Lenders › 1st Source Bank
7(a) lenderSouth Bend, IndianaFDIC-insured bank81st of 2,184 by approvals
1st Source Bank
SBA 7(a) loan approvals by fiscal year, where they went, how large they were, and how loans from earlier years turned out.
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.
1st Source Bank, based in South Bend, Indiana, is an FDIC-insured bank in the SBA 7(a) program. SBA approved 488 of its 7(a) loans worth $98.4M in FY2021 to FY2025, which places it 81st of 2,184 active 7(a) lenders by number of approvals.
In FY2025, the latest complete fiscal year, it had 74 approvals totalling $26.0M, about level with FY2024 (75). FY2026 to 30 Jun 2026 adds 39 more.
The median approval was $90K, against $190K for the 7(a) program as a whole; 68.4% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 4 states and territories and 41 counties, led by Indiana (89.1%), Michigan (10.5%) and Ohio (0.2%). The largest industry group was transportation and warehousing at 17.0% of approvals, and 6.6% of approvals were to franchise businesses.
Of 1,450 disbursed loans approved in FY2010 to FY2021, SBA records 38 as charged off (2.6%), 1,271 as paid in full and 141 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it.
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. Loans appear under the lender they are assigned to today, so a lender's figures include loans it took over. Data through 30 Jun 2026.
Approvals by fiscal year
| Fiscal year | Approvals | Dollars approved | Median approval | Average approval | Jobs supported, as reported |
|---|---|---|---|---|---|
| FY2026* | 39 | $10.7M | $99K | $274K | 284 |
| FY2025 | 74 | $26.0M | $127K | $351K | 553 |
| FY2024 | 75 | $12.5M | $72K | $166K | 386 |
| FY2023 | 111 | $18.3M | $75K | $165K | 931 |
| FY2022 | 121 | $17.2M | $90K | $143K | 890 |
| FY2021 | 107 | $24.4M | $100K | $228K | 955 |
| FY2020 | 85 | $16.6M | $63K | $195K | 790 |
| FY2019 | 98 | $9.8M | $50K | $100K | 604 |
| FY2018 | 184 | $23.0M | $37K | $125K | 1,137 |
| FY2017 | 196 | $23.4M | $50K | $119K | 1,813 |
| FY2016 | 156 | $14.5M | $42K | $93K | 1,057 |
Approvals are counted in the year SBA approved them and include approvals later cancelled. In the five fiscal years before the current window (FY2016–FY2020) the lender had 719 approvals. First approval on file: FY2010.
How earlier loans turned out
Only loans approved at least five fiscal years ago (FY2010–FY2021) are counted, because newer loans have had little time to be paid in full or charged off. "Charged off" is SBA's status for a loan on which it has written off the remaining balance.
| Loans approved FY2010–FY2021 | This lender | Indiana | 7(a) program |
|---|---|---|---|
| Approvals in these years | 1,539 | 14,121 | 639,905 |
| Cancelled or never disbursed | 89 | 1,611 | 79,313 |
| Disbursed loans | 1,450 | 12,510 | 560,592 |
| Paid in full | 1,271 | 10,056 | 435,813 |
| Charged off | 38 | 714 | 36,891 |
| Still outstanding (status exempt from disclosure) | 141 | 1,740 | 87,888 |
| Charged off, share of disbursed loans | 2.6% | 5.7% | 6.6% |
| Dollars charged off, share of disbursed dollars | 1.0% | 2.8% | 2.5% |
| Dollars charged off | $2.0M | $129M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 102 | 50 | 1 | 1.0% | 2.8% |
| FY2020 | 78 | 58 | 0 | 0.0% | 4.0% |
| FY2019 | 91 | 74 | 1 | 1.1% | 6.7% |
| FY2018 | 179 | 153 | 2 | 1.1% | 7.9% |
| FY2017 | 183 | 167 | 4 | 2.2% | 7.7% |
| FY2016 | 148 | 141 | 4 | 2.7% | 7.2% |
| FY2015 | 180 | 167 | 5 | 2.8% | 6.9% |
| FY2014 | 155 | 144 | 10 | 6.5% | 6.4% |
| FY2013 | 114 | 110 | 3 | 2.6% | 6.0% |
| FY2012 | 93 | 87 | 2 | 2.2% | 6.3% |
| FY2011 | 73 | 67 | 5 | 6.8% | 6.9% |
| FY2010 | 54 | 53 | 1 | 1.9% | 9.2% |
A share is shown only where at least 30 loans from that year were disbursed.
Against the 7(a) program
| FY2021–FY2025 | This lender | 7(a) program |
|---|---|---|
| Median approval | $90K | $190K |
| Average approval | $202K | $518K |
| Approvals of $150,000 or less | 68.4% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 57.0% | 34.3% |
| Approvals to franchise businesses | 6.6% | 11.5% |
| Jobs supported per approval, as reported | 7.6 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 2.6% | 6.6% |
States served
| # | State of the business (4 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Indiana | 435 | $88.1M | 89.1% | |
| 2 | Michigan | 51 | $9.8M | 10.5% | |
| 3 | Ohio | 1 | — | 0.2% | |
| 4 | Illinois | 1 | — | 0.2% |
In Indiana the lender accounts for 7.2% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (41 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | St. Joseph County, IN | 89 | $19.1M | 18.2% | |
| 2 | Allen County, IN | 87 | $14.4M | 17.8% | |
| 3 | Elkhart County, IN | 40 | $14.7M | 8.2% | |
| 4 | Porter County, IN | 35 | $7.4M | 7.2% | |
| 5 | LaPorte County, IN | 31 | $3.1M | 6.4% | |
| 6 | Marshall County, IN | 30 | $5.6M | 6.1% | |
| 7 | Kalamazoo County, MI | 22 | $4.1M | 4.5% | |
| 8 | Kosciusko County, IN | 17 | $2.7M | 3.5% | |
| 9 | Lake County, IN | 16 | $3.7M | 3.3% | |
| 10 | Tippecanoe County, IN | 14 | $5.5M | 2.9% | |
| 11 | Berrien County, MI | 13 | $2.2M | 2.7% | |
| 12 | Whitley County, IN | 9 | $1.3M | 1.8% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Transportation and Warehousing | 83 | 17.0% | |
| 2 | Manufacturing | 72 | 14.8% | |
| 3 | Construction | 54 | 11.1% | |
| 4 | Accommodation and Food Services | 52 | 10.7% | |
| 5 | Other Services (except Public Administration) | 50 | 10.2% | |
| 6 | Administrative and Support and Waste Management and Remediation Services | 38 | 7.8% | |
| 7 | Retail Trade | 36 | 7.4% | |
| 8 | Health Care and Social Assistance | 31 | 6.4% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | General Freight TruckingNAICS 4841 | 65 | 13.3% | |
| 2 | Restaurants and Other Eating PlacesNAICS 7225 | 46 | 9.4% | |
| 3 | Services to Buildings and DwellingsNAICS 5617 | 25 | 5.1% | |
| 4 | Personal Care ServicesNAICS 8121 | 23 | 4.7% | |
| 5 | Building Equipment ContractorsNAICS 2382 | 16 | 3.3% | |
| 6 | Offices of Other Health PractitionersNAICS 6213 | 16 | 3.3% | |
| 7 | Automotive Repair and MaintenanceNAICS 8111 | 14 | 2.9% | |
| 8 | Other Fabricated Metal Product ManufacturingNAICS 3329 | 12 | 2.5% | |
| 9 | Specialized Freight TruckingNAICS 4842 | 12 | 2.5% | |
| 10 | Foundation, Structure, and Building Exterior ContractorsNAICS 2381 | 10 | 2.0% |
Approval sizes
- $50,000 or less35.9%175
- $50,001 to $150,00032.6%159
- $150,001 to $350,00017.0%83
- $350,001 to $1 million12.3%60
- $1 million to $2 million1.0%5
- Over $2 million1.2%6
Loan terms
- 5 years or less25.0%122
- Over 5 to 10 years61.7%301
- Over 10 to 20 years11.9%58
- Over 20 years1.4%7
Age of the businesses
- Existing, more than 2 years old40.8%199
- New business, 2 years or less20.9%102
- Startup, loan funds will open the business36.1%176
- Change of ownership2.3%11
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | SBA Express Program | 342 | 70.1% | |
| 2 | Preferred Lenders Program | 135 | 27.7% | |
| 3 | 7a General | 7 | 1.4% | |
| 4 | 7(a) WCP | 3 | 0.6% | |
| 5 | Export Express | 1 | 0.2% |
Franchise share
32 of 488 approvals in FY2021–FY2025 (6.6%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | USA Insulation | 5 | 1.0% | |
| 2 | Firehouse Subs | 3 | 0.6% | |
| 3 | Biggby Coffee | 3 | 0.6% | |
| 4 | Roto-Rooter | 2 | 0.4% | |
| 5 | Handel's Homemade Ice Cream | 2 | 0.4% | |
| 6 | Monster Tree Service | 2 | 0.4% | |
| 7 | Bin There...Dump That | 2 | 0.4% | |
| 8 | Uptown Cheapskate | 1 | 0.2% |
Questions and answers
How many SBA loans does 1st Source Bank make?
SBA approved 74 7(a) loans through 1st Source Bank in FY2025, worth $26.0M, and 488 over FY2021 to FY2025. That ranks 81st of 2,184 active 7(a) lenders by number of approvals.
How large are 1st Source Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $90K and the average $202K. The program-wide median was $190K.
What is 1st Source Bank's charge-off rate?
Of 1,450 disbursed loans approved in FY2010 to FY2021, SBA records 38 as charged off (2.6%), 1,271 as paid in full and 141 still outstanding; the 7(a) program figure for the same approval years is 6.6%, so the rate here is below it. Loans are listed under the lender that holds them today, so the figure includes loans taken over from other lenders. Status is as recorded by SBA on 30 Jun 2026.
Which industries does 1st Source Bank lend to most?
By number of approvals in FY2021 to FY2025: general freight trucking (65); restaurants and other eating places (46); services to buildings and dwellings (25); personal care services (23).
Where does 1st Source Bank make SBA loans?
In 4 states and territories. Indiana 435, Michigan 51, Ohio 1, Illinois 1. In Indiana it accounts for 7.2% of all 7(a) approvals.
Is 1st Source Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 260, against 313 in the three before: falling (-17%).
Where does this data come from?
From the Small Business Administration's 7(a) and 504 FOIA loan files, as of 30 Jun 2026. Borrower names and addresses in those files are discarded when the files are read and appear nowhere on this site.
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. Dollar figures behind fewer than three approvals are not shown, and no borrower is named anywhere on this site.Methodology · Report an error