Small Business Loans in Indiana

2. The Huntington National Bank

Huntington National Bank goes beyond being a prominent lender for small businesses in this state; it's also the leading issuer of SBA 7a loans nationwide. Interestingly, it’s headquartered in nearby Ohio.

This distinction ensures their presence in the top 10 lenders in almost every other state, reflecting their enthusiasm for engaging with small enterprises.

Beyond their SBA loan offerings, Huntington provides a diverse range of other financing solutions for small businesses. This includes equipment leasing, agricultural financing, and various real estate loan options.

Business financing options offered:

• SBA 7a Loans

• Equipment Leasing

• Church Lending

• Greek House Financing

• Agricultural Loans

• Warehouse Lending

• Real Estate Loans, Term Loans, and Lines of Credit

3. 1st Source Bank

1st Source has diverse business financing offerings, including for many different industry verticles. This includes business vehicle, aviation and solar loans.

Business financing options offered:

• Commercial Mortgage

• Term Loans

• Revolving Lines of Credit

• SBA Loans

• Industry Loans

• Farm Loans

• Business Acquisition Loans

• Business Leasing

4. Centier Bank

Centier Bank is an SBA Preferred Lending Partner. Their website proudly states, "Ranking within the top 10% of all SBA lenders". They have a small set of business loan offerings, so it looks like this is what they specialize in. 

Business financing options offered:

• SBA 7a and 504 Loans

• Term Loans

• Lines of Credit

5. KeyBank National Association

KeyBank, a medium-sized financial institution, operates across 15 states and offers a solid range of small business loans. They are also based in Indiana’s neighbor state, Ohio. 

On their website, you can find a dedicated section showcasing their commitment to diversity and inclusion, along with the accolades they've earned in this field. They make it a point to highlight this information - worth knowing if these values resonate with you.

Business financing options offered:

• Business Term Loans

• Business Real Estate Borrowing

• Small Business Lines of Credit

• SBA Loans

• Key Equipment Financing

• 3 Business Credit Cards

Small Business Grants in Indiana

Entrepreneurs don’t have to rely solely on small business loans in Indiana to get the funding their business needs, nor do they have to take a trip to Purdue Federal Credit Union or Huntington National Bank to tap into small business loans and SBA financing. 

Small business grants in Indiana are an alternative that offers the added benefit of not having to pay them back. 

Which grants or resources should you make it a point to apply for if you’re looking for something else besides an SBA loan? 

• Central Indiana Community Foundation (CICF) Grants: The CICF is comprised of organizations like The Indianapolis Foundation, Hamilton County Community Foundation, Women’s Fund of Central Indiana, and IMPACT Central Indiana. The philanthropic organizations extend around $55 million worth of grants to not-for-profits each year. You can sign up for updates as they regularly add new grantmaking opportunities. 

• Indiana Grant Watch: Aptly named, Indiana Grant Watch is a resource that helps you find and monitor grant opportunities in Indiana. You can use them to seek out grants when you need small business funding. 

• The Grant Portal: Much like with Indiana Grant Watch, The Grant Portal is the internet’s largest online grant catalog. If you’re a small business owner, you can use them to find current Indiana grant opportunities. 

• Indy Chamber: Indy Chamber is an organization dedicated to supporting Indiana entrepreneurs in a myriad of ways. Among the many other benefits of membership, such as business services, they can help you tap into lending opportunities, including grants. 

Government and Nonprofit Financing Programs in Indiana

Indiana small business grants are the most desirable funding resources given their philanthropic nature. 

But once you’ve exhausted your grant opportunities, you’re not out of options aside from SBA lending (or even more extreme options, like using online banking and your own credit card or business banking to secure a merchant cash advance or business credit cards to fund your business activity). 

Government and nonprofit financing programs in Indiana help you fund your business, often providing a loan option with more agreeable terms. 

Some government and nonprofit financing programs that will benefit any new or existing Indiana small business include: 

• The Indiana Small Business Credit Initiative (SSBCI): Indiana's State Small Business Credit Initiative (SSBCI) provides capital for Hoosier small businesses. The Legend Fund is a massive fund created by the Indiana Economic Development Corporation (IEDC), a loan participation program to support underserved entrepreneurs and small businesses. More than that, they’ve allocated $99 million to venture capital investments for businesses that have just gotten started. You can apply for a loan and other financial opportunities like the Elevate Small Business Grant on their website. 

• The Community Development Corporation of Northeast Indiana (CDC): Not to be confused with the Centers for Disease Control and Prevention, the Community Development Corporation of Northeast Indiana offers Indiana business loans and private funds to new and existing small business owners. You can apply for a small business loan and get details about how much they’re lending, SBA 504 loan rates, and more on their website. 

• The Build Fund: The Build Fund is a loan fund operated by Intend Indiana and a certified Community Development Financial Institution (CDFI) that offers flexible and affordable alternative loans. They’re easy to work with to tap into funding whether you need a traditional business loan or an economic injury disaster loan, helping you apply for a small business loan every step of the way. 

• The Harrison County Economic Development Corporation: The Harrison County Economic Development Corporation offers resources like a small business loan program, which is done through the Indiana Small Business Development Center (ISBDC). You can secure a loan so long as you’re a business with outstanding tax liability payments or outstanding judgments and you’re near a regional ISBDC office. The loan amount will vary anywhere from $5,000 to $50,000 with a 1.5% fixed interest rate.