States › Indiana › Elkhart County
County9th of 92 in Indiana by approvalsFIPS 18039
SBA loans in Elkhart 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 Elkhart County, Indiana, received 185 SBA loan approvals worth $116M in FY2021 to FY2025 (147 7(a), 38 504).
That is 35.5 approvals per 1,000 business establishments (5,211 establishments in 2023), below the Indiana figure of 43.6 and close to the national 41.0.
It ranks 9th of 92 Indiana counties with approvals. In FY2025 there were 36, down 16% on FY2024.
39 lenders had approvals here; the most active were 1st Source Bank (40), Business Development Corporation (BDC) (30) and KeyBank National Association (11). 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 Elkhart County
By number of approvals to businesses in the county, FY2021–FY2025; 39 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | 1st Source BankSouth Bend, IN | 40 | $14.7M | 21.6% | |
| 2 | Business Development Corporation (BDC)South Bend, IN · CDC | 30 | $26.9M | 16.2% | |
| 3 | KeyBank National AssociationCleveland, OH | 11 | $1.9M | 5.9% | |
| 4 | Centier BankWhiting, IN | 10 | $3.3M | 5.4% | |
| 5 | The Huntington National BankColumbus, OH | 8 | $6.3M | 4.3% | |
| 6 | First State Bank of MiddleburyMiddlebury, IN | 7 | $2.9M | 3.8% | |
| 7 | Old National BankEvansville, IN | 6 | $4.3M | 3.2% | |
| 8 | Northwest BankWarren, PA | 6 | $739K | 3.2% | |
| 9 | Everwise Credit UnionSouth Bend, IN | 5 | $7.2M | 2.7% | |
| 10 | Northeast BankLewiston, ME | 5 | $422K | 2.7% | |
| 11 | GBankLas Vegas, NV | 4 | $9.7M | 2.2% | |
| 12 | Community Development Corporation of Fort WayneFort Wayne, IN · CDC | 4 | $1.6M | 2.2% | |
| 13 | Lake City BankWarsaw, IN | 4 | $363K | 2.2% | |
| 14 | Live Oak Banking CompanyWilmington, NC | 3 | $8.1M | 1.6% | |
| 15 | Millennium BankDes Plaines, IL | 3 | $5.4M | 1.6% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 12 | 6.5% | |
| 2 | Automotive Repair and MaintenanceNAICS 8111 | 12 | 6.5% | |
| 3 | Traveler AccommodationNAICS 7211 | 9 | 4.9% | |
| 4 | Other Specialty Trade ContractorsNAICS 2389 | 7 | 3.8% | |
| 5 | Building Equipment ContractorsNAICS 2382 | 5 | 2.7% | |
| 6 | General Freight TruckingNAICS 4841 | 5 | 2.7% | |
| 7 | Plastics Product ManufacturingNAICS 3261 | 4 | 2.2% | |
| 8 | Motor Vehicle Body and Trailer ManufacturingNAICS 3362 | 4 | 2.2% | |
| 9 | Personal Care ServicesNAICS 8121 | 4 | 2.2% | |
| 10 | Other Amusement and Recreation IndustriesNAICS 7139 | 4 | 2.2% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Manufacturing | 35 | 18.9% | |
| 2 | Accommodation and Food Services | 24 | 13.0% | |
| 3 | Retail Trade | 24 | 13.0% | |
| 4 | Construction | 20 | 10.8% | |
| 5 | Other Services (except Public Administration) | 18 | 9.7% | |
| 6 | Wholesale Trade | 13 | 7.0% | |
| 7 | Health Care and Social Assistance | 9 | 4.9% | |
| 8 | Transportation and Warehousing | 8 | 4.3% |
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* | 14 | $13.5M | $399K | 0 | — | 14 | 119 |
| FY2025 | 26 | $16.5M | $160K | 10 | $7.1M | 36 | 315 |
| FY2024 | 39 | $19.3M | $100K | 4 | $4.8M | 43 | 643 |
| FY2023 | 27 | $13.4M | $122K | 3 | $669K | 30 | 359 |
| FY2022 | 18 | $13.7M | $271K | 10 | $13.4M | 28 | 539 |
| FY2021 | 37 | $22.8M | $300K | 11 | $4.7M | 48 | 682 |
| FY2020 | 11 | $8.9M | $350K | 5 | $3.8M | 16 | 275 |
| FY2019 | 20 | $19.1M | $168K | 6 | $3.5M | 26 | 318 |
| FY2018 | 46 | $28.0M | $160K | 3 | $748K | 49 | 677 |
| FY2017 | 51 | $37.5M | $250K | 9 | $6.9M | 60 | 616 |
| FY2016 | 40 | $12.0M | $74K | 5 | $2.1M | 45 | 410 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 196 approvals.
Against Indiana and the country
| FY2021–FY2025 | Elkhart County | Indiana | United States |
|---|---|---|---|
| Approvals | 185 | 6,784 | 342,825 |
| Approvals per 1,000 establishments | 35.5 | 43.6 | 41.0 |
| Median 7(a) approval | $174K | $150K | $190K |
| Median 504 approval | $513K | $522K | $657K |
| Average approval | $628K | $500K | $573K |
| 504 share of approvals | 20.5% | 10.8% | 11.0% |
| Jobs supported per approval, as reported | 13.7 | 10.3 | 10.5 |
| Share of state approvals | 2.7% | 100.0% | — |
Approval sizes
- $50,000 or less17.3%32
- $50,001 to $150,00023.8%44
- $150,001 to $350,00017.8%33
- $350,001 to $1 million22.2%41
- $1 million to $2 million8.1%15
- Over $2 million10.8%20
Age of the businesses
- Existing, more than 2 years old49.2%91
- New business, 2 years or less17.3%32
- Startup, loan funds will open the business18.9%35
- Change of ownership14.1%26
- Not answered0.5%1
Questions and answers
Which lenders make the most SBA loans in Elkhart County?
By approvals in FY2021 to FY2025: 1st Source Bank (40), Business Development Corporation (BDC) (30), KeyBank National Association (11), Centier Bank (10), The Huntington National Bank (8). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Elkhart County?
The median 7(a) approval was $174K and the median 504 approval $513K; the Indiana 7(a) median was $150K.
Which industries get the most SBA loans in Elkhart County?
Restaurants and Other Eating Places (12); Automotive Repair and Maintenance (12); Traveler Accommodation (9); Other Specialty Trade Contractors (7); Building Equipment Contractors (5).
Is SBA lending in Elkhart County rising?
Approvals in the three latest complete fiscal years total 109, against 92 in the three before: rising (+18%).
How does Elkhart County compare with the rest of Indiana?
35.5 approvals per 1,000 establishments against 43.6 statewide, and 185 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