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Indiana Small Business Loans

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By Erin Ryan Staff Writer and Editor at Fast Capital 360 Reviewed By Mike Lucas
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Loan Overview

  • Coins stacked on table with blue arrow pointing up
    Loan Amount Up to $500,000
  • Calendar image appearing as though the page is being flipped
    Estimated Repayment Terms 1-5 Years
  • Speedometer icon
    Interest Rate Starting at 7%
  • Dollar sign in circle
    Speed of Funding As fast as 1 day

For entrepreneurs in the Hoosier State, costs can add up, whether you run a local restaurant, retail shop or some other small business. 

Inventory, advertising, rent, payroll and other expenses can be challenging to meet some months. If you’re experiencing seasonal cash-flow issues or need to cover an emergency purchase, an Indiana small business loan can help.


Small Business Landscape in Indiana

There are more than 512,000 small businesses in Indiana, employing 1.2 million workers, according to the Small Business Administration (SBA). Indiana is known for its manufacturing businesses, leading the U.S. in this sector. It’s also recognized for its poultry sales and agriculture, with crops such as corn and soybeans.

Other popular industries include the following:

  • Health care and social assistance 
  • Food and accommodation services
  • Retail
  • Construction 
  • Technical, professional and scientific services
  • Wholesale trade
  • Warehousing and transportation

5 Banks for Business Loans in Indiana

1. First Merchants Bank

This bank makes our SBA-preferred lender list for Indiana loans. It ranked No. 15 on Forbes’ America’s Best Banks list for 2021. It’s also A+ rated by the Better Business Bureau (BBB). 

For nearly 3 decades, it’s been offering the following financing to small business owners:

  • Working capital loans
  • Lines of credit
  • Equipment loans
  • Real estate loans
  • Government lending programs
  • Letters of credit
  • Indiana SBA loans available here include the Express, 7(a) and 504 programs.

2. Old National

Old National is another SBA Indiana lender. It’s A+ rated with the BBB and has earned spot No. 71 on Forbes’ list of America’s Best Banks. 

The following loan types are available here:

  • Term loans
  • Lines of credit
  • Business credit cards
  • Agricultural loans
  • Community development loans
  • Investment real estate loans

3. Horizon Bank

This financial institution earned a spot on WalletHub’s 2021’s Best Bank in Indiana list. Reviewers on the site also gave it a 4.9-star rating. Additionally, the bank is A+ rated with the BBB.

Horizon Bank is an Indiana SBA lender as well as a lender of the following:

  • Agricultural loans
  • Business term loans
  • Business lines of credit
  • Commercial real estate loans
  • Manufacturing loans
  • Health-care loans

4. Busey Bank

Busey Bank is accredited by the BBB, where it’s earned an A+ rating. It also made it on WalletHub’s 2021’s Best Bank in Indiana and earned a 4.7-star rating on the site. 

In addition to being an SBA lender in Indiana, this bank grants the following: 

  • USDA loans
  • Working capital loans
  • Agricultural loans
  • Fixed-asset financing

5. Farmers State Bank

In addition to earning an A+ rating with the BBB, this bank has earned a 4.6-star rating on WalletHub. Head to 1 of 11 branches where you’ll find the following Indiana business loans.

  • Term loans
  • Lines of credit
  • Floor plan loans
  • Agricultural loans
  • Commercial investment loans
  • Commercial real estate loans

Alternative Financing Options in Indiana

While you could visit one of the banks mentioned above when you’re in search of an Indiana small business loan, you might consider an alternative lender. They’re known to have less stringent qualification requirements than banks, streamlined application processes and fast access to funds, sometimes as soon as 1 day of approval. The trade-off is typically shorter repayment terms, more frequent payments and higher interest rates.

  • Applying for Indiana Small Business Funding Through Fast Capital 360

    Whether you’re in search of an SBA loan or a merchant cash advance in Indiana, we can help.

    Here’s how you’ll benefit:

    Speed

    All it takes is just a few minutes to get started. Complete your easy online application today. 

    Multiple Offers

    By applying with us, you’ll have access to our nationwide network of lending partners. That means several financing offers could come your way.

    Expert Guidance

    Speak to a Fast Capital 360 Business Advisor to review your offers. Decide what will work best for your business.

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Additional Resources for Indiana Entrepreneurs

In addition to financing options, there are a number of organizations dedicated to helping small business owners succeed. Here are a few in the state.

Central Indiana Women’s Business Center

This organization is a cooperative program with the SBA and operates under the Business Ownership Initiative of Indiana. Take part in the center’s Women in Business event series, which takes place several times throughout the year. Or participate in online education and find resources to help with the following:

  • Legal topics
  • Human resources
  • Business planning
  • Business funding
  • Marketing and sales
  • Licensing and permits

Hispanic Business Council

This group was developed by the Indiana Chamber of Commerce, which is a membership-based organization. Through the Hispanic Business Council, you can take part in special events, such as business development workshops and networking opportunities.

Additionally, get connected with a business mentor through the organization’s Mentor-Protégé Program, which provides for quarterly meetups. To participate, an entrepreneur must already be or be willing to become a member of the Indiana Chamber of Commerce and apply for admission.

Indiana Small Business Development Center

Visit 1 of 10 regional offices throughout the state. Attend a special event or watch training videos or participate in education courses. Access free business advising, too, and get help with business strategy, valuation, market research, exporting and more. 

Branches are available in the following areas:

  • Central Indiana 
  • East Central Indiana 
  • Hoosier Heartland Indiana 
  • North Central Indiana 
  • Northeast Indiana 
  • Northwest Indiana 
  • South Central Indiana 
  • Southeast Indiana 
  • Southwest Indiana 
  • West Central Indiana

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