States › Indiana › Boone County
County13th of 92 in Indiana by approvalsFIPS 18011
SBA loans in Boone County, Indiana
7(a) and 504 approvals to businesses located in the county, set against the number of businesses there and against the state.
SBA approvals by fiscal year. The federal fiscal year runs 1 October to 30 September, so FY2025 is 1 October 2024 to 30 September 2025. *FY2026 is open: approvals to 30 Jun 2026 only.
Businesses in Boone County, Indiana, received 123 SBA loan approvals worth $54.5M in FY2021 to FY2025 (110 7(a), 13 504).
That is 65.7 approvals per 1,000 business establishments (1,873 establishments in 2023), above the Indiana figure of 43.6 and above the national 41.0.
It ranks 13th of 92 Indiana counties with approvals. In FY2025 there were 18, down 31% on FY2024.
36 lenders had approvals here; the most active were The Huntington National Bank (40), Indiana Statewide Certified Development Corporation (8) and KeyBank National Association (6). The most common industry was restaurants and other eating places.
Loan status is as recorded by SBA at the data date; charge-off rates are computed on loans approved at least five fiscal years ago. Jobs supported are self-reported estimates from the SBA loan application, which SBA does not review, audit or validate. Data through 30 Jun 2026.
Lenders most active in Boone County
By number of approvals to businesses in the county, FY2021–FY2025; 36 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 40 | $10.9M | 32.5% | |
| 2 | Indiana Statewide Certified Development CorporationIndianapolis, IN · CDC | 8 | $4.3M | 6.5% | |
| 3 | KeyBank National AssociationCleveland, OH | 6 | $940K | 4.9% | |
| 4 | Centier BankWhiting, IN | 5 | $1.0M | 4.1% | |
| 5 | Premier Capital CorporationIndianapolis, IN · CDC | 4 | $5.5M | 3.3% | |
| 6 | Horizon BankMichigan City, IN | 4 | $3.0M | 3.3% | |
| 7 | Old National BankEvansville, IN | 4 | $831K | 3.3% | |
| 8 | The Farmers Bank, Frankfort, IndianaFrankfort, IN | 4 | $774K | 3.3% | |
| 9 | Lake City BankWarsaw, IN | 3 | $2.4M | 2.4% | |
| 10 | PNC Bank, National AssociationWilmington, DE | 3 | $565K | 2.4% | |
| 11 | BayFirst National BankSaint Petersburg, FL | 3 | $340K | 2.4% | |
| 12 | First Merchants BankIndianapolis, IN | 3 | $307K | 2.4% | |
| 13 | STAR Financial BankFort Wayne, IN | 3 | $80K | 2.4% | |
| 14 | First Internet Bank of IndianaFishers, IN | 2 | — | 1.6% | |
| 15 | Fifth Third BankCincinnati, OH | 2 | — | 1.6% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 11 | 8.9% | |
| 2 | Personal Care ServicesNAICS 8121 | 9 | 7.3% | |
| 3 | Offices of DentistsNAICS 6212 | 6 | 4.9% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 5 | 4.1% | |
| 5 | Other Personal ServicesNAICS 8129 | 4 | 3.3% | |
| 6 | Other Specialty Trade ContractorsNAICS 2389 | 4 | 3.3% | |
| 7 | Residential Building ConstructionNAICS 2361 | 4 | 3.3% | |
| 8 | Building Finishing ContractorsNAICS 2383 | 4 | 3.3% | |
| 9 | General Freight TruckingNAICS 4841 | 4 | 3.3% | |
| 10 | Commercial and Industrial Machinery and Equipment (except Automotive and Electronic) Repair and MaintenanceNAICS 8113 | 3 | 2.4% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Other Services (except Public Administration) | 20 | 16.3% | |
| 2 | Manufacturing | 16 | 13.0% | |
| 3 | Construction | 16 | 13.0% | |
| 4 | Retail Trade | 14 | 11.4% | |
| 5 | Accommodation and Food Services | 14 | 11.4% | |
| 6 | Health Care and Social Assistance | 13 | 10.6% | |
| 7 | Administrative and Support and Waste Management and Remediation Services | 8 | 6.5% | |
| 8 | Transportation and Warehousing | 7 | 5.7% |
Approvals by fiscal year
| Fiscal year | 7(a) approvals | 7(a) dollars | Median 7(a) | 504 approvals | 504 dollars | All approvals | Jobs supported, as reported |
|---|---|---|---|---|---|---|---|
| FY2026* | 18 | $10.4M | $350K | 0 | — | 18 | 147 |
| FY2025 | 16 | $6.3M | $188K | 2 | — | 18 | 80 |
| FY2024 | 25 | $7.4M | $120K | 1 | — | 26 | 198 |
| FY2023 | 18 | $5.0M | $113K | 2 | — | 20 | 173 |
| FY2022 | 20 | $7.9M | $120K | 6 | $3.0M | 26 | 269 |
| FY2021 | 31 | $12.6M | $200K | 2 | — | 33 | 257 |
| FY2020 | 19 | $5.8M | $149K | 3 | $872K | 22 | 200 |
| FY2019 | 14 | $8.5M | $150K | 2 | — | 16 | 227 |
| FY2018 | 16 | $7.3M | $177K | 4 | $3.9M | 20 | 158 |
| FY2017 | 20 | $6.9M | $128K | 5 | $4.0M | 25 | 184 |
| FY2016 | 16 | $4.8M | $110K | 2 | — | 18 | 114 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 101 approvals.
Against Indiana and the country
| FY2021–FY2025 | Boone County | Indiana | United States |
|---|---|---|---|
| Approvals | 123 | 6,784 | 342,825 |
| Approvals per 1,000 establishments | 65.7 | 43.6 | 41.0 |
| Median 7(a) approval | $150K | $150K | $190K |
| Median 504 approval | $537K | $522K | $657K |
| Average approval | $443K | $500K | $573K |
| 504 share of approvals | 10.6% | 10.8% | 11.0% |
| Jobs supported per approval, as reported | 7.9 | 10.3 | 10.5 |
| Share of state approvals | 1.8% | 100.0% | — |
Approval sizes
- $50,000 or less26.0%32
- $50,001 to $150,00023.6%29
- $150,001 to $350,00021.1%26
- $350,001 to $1 million19.5%24
- $1 million to $2 million5.7%7
- Over $2 million4.1%5
Age of the businesses
- Existing, more than 2 years old57.7%71
- New business, 2 years or less13.0%16
- Startup, loan funds will open the business19.5%24
- Change of ownership9.8%12
Questions and answers
Which lenders make the most SBA loans in Boone County?
By approvals in FY2021 to FY2025: The Huntington National Bank (40), Indiana Statewide Certified Development Corporation (8), KeyBank National Association (6), Centier Bank (5), Premier Capital Corporation (4). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Boone County?
The median 7(a) approval was $150K and the median 504 approval $537K; the Indiana 7(a) median was $150K.
Which industries get the most SBA loans in Boone County?
Restaurants and Other Eating Places (11); Personal Care Services (9); Offices of Dentists (6); Services to Buildings and Dwellings (5); Other Personal Services (4).
Is SBA lending in Boone County rising?
Approvals in the three latest complete fiscal years total 64, against 81 in the three before: falling (-21%).
How does Boone County compare with the rest of Indiana?
65.7 approvals per 1,000 establishments against 43.6 statewide, and 123 of the state's 6,784 approvals.
About these figures
Figures are totals of the Small Business Administration's 7(a) and 504 FOIA loan files, data through 30 Jun 2026. SBA updates the files quarterly. Counts are loan approvals, including approvals later cancelled; the five-year window is FY2021–FY2025, the five latest complete fiscal years. Charge-off rates use only loans approved in FY2010–FY2021, at least five fiscal years ago, and count disbursed loans SBA records as charged off. Loans are listed under the lender they are assigned to today. Establishment counts are from the Census Bureau's County Business Patterns 2023, which leaves out most farms, government and businesses without employees. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error