SBA loans in Indiana: who lends, what gets bought, how it performs
Since FY2018, SBA lenders have approved 1,158 7(a) loans to buy an existing business in Indiana, totaling $1.2B. The median loan was $521,250, 19% lower than the $645,250 national median for SBA-financed acquisitions. Volume rose 24% from FY2024 to FY2026.
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SBA lenders in Indiana
The lenders that made the most SBA 7(a) acquisition loans in Indiana, FY2018 to FY2026.
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | The Huntington National Bank | 113 | 9.8% | $93.3M | |
| 2 | Live Oak Banking Company | 85 | 7.3% | $133M | |
| 3 | Old National Bank | 82 | 7.1% | $98.5M | |
| 4 | First Internet Bank of Indiana | 46 | 4.0% | $53.9M | |
| 5 | Centier Bank | 44 | 3.8% | $30.6M | |
| 6 | Merchants Bank of Indiana | 42 | 3.6% | $39M | |
| 7 | GBank | 40 | 3.5% | $125M | |
| 8 | 1st Source Bank | 38 | 3.3% | $23M | |
| 9 | First Bank Richmond | 29 | 2.5% | $20.7M | |
| 10 | First Financial Bank | 29 | 2.5% | $16M |
What this tells a buyer
- Deal size band. Half of Indiana acquisition loans fell between $225,000 and $1,423,375. The nationwide band is $283,000 to $1,465,000.
- Share of national volume. Indiana accounts for 2.4% of all SBA acquisition loans and ranks number 15 of 54 states and territories by count.
- Industry concentration. Hotels (except Casino Hotels) and Motels is the most financed business type here (90 loans, 8% of the state). The top three industries together are 18%.
- Lender concentration. The Huntington National Bank made 10% of the state's acquisition loans. No single lender dominates, so there are several lenders with local acquisition experience.
- Franchise resales. 24% of acquisition loans in Indiana involved a franchised brand; the most frequent is Quality Inn (16 loans).
Indiana acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 94 | $86.6M | $518,850 | |
| FY2019 | 118 | $105M | $366,550 | |
| FY2020 | 134 | $124M | $502,650 | |
| FY2021 | 167 | $168M | $530,000 | |
| FY2022 | 115 | $110M | $448,000 | |
| FY2023 | 123 | $109M | $400,000 | |
| FY2024 | 131 | $159M | $605,000 | |
| FY2025 | 114 | $147M | $764,600 | |
| FY2026 | 162 | $198M | $692,650 |
How often do these acquisition loans fail?
Of the 513 Indiana acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 16 have been charged off by the SBA, a rate of 3.1% by loan count and 1.6% by dollars. 279 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Indiana is 11% lower than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top industries in Indiana
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Hotels (except Casino Hotels) and Motels | 90 | 7.8% | $259M | |
| 2 | Limited-Service Restaurants | 60 | 5.2% | $31.9M | |
| 3 | Full-Service Restaurants | 59 | 5.1% | $27.3M | |
| 4 | Plumbing, Heating, and Air-Conditioning Contractors | 27 | 2.3% | $22.5M | |
| 5 | General Automotive Repair | 26 | 2.2% | $13.6M | |
| 6 | Landscaping Services | 24 | 2.1% | $27.3M | |
| 7 | All Other Specialty Trade Contractors | 22 | 1.9% | $15.2M | |
| 8 | Offices of Certified Public Accountants | 21 | 1.8% | $15.5M | |
| 9 | Beer, Wine, and Liquor Retailers | 20 | 1.7% | $15.3M | |
| 10 | Insurance Agencies and Brokerages | 20 | 1.7% | $9.5M |
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Franchise brands bought in Indiana
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Quality Inn | 16 | 1.4% | $47.8M | |
| 2 | Subway | 16 | 1.4% | $6.2M | |
| 3 | The UPS Store | 14 | 1.2% | $6.9M | |
| 4 | Dairy Queen | 10 | 0.9% | $6.4M | |
| 5 | Comfort Inn | 9 | 0.8% | $31.6M | |
| 6 | Super 8 | 9 | 0.8% | $17.8M | |
| 7 | Baymont | 8 | 0.7% | $23.2M | |
| 8 | Little Caesars | 8 | 0.7% | $7.2M | |
| 9 | Ace Hardware | 6 | 0.5% | $4.9M | |
| 10 | Best Western | 5 | 0.4% | $16.9M | |
| 11 | Red Roof Inn | 5 | 0.4% | $13.8M | |
| 12 | Motel 6 | 5 | 0.4% | $11M | |
| 13 | Pure Barre | 5 | 0.4% | $1.2M | |
| 14 | Days Inn | 4 | 0.3% | $7.3M | |
| 15 | Big O Tires | 4 | 0.3% | $7.3M |
Acquisitions by industry in Indiana
The 20 industries with the most acquisition loans in Indiana (minimum ten). Charge-off rates appear where at least 20 loans are old enough to measure.
Questions buyers ask
How much do buyers borrow to buy a business in Indiana?
The median SBA 7(a) acquisition loan in Indiana was $521,250 across 1,158 loans (FY2018 to FY2026), 19% lower than the $645,250 national median. The middle half of loans ran from $225,000 to $1,423,375. A loan is not the purchase price: it is net of the buyer's equity injection and usually includes some working capital.
Which banks make the most SBA acquisition loans in Indiana?
The Huntington National Bank (113), Live Oak Banking Company (85), Old National Bank (82), First Internet Bank of Indiana (46), Centier Bank (44). The Huntington National Bank alone accounts for 10% of Indiana acquisition loans. See each lender page for industries and states served.
What kinds of businesses are bought with SBA loans in Indiana?
Hotels (except Casino Hotels) and Motels (90), Limited-Service Restaurants (60), Full-Service Restaurants (59), Plumbing, Heating, and Air-Conditioning Contractors (27), General Automotive Repair (26). The top three industries make up 18% of the state's acquisition loans.
How often do SBA acquisition loans fail in Indiana?
In the seasoned cohort (FY2018 to FY2021), among 513 Indiana acquisition loans: 3.1% charged off, 11% lower than the 3.5% national acquisition average.
How does Indiana compare with other states?
Indiana ranks number 15 of 54 states and territories by acquisition loan count, with 2.4% of national volume (1,158 of 48,902 loans) and $1.2B approved. Browse the full state ranking.
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Related
- Hotels (except Casino Hotels) and Motels nationally
- Limited-Service Restaurants nationally
- Full-Service Restaurants nationally
- The Huntington National Bank
- Live Oak Banking Company
- Old National Bank
- All states
- Buyer's guide to the data
State is the project state recorded by the lender (where the acquired business operates), not the borrower's mailing state.