | P + 1.75%GOOD |
Top Industries in Indiana
SBA lending activity by industry segment.