States › Indiana › Madison County
County12th of 92 in Indiana by approvalsFIPS 18095
SBA loans in Madison 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 Madison County, Indiana, received 128 SBA loan approvals worth $39.9M in FY2021 to FY2025 (117 7(a), 11 504).
That is 54.4 approvals per 1,000 business establishments (2,353 establishments in 2023), above the Indiana figure of 43.6 and above the national 41.0.
It ranks 12th of 92 Indiana counties with approvals. In FY2025 there were 26, down 26% on FY2024.
31 lenders had approvals here; the most active were The Huntington National Bank (28), STAR Financial Bank (18) and First Merchants Bank (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 Madison County
By number of approvals to businesses in the county, FY2021–FY2025; 31 lenders had at least one.
| # | Lender | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | The Huntington National BankColumbus, OH | 28 | $5.6M | 21.9% | |
| 2 | STAR Financial BankFort Wayne, IN | 18 | $2.1M | 14.1% | |
| 3 | First Merchants BankIndianapolis, IN | 11 | $550K | 8.6% | |
| 4 | Merchants Bank of IndianaCarmel, IN | 9 | $6.6M | 7.0% | |
| 5 | Indiana Statewide Certified Development CorporationIndianapolis, IN · CDC | 8 | $6.8M | 6.3% | |
| 6 | Citizens State Bank of New CastleNew Castle, IN | 8 | $725K | 6.3% | |
| 7 | Flagship Enterprise Center, Inc. (dba Bankable)Anderson, IN | 7 | $939K | 5.5% | |
| 8 | Old National BankEvansville, IN | 5 | $3.7M | 3.9% | |
| 9 | KeyBank National AssociationCleveland, OH | 5 | $1.2M | 3.9% | |
| 10 | BayFirst National BankSaint Petersburg, FL | 3 | $399K | 2.3% | |
| 11 | Centier BankWhiting, IN | 2 | — | 1.6% | |
| 12 | Premier Capital CorporationIndianapolis, IN · CDC | 2 | — | 1.6% | |
| 13 | Newtek Bank, National AssociationMiami, FL | 2 | — | 1.6% | |
| 14 | Stock Yards Bank & Trust CompanyLouisville, KY | 2 | — | 1.6% | |
| 15 | Bank Five NineOconomowoc, WI | 2 | — | 1.6% |
Industries
| # | Industry group (NAICS 4-digit) | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 14 | 10.9% | |
| 2 | Other Amusement and Recreation IndustriesNAICS 7139 | 9 | 7.0% | |
| 3 | General Freight TruckingNAICS 4841 | 8 | 6.3% | |
| 4 | Residential Building ConstructionNAICS 2361 | 7 | 5.5% | |
| 5 | Death Care ServicesNAICS 8122 | 5 | 3.9% | |
| 6 | Building Equipment ContractorsNAICS 2382 | 5 | 3.9% | |
| 7 | Personal Care ServicesNAICS 8121 | 5 | 3.9% | |
| 8 | Services to Buildings and DwellingsNAICS 5617 | 5 | 3.9% | |
| 9 | Lessors of Real EstateNAICS 5311 | 4 | 3.1% | |
| 10 | Other Professional, Scientific, and Technical ServicesNAICS 5419 | 4 | 3.1% |
Sectors
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Construction | 21 | 16.4% | |
| 2 | Accommodation and Food Services | 18 | 14.1% | |
| 3 | Other Services (except Public Administration) | 17 | 13.3% | |
| 4 | Professional, Scientific, and Technical Services | 12 | 9.4% | |
| 5 | Manufacturing | 11 | 8.6% | |
| 6 | Arts, Entertainment, and Recreation | 10 | 7.8% | |
| 7 | Health Care and Social Assistance | 9 | 7.0% | |
| 8 | Transportation and Warehousing | 9 | 7.0% |
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* | 11 | $7.6M | $275K | 0 | — | 11 | 141 |
| FY2025 | 24 | $4.2M | $150K | 2 | — | 26 | 311 |
| FY2024 | 34 | $11.2M | $100K | 1 | — | 35 | 320 |
| FY2023 | 19 | $2.7M | $95K | 2 | — | 21 | 150 |
| FY2022 | 26 | $8.5M | $129K | 5 | $3.2M | 31 | 226 |
| FY2021 | 14 | $3.3M | $253K | 1 | — | 15 | 115 |
| FY2020 | 13 | $10.5M | $450K | 2 | — | 15 | 136 |
| FY2019 | 25 | $3.4M | $75K | 4 | $3.3M | 29 | 146 |
| FY2018 | 18 | $11.1M | $272K | 6 | $3.1M | 24 | 276 |
| FY2017 | 28 | $17.7M | $128K | 2 | — | 30 | 400 |
| FY2016 | 27 | $7.0M | $125K | 1 | — | 28 | 261 |
In FY2016–FY2020, the five fiscal years before the current window, the county had 126 approvals.
Against Indiana and the country
| FY2021–FY2025 | Madison County | Indiana | United States |
|---|---|---|---|
| Approvals | 128 | 6,784 | 342,825 |
| Approvals per 1,000 establishments | 54.4 | 43.6 | 41.0 |
| Median 7(a) approval | $146K | $150K | $190K |
| Median 504 approval | $380K | $522K | $657K |
| Average approval | $311K | $500K | $573K |
| 504 share of approvals | 8.6% | 10.8% | 11.0% |
| Jobs supported per approval, as reported | 8.8 | 10.3 | 10.5 |
| Share of state approvals | 1.9% | 100.0% | — |
Approval sizes
- $50,000 or less27.3%35
- $50,001 to $150,00027.3%35
- $150,001 to $350,00029.7%38
- $350,001 to $1 million9.4%12
- $1 million to $2 million3.1%4
- Over $2 million3.1%4
Age of the businesses
- Existing, more than 2 years old65.6%84
- New business, 2 years or less11.7%15
- Startup, loan funds will open the business18.0%23
- Change of ownership4.7%6
Questions and answers
Which lenders make the most SBA loans in Madison County?
By approvals in FY2021 to FY2025: The Huntington National Bank (28), STAR Financial Bank (18), First Merchants Bank (11), Merchants Bank of Indiana (9), Indiana Statewide Certified Development Corporation (8). Volume says how active a lender is, nothing about terms or service.
How large are typical SBA loans in Madison County?
The median 7(a) approval was $146K and the median 504 approval $380K; the Indiana 7(a) median was $150K.
Which industries get the most SBA loans in Madison County?
Restaurants and Other Eating Places (14); Other Amusement and Recreation Industries (9); General Freight Trucking (8); Residential Building Construction (7); Death Care Services (5).
Is SBA lending in Madison County rising?
Approvals in the three latest complete fiscal years total 82, against 61 in the three before: rising (+34%).
How does Madison County compare with the rest of Indiana?
54.4 approvals per 1,000 establishments against 43.6 statewide, and 128 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