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Small Business Loans in Indiana (2021 Update)
Many business people or entrepreneurs frequently struggle to find capital to either start or grow their businesses. This has been made easier by the local government in Indiana. The state of Indiana has laws and regulations that govern the lending firms. These laws ensure that all people get to access small business loans in the state regardless of their age and religion. The State of Indiana also offers grants to entrepreneurs and small business owners to enable them to start their businesses. Many lending institutions in Indiana offer small business loans. Each of these firms comes with different loan terms.
The Small Business Development Center in Indiana offers assistance to entrepreneurs and small business owners the required information to run a business and where they can find financing for their businesses. The lending firms in Indiana understand the needs of each small business. They work towards offering customized services to every customer. An entrepreneur must have a good business plan for them to qualify for a small business loan in Indiana. Having a good business plan assures the lender that the business you wish to venture into is not high risk. It is vital for entrepreneurs to consult with business planning experts who can help them come up with an excellent business plan for them to be able to convince the lenders.
You will be able to apply for a small business loan once the lender is convinced that the business is workable. Most banks in Indiana have fixed rates for small business loans. It is important that you choose the lender with the best terms and also the most reliable. The youth and the women of Indiana are also considered when giving out small business loans. The state has put in measures to ensure that anybody can start a business provided they have a valid business idea. Business Funding is always a key part to the success of any business whether you are trying to expand it or start a new one.
The state of Indiana provided numerous business assistance and incentives apart from the many funding options available in Indiana. It might be difficult to find the right lender for your small business loan due to the many loan options and lenders in Indiana. Local lenders are mostly preferred by entrepreneurs and small business people since they do not have many requirements and paperwork that usually comes with banks. Securing a small business loan in Indiana is always fast, easy, and stress-free.
Banks in Indiana That Offer Small Business Loans
According to the SBA, these banks are best for small business loans:
The North Salem State Bank
Founded in 1923 in North Salem, Indiana, The North Salem State Bank is currently operating under the leadership of Mr. Matthew W. Howrey who serves as its President and CEO.
First State Bank of Middlebury
A community bank established in 1910, First State Bank of Middlebury has an extensive list of banking services and products specifically designed for businesses such as business manager, agricultural loans, and lines of credit.
German American Bancorp, Inc.
German American Bancorp Inc. has been in the industry since 1910 and currently has 621 employees across its branches.
Farmers State Bank and Trust Co.
Established in 1914, Farmers State Bank and Trust Co. is headquartered in Mount Sterling. Currently serving as its Chairman, President, and CEO is Mr. Edward E. Teefey.
iAB Financial Bank
While currently based in Grabill, iAB Financial Bank was established in Fort Wayne, Indiana. Until October 2012, It was known as Grabill Bank.
The New Washington State Bank
The New Washington State Bank first opened its doors to the public in 1908. It used to be a traditional bank but has since expanded its services to include market-specific banking products and services.
Top Cities in Indiana and Their Lenders
Indiana is one of the coldest states the country – part of the state sits on the shores of the Great Lakes. As with much of the Northern-part of the country, Indiana is world famous for its manufacturing industries. But recent trends in American manufacturing have forced Indiana to alter its economic game plan. The area now plays home to a range of different industries and services.
Indiana isn’t a particularly expensive place to live, so it’s a decent choice for those looking to start a new business. Below are the top cities in Indiana, as well as their best local lenders for small business loans.
Indianapolis is by far the largest city in the state of Indiana – it also happens to be the state capital. The area’s economy is made up of a mix of government and private enterprise. It’s a great place to start a new business, and it’s much cheaper than many of the neighboring cities in Illinois. Below are our favorite lenders in the area:
Financial Center is an Indianapolis based credit union with a lot of experience helping small business owners obtain financing for their operational needs. They provide lines of credit, equipment loans, commercial real estate loans, and business acquisition loans.
Huntington is another lender that works with Indianapolis based businesses to provide them with the working capital they need to improve their businesses. They provide term loans, SBA loans, and business lines of credit to their various partners in the region. If you want someone who understands Indianapolis’ economy, this is a good choice.
Fort Wayne, Indiana
Fort Wayne is a surprisingly historic city, with many historical and religious landmarks in the region. The area is a hotspot for the defense industry, but also has plenty of small business owners in the region. Check out our top Fort Wayne lenders below:
3Rivers is a federal credit union that has a presence in the Fort Wayne, Indian region. They’re a great option for those who want a lender that understands the local economy. They provide both commercial and consumer lending products and financial services. They can even give you financial advice for your business. They provide terms loans and business lines of credit.
Brightpoint is another small business lender that has a large presence in the Fort Wayne region. They have a good reputation with their current local customers. We recommend them for any commercial lending you might need.
Evansville, Indiana is a relatively large city on the banks of the Ohio river. Because of its location, the rea is well known for its role in the transportation and manufacturing industry. Our top Evansville lenders are listed below:
First Bank is a lender that works with business owners in parts of Illinois and Indiana. They have a large customer base in the Evansville area. If you want someone that understands the business landscape in Evansville and the surrounding region, First Bank is a good option.
Evansville Teachers Federal Credit Union
Evansville Teachers Federal Credit Union is another Evansville based lender that works with businesses in the region. To qualify for their financing, your business must be based within 20 miles of their main branches.
South Bend, Indiana
South Bend, Indiana is the home of the University of Notre Dame. Much of the local economy depends on the University’s role in the city. Below is our favorite lender in South Bend:
Teachers Credit Union
Teachers Credit Union is our favorite lender in South Bend. They’re a great option for anyone who wants to work with a small local lender. They offer business lines of credit and term loans. They have a great understanding of the local economy.
Carmel, Indiana is considered a suburb of Indianapolis – the area happens to be one of the quickest growing suburbs in the country. It’s a great spot to open a new business. Below is our favorite lender in the area:
Liberty Commercial Capital
Liberty Commercial Capital has a local branch in Carmel, Indiana. They’re one of the few choices you have in the area – fortunately, they’re a great lender with a solid reputation. If you’re looking for a lender that offers various business financing solutions, Liberty Commercial Capital is a good option.
Bloomington, Indiana is home to the University of Indiana. This beautiful city mixes local commerce and college town vibe into a wonderful hybrid metropolis. Like most college towns, Bloomington depends heavily on the commerce generated from the University. There are plenty of small business opportunities available in the area. Our favorite Bloomington lender is listed below:
The Peoples State Bank
The Peoples State Bank is a lender that has branches all throughout Bloomington. They’re a great choice for people who want a lender that can also provide banking services. If you want to avoid having to separate your financials, this is a good option in Bloomington.
Remember, some of these companies or banks are very specialized and may only handle SBA loans or a business line of credit. Ask them about any special programs for minorities or women. Also ask for information about business grants for startups if that interest you. If you bad credit don’t worry as there still may be other alternative lenders willing to work with you.