Small Business Loans in Indiana

Ready to find success and secure a small business loan? You're in the right place! Our in-house research team of finance experts has compiled this most comprehensive list of business loans for you to find the best option for you. Bad credit and startups acceptable when meeting specific qualifications.

10 Small Business Loans in Indiana

Our list is a special investigation into small business lending in Indiana, grounded in factual data. The lenders are ranked according to the volume of small business loans they've distributed this year.

Simply put, this means these banks and lenders really like lending to small businesses within the state.

(This stands in stark contrast to other websites that often focus on nonprofits with minimal lending activity or government programs that are challenging for many businesses to qualify for.)

Takeaway: Indiana’s banking scene is dominated by banks small and mid-sized banks headquartered in Indiana.

Methodology: Our analysis is based on data from SBA 7a loans, meaning each lender mentioned here offers these loans. Additionally, we've included other types of small business loans these institutions advertise on their sites.

A notable challenge is that traditional banking institutions usually have stringent criteria, like high credit scores and a business history of over two years. Recognizing this, we've begun our list with a couple of lending options that cater to small business owners grappling with poor credit or those new to the business world.

1. Credit Suite

Credit Suite operates in the business credit consulting and software sector and additionally provides a couple of unconventional financial solutions.

Their Cash Flow Financing is ideal for business owners who have bad credit. It allows you to utilize your business's cash flow for securing adaptable financing. Instead of fixed monthly installments, repayment is tailored to a portion of your continuous cash flow.

Also, their Credit Line Hybrid is focused on funding based entirely on personal credit standing, without the need for detailed financial records, bank statements, or business plans. It's particularly suited for startups and established businesses, with available funding ranging from $5,000 to $150,000.

Business financing options offered:

  • Credit Suite Cash Flow Financing
  • Credit Suite Credit Line Hybrid

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

6. Old National Bank

Old National Bank is a small bank in Indiana doing a large volume of SBA loans.

Business financing options offered:

  • SBA Loans

  • Term Loans

  • Traditional Line of Credit

  • Community Development Lending

  • 2 Business Credit Cards

7. Merchants Bank of Indiana

Merchants Bank of Indiana (not to be confused with First Merchants Bank, also headquartered in Indiana and listed below) has good variety of business loans. They also offer agricultural lending and warehouse lending, not commonly seen elsewhere in Indiana. 

Business financing options offered:

  • Working Capital Lines of Credit

  • Equipment Loans

  • Owner Occupied Real Estate

  • SBA Loans - 7a, 504, USDA B&I

  • Ag Lending

  • Warehouse Lending

  • Multifamily Finance

8. STAR Financial Bank

STAR Financial is a small bank in Indiana that focuses it's small business offerings primarily on SBA Loans. They do offer a much wider range of SBA loans that most other banks.

Business financing options offered:

  • Unsecured Micro Small Business Line of Credit

  • Secured Micro Line of Credit

  • 7(a) Loan Program

  • CDC/504 Loan Program

  • SBA Express

  • Small Business Line of Credit

  • 5 Business Credit Cards

9. First Merchants Bank

First Merchants Bank is a regional bank with a deep presence throughout the state of Indiana, Chicago, Detroit, and Columbus, Ohio. 

They show a surprising level of transparency on their website about their complex products. They have a variety of offerings in commercial real estate financing and private equity financing. And, like the other lenders on this list, do quite a bit of SBA lending.

Business financing options offered:

  • Commercial Real Estate

  • Practice Finance

  • SBA Loans - 7a, Express, 504

  • Debt Capital Markets (Real Estate Loan Syndication)

  • Sponsor Finance Group (Private Equity Funding)

  • Asset Based Lending

10. Live Oak Banking Company

Live Oak is notably active in providing SBA loans across the United States. While their website may not provide extensive details on a variety of loan options, they invest considerable effort in getting to know the specific sectors their clients operate in.

Their site specifically mentions 48 diverse industries, asserting that they have tailored financing solutions for each of these sectors.

Business financing options offered:

  • SBA Loans

  • USDA Loans

  • Industry Vertical Loans

How to apply for a small business loan in Indiana 

Getting your small business funded doesn't have to be overwhelming, regardless of how many steps may be involved. Let the leading business guides at Credit Suite help you along the way!