SBA loans by state
SBA loans in Indiana: 935 approvals in FY 2026, median $200,000
18% of loans financed the purchase of a business. No lender dominated: the busiest made 12% of loans.
Independent site, not a lender and not affiliated with the U.S. Small Business Administration. Loans are applied for only with an SBA lender.
Your loan against approvals in your state
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Indiana: 7(a) loans approved last year
935
| Your rate vs. last year’s loans of this size, all states | about the median for this size |
| Indiana: median rate at approval, $50,001 to $250,000 | 9.50% |
| Indiana: median 7(a) loan last year | $200,000 |
| Payment over 10 years, SBA fee added to the loan | $2,702/mo |
Last year’s loans: the 7(a) loans SBA approved from October 1, 2025 to September 30, 2026 (fiscal year 2026), in SBA’s public loan file of September 30, 2026. Rates at approval were set when prime was 6.75% or 7.00%; today: prime rate 7.00% on November 2, 2026. Your rate is compared on its margin over prime, so the change in prime since last year does not count against you.
Indiana, FY 2026: 935 SBA 7(a) approvals for $546.3 million (21st of the 50 states and DC, SBA file of September 30, 2026). 18% of loans financed the purchase of a business. No lender dominated: the busiest made 12% of loans. Home-state lenders made 39% of the loans, against 26% nationwide. Only 7% of variable loans sat at the SBA maximum. Franchises took 17% of loans. Only 13% of loans went to businesses under two years old. Mid-size loans had a median rate of 9.50%, below the national 9.75%. The state stood out for loans to nail salons. Credit unions made 4% of loans. 19% of loans went to businesses not yet open. Few approvals were cancelled, 10%. Today’s cap on a $200,000 variable loan: 13.00%.
Fee notices read and loan file counted by Radif Partners · Editorial policy · Method and sources
| Lender | FY 2026 loans | Median loan | Median variable rate | Lender’s home state |
|---|---|---|---|---|
| Huntington National Bank | 111 | $133,500 | 9.25% | Ohio |
| 1st Source Bank | 53 | $98,700 | 8.50% | Indiana (in-state) |
| Centier Bank | 51 | $102,300 | 8.50% | Indiana (in-state) |
| Newtek Bank | 44 | $150,000 | 9.75% | Florida |
| Northeast Bank | 37 | $175,000 | 9.75% | Maine |
A market for business buyers
Acquisitions took 18% of Indiana’s SBA loans, 6th highest among the 50 states and DC. Each followed SBA’s rules for buying a business, with their own requirements on the buyer’s equity, the valuation and any seller note.
No dominant lender
The busiest lender, Huntington National Bank, made only 12% of Indiana’s approvals; 123 lenders shared the rest. With that many lenders active, a second and third quote are easy to get.
Indiana banks keep most of the lending
Lenders with their SBA address in Indiana made 39% of the state’s 935 approvals, 13th of the 50 states and DC and well above the 26% average. 1st Source Bank and Centier Bank rank among the five busiest. Local lenders also priced lower: their median variable margin was 2.00 points over prime, against 2.75 points for lenders based elsewhere.
Few loans at the ceiling
Only 7% of Indiana’s variable loans were priced at the SBA maximum (11% nationally). A quote at the cap would be out of line with what Indiana lenders usually charged.
| Loan size | Loans | Median variable rate, FY 2026 | SBA maximum today |
|---|---|---|---|
| $50,000 or less | 201 | 10.20% | 13.50% |
| $50,001 to $250,000 | 335 | 9.50% | 13.00% |
| $250,001 to $350,000 | 94 | 9.50% | 11.50% |
| over $350,000 | 305 | 8.75% | 10.00% |
Franchise units are frequent
17% of Indiana’s loans financed a franchise (14% nationally); the brands seen most often were Biggby Coffee (6). A franchise brand must meet SBA’s eligibility rules before its units can be financed.
Mostly established borrowers
Businesses open two years or less took only 13% of Indiana’s approvals (15% nationally), leaving most of the volume to firms with a longer track record.
Mid-size loans priced below average
On loans of $50,001 to $250,000, the median variable rate in Indiana was 9.50%, against 9.75% nationally. A Indiana quote above the national median for that size has room to come down.
More common here than nationally: nail salons
12 Indiana loans went to nail salons, 2.2 times the national share for that trade. The most frequent trades overall were full-service restaurants, limited-service restaurants and all other specialty trade contractors. Shops and service outlets are often bought as going concerns or franchise units, with loans small enough that the variable cap may reach prime plus 6 points.
Counties with the most approvals: Marion (173), Hamilton (94) and Lake (58). Trades: full-service restaurants (38), limited-service restaurants (36), all other specialty trade contractors (29), hotels and motels (26) and landscaping services (23).
All states compared.