Business Loans in Indiana

Low taxes, affordable real estate, and an established workplace make Indiana a great place to own a small business. If you’re ready to run a successful venture in the Hoosier State, business loans can help you do just that.

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Types of Business Loans in Indiana

No matter your industry, business loans can help you obtain the funds you need to get up and running or expand what you’ve already established. When you shop around for financing, you’ll likely come across the following options.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Indiana Business Loan Options

Several organizations service loans to small businesses that set up shop in Indiana.

Purdue Federal Credit Union offers a variety of business loans, such as SBA 504 loans, lines of credit, equipment loans, real estate loans, and business credit cards. It has several branches throughout Greater Lafayette, Crown Point, and La Porte.

The IU Credit Union in Bloomington is another option with similar products to Purdue Federal Credit Union.

In addition to these credit unions, you might want to explore the Indy Chamber, a nonprofit that advocates for business owners in the Indianapolis area and offers business term loans ranging from $1,000 to $50,000. As long as you have less than five employees, you may qualify.

Bankable exists to offer Indiana small businesses a second chance to secure the funding they need through microloans that are safe and affordable until they are ready for more traditional funding sources.

The Build Fund is a small business loan fund operated by Intend Indiana and focuses exclusively on helping businesses grow and create jobs.

If your business is located in Harrison County then the HCEDC has a great loan option for you.

In partnership with a bank lender, the Small Business Administration (SBA) 504 Program provides financing for fixed assets, real estate, machinery, and equipment.

Four simple steps to funding.

Tell us about your business.

Answer a few simple questions and complete the application in minutes.

Submit your application.

We’ll present your application to our marketplace 75+ lenders. Applying is free and won’t impact your credit score.

Compare offers.

Find the funding option with the terms that best fit your small business goals.

Get funded.

Once you accept, funding can hit your bank account in as little as 24 hours.

FAQ about Small Business Loans in Indiana

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Read experiences from Indiana business owners.

Automotive

Euro Motorwerks

June 29, 2015
—
2 min read

Rick Hagen has been in the car business a long time. When he was a kid, he would work at his grandfather’s Ford dealership. “Growing up washing cars wasn’t just a job, it was something I loved and looked forward to.” Rick has taken this passion for cars and used it to build his American Dream; Euro Motor Werks, a dealership centered on service and finding the perfect car for the customer.

As it is with most small businesses, the path to entrepreneurship has been a rocky one. Previous to opening Euro Motor Werks, Rick had owned a gym which he had built from the ground up. While the business was thriving and everything was going well, Rick became extremely ill, and after being hit by several major medical bills, he had to declare bankruptcy and close the gym. “People have bankruptcy, I’ve had it, a lot of people have had it.”

The American Dream

After he recovered, Rick built Euro Motor Werks, a car dealership where they specialize in finding European cars for their customers. With hard work and the support of his friends and family, Rick turned the dealership into a successful business. Even though the business was successful, when Rick wanted to find capital to expand, he couldn’t find any because of the previous bankruptcy. Rick was stuck, give up and work for someone else’s dream, or find a new way to get the capital needed, and live his own American dream.

When he found Lendio, he found a company that reflects his own desire to provide exceptional customer service. We interviewed him about his experience, “The lady’s name that helped me, and I’ll never forget her, you know, you guys contact people, you keep up, that’s the customer service. Her name was Peggy, and she said, “you’re approved”. I know I’m good, I know I’m going to make it, and I know I’m going to make my mom and everyone proud. I’ll make my dad proud.”

Lendio found Rick the capital he needed to grow his business, and we can help you find the capital you need to grow or start yours.

Lendio’s mission is to fuel your American Dream by making small business loans simple through options, speed, and trust.

To get started with Lendio, click here to find your loan options.

FAQs

What other resources are available to Indiana small businesses?

Northeast Indiana SCORE provides mentorship and workshops to small business owners in Fort Wayne, Angola, Kendallville, Warsaw, and Huntington. The Indiana Small Business Development Center (SBDC) is another resource that offers no-cost business advising, training, and referrals. If you get involved with Indiana Small Business Connection (Indiana SBC), you can attend a small business expo and promote your offerings, while networking with other small business owners in the state.

What Indiana small business grants are available?

The Indiana Small Business Development Center launched the Indiana Technical Assistance Program to help small businesses grow. If you’re an eligible small business, you can receive up to $15,000 in professional services. Grants are also available to minority businesses in the state through the Indiana Black Expo.

What do I need to qualify for a loan in Indiana?

To qualify for a business loan in Indiana, you’ll need to decide how you’ll structure your business (sole proprietorship, LLC, etc.) Once you do, use the INBiz searchto determine if you can use your preferred business name. In addition to finalizing your business and structure, you’ll need to maintain a registered agent who will be responsible for receiving important legal and tax documents on your behalf. You may apply for loans once you’re ready to operate. Just keep in mind, you’ll need to meet certain thresholds in regards to your credit score, monthly revenue, and other requirements to be eligible.

Which loan is right for my Indiana business?

The right loan for your Indiana business depends on a number of factors, like your credit, time in business, annual revenue, and particular goals. Lendio can help you search for financing options and hone in on the ideal ones. If you’re looking for a flexible loan, a line of credit may make sense. But if you’d like to pay for new machines and tools for your business, for example, equipment financing might be the better choice.

How can an Indiana business loan help my business?

An Indiana business loan can help you obtain the funds necessary to launch or grow your venture. Unless you have unlimited amounts of cash at your disposal, it will be vital for your small business in the Hoosier State.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

What is SBA 7(a)?

An SBA 7(a) loan is a form of financing that is partially guaranteed by the SBA. These loans are named after article 7(a) of the Small Business Act of 1953, which launched the SBA and tasked the agency with supporting American small businesses through lending. You can learn more about the SBA 7(a) loan on our blog.

Ready for funding?

See what you can qualify for on the Lendio Marketplace.

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