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Are you looking for Indiana’s best business loans & startup financing companies? For your small business in the Hoosier State, many banks, credit unions, and unconventional lenders are offering different loan types. After all, Indiana has more than half a million small businesses that employ around 1.2 million people. That’s why many lenders operate in this state.

Understand the unique features and benefits of different loan types to empower your business. So, you choose the best lender for your business. Also, look into no-credit equipment financing options if you can’t get a business loan via traditional means.

Consider these 12 business loans & startup financing options in Indiana to get started. Check our reviews of these lenders to decide which one’s the best option for you:

1. Swoop Funding

Swoop Funding is every Indiana-based small company’s top startup financing option. It will offer entrepreneurs a range of funding solutions to meet their needs. At Swoop Funding, you can get $5k to $500k as a small business. Even if it’s been 6 months since you started this business, Swoop will consider your loan application!

2. First Farmers Bank & Trust

This lender has been operating for the last 135 years. So, you can expect to get detailed & comprehensive guidance from the First Farmers Bank & Trust regarding lending opportunities. They claim to offer a maximum loan amount of $5 million. Fixed interest rates are available, or a variable rate can be based on The Wall Street Journal Prime Rate.

3. 1st Source Bank

This bank was established in South Bend, Indiana. Now, it offers lending services to startups in Michigan and Indiana. The interest rate here is 5.34% on average. However, the average loan amount approved by this lender is more than $220,000. You simply have to fill out their online application to get the necessary funding for your business. The 1st Source Bank will be your financial supporter during your entrepreneurial journey in Indiana.

4. Merchants Bank of Indiana

This is yet another lender that we’ve mentioned before when talking about lenders available for Illinois-based businesses. The Merchants Bank is based in Indiana so it helps local startups get the necessary funding easily. You should get in touch with this lender and see what they have in store for your small business.

5. AdvancePoint Capital

This is yet another lender that helps local startups based in Indianapolis get the money they need to stay in business. They have an A+ rating from the Better Business Bureau (BB) with an impressive number of 7,500+ satisfied customers. Also, AdvancePoint Capital has more than 375 million in capital funding.

6. Centier Bank

We mentioned this bank before when talking about the top 11 business loan providers in Illinois. This lender’s interest rate is 5.17% and the average loan amount approved here is over $200k. Based in Indiana, it operates in 58 locations in the Hoosier State’s 11 different counties. So, loan amounts range from $5 million to $6.5 million here under 7(a) and 504 loans.

7. German-American Bank

At the German-American Bank, you’ll get an interest rate of 4.56% with the average amount of loan approved here being $324,000. So, the roots of this bank go back to 1910 with its inception in Jasper, Indiana. Today, this bank operates in southern Indiana, Kentucky, and various locations throughout the country. That’s how you can easily apply for 7(a) and 504 loans to get started on your quest.

8. Huntington National Bank

We’re mentioning this bank here again. The interest rate of this bank is almost 5.50%. But you can take out $215 on average from Huntington. Based in Ohio, this bank allows Indiana-based business owners to apply for hefty commercial term loans. SBA loans are also available here that come with no balloon payments, down payment requirements as low as 10%, and up to $5 million available in small business funding.

9. Everwise Credit Union

This credit union helps Indiana-based businesses get the necessary funding for their corporate needs. Their website states the following reasons why you should choose this lender:

• Ideal for purchases of real estate, equipment, and vehicles
• Options include lines of credit and term loans with fixed or variable rates
• Simple application process for loans of $100,000 or less
• Work directly with your local Everwise branch

10. Field & Main Bank

This is yet another lender that lets you take out hefty loans for the following purposes:

• Working capital and inventory
• Refinancing business debt
• Equipment, furniture, fixtures, and supplies
• Commercial properties and land
• Building, renovation, or expansion of a property
• Acquiring a business or expanding an existing business

Therefore, you can get up to $5 million in funding as 7(a) and 504 with term lengths being 10, 20, and 25 years!

11. Old National Bank

This bank has a 190-year-old history. It was founded in Evansville, Indiana. Now, it has HQs in Evansville & Chicago, 250+ branches nationwide, $46 billion in assets, and the average amount of loan approved being $875,000. So, if you need to take out a commercial term loan or other types, get in touch with the Old National & watch your business reach new heights of success.

12. KeyBank

At KeyBank, you can apply for a loan of up to $12 million, partially guaranteed by the SBA. This loan is available both with and without collateral. This lender offers the following features:

• Available for small businesses that may not meet conventional lending standards
• Loans with longer terms, lower payments
• Low down payments and flexible repayment terms available

Conclusion

Whether you’re a startup owner or founded a well-established business years ago, you have to choose the right financing partner and lender. That’s how you keep your business vessel afloat and key commercial operations running in Indiana in this economy.

Now, choose a lender that offers you flexible loan terms and interest rates. Check their online reputation, customer service, interest rates, and other factors. If something needs to be clarified, get in touch with Sophisticated Investor to understand how to get your entrepreneurial dreams funded quickly. So, you can take your business to new heights of success.