Lenders › First Merchants Bank
7(a) lenderIndianapolis, IndianaFDIC-insured bank53rd of 2,184 by approvals
First Merchants 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.
First Merchants Bank (Indianapolis, Indiana) is an FDIC-insured bank in the SBA 7(a) program, 53rd of 2,184 by approvals in FY2021 to FY2025: 686 loans worth $503M.
In FY2025, the latest complete fiscal year, it had 176 approvals totalling $130M, about level with FY2024 (166). FY2026 to 30 Jun 2026 adds 93 more.
The median approval was $350K, against $190K for the 7(a) program as a whole; 38.5% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 45 states and territories and 276 counties, led by Indiana (20.6%), Michigan (12.7%) and Texas (9.6%). The largest industry group was accommodation and food services at 15.2% of approvals, and 16.5% of approvals were to franchise businesses.
Of 1,282 disbursed loans approved in FY2010 to FY2021, SBA records 64 as charged off (5.0%), 941 as paid in full and 277 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* | 93 | $102M | $685K | $1.1M | 1,819 |
| FY2025 | 176 | $130M | $350K | $738K | 1,573 |
| FY2024 | 166 | $94.3M | $150K | $568K | 2,265 |
| FY2023 | 118 | $80.0M | $215K | $678K | 1,546 |
| FY2022 | 62 | $59.0M | $650K | $952K | 1,078 |
| FY2021 | 164 | $140M | $565K | $853K | 2,185 |
| FY2020 | 280 | $146M | $150K | $523K | 3,338 |
| FY2019 | 158 | $115M | $487K | $729K | 1,686 |
| FY2018 | 114 | $121M | $729K | $1.1M | 2,189 |
| FY2017 | 146 | $112M | $487K | $770K | 3,368 |
| FY2016 | 121 | $69.0M | $180K | $570K | 2,506 |
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 819 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 | 1,550 | 14,121 | 639,905 |
| Cancelled or never disbursed | 268 | 1,611 | 79,313 |
| Disbursed loans | 1,282 | 12,510 | 560,592 |
| Paid in full | 941 | 10,056 | 435,813 |
| Charged off | 64 | 714 | 36,891 |
| Still outstanding (status exempt from disclosure) | 277 | 1,740 | 87,888 |
| Charged off, share of disbursed loans | 5.0% | 5.7% | 6.6% |
| Dollars charged off, share of disbursed dollars | 2.7% | 2.8% | 2.5% |
| Dollars charged off | $21.7M | $129M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 133 | 65 | 1 | 0.8% | 2.8% |
| FY2020 | 183 | 84 | 5 | 2.7% | 4.0% |
| FY2019 | 150 | 99 | 6 | 4.0% | 6.7% |
| FY2018 | 102 | 64 | 7 | 6.9% | 7.9% |
| FY2017 | 131 | 101 | 12 | 9.2% | 7.7% |
| FY2016 | 101 | 89 | 5 | 5.0% | 7.2% |
| FY2015 | 107 | 99 | 3 | 2.8% | 6.9% |
| FY2014 | 94 | 86 | 4 | 4.3% | 6.4% |
| FY2013 | 72 | 66 | 3 | 4.2% | 6.0% |
| FY2012 | 92 | 80 | 12 | 13.0% | 6.3% |
| FY2011 | 78 | 74 | 3 | 3.8% | 6.9% |
| FY2010 | 39 | 34 | 3 | 7.7% | 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 | $350K | $190K |
| Average approval | $734K | $518K |
| Approvals of $150,000 or less | 38.5% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 24.2% | 34.3% |
| Approvals to franchise businesses | 16.5% | 11.5% |
| Jobs supported per approval, as reported | 12.6 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 5.0% | 6.6% |
States served
| # | State of the business (45 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Indiana | 141 | $36.9M | 20.6% | |
| 2 | Michigan | 87 | $32.2M | 12.7% | |
| 3 | Texas | 66 | $68.1M | 9.6% | |
| 4 | Florida | 62 | $61.0M | 9.0% | |
| 5 | California | 45 | $34.0M | 6.6% | |
| 6 | Ohio | 26 | $18.0M | 3.8% | |
| 7 | Illinois | 24 | $17.9M | 3.5% | |
| 8 | New York | 22 | $30.1M | 3.2% | |
| 9 | Idaho | 18 | $16.1M | 2.6% | |
| 10 | North Carolina | 15 | $6.6M | 2.2% | |
| 11 | Colorado | 14 | $19.3M | 2.0% | |
| 12 | Georgia | 14 | $7.9M | 2.0% |
In Indiana the lender accounts for 2.3% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (276 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Oakland County, MI | 28 | $8.3M | 4.1% | |
| 2 | Wayne County, MI | 19 | $8.2M | 2.8% | |
| 3 | Marion County, IN | 16 | $4.1M | 2.3% | |
| 4 | Cook County, IL | 15 | $9.2M | 2.2% | |
| 5 | Hamilton County, IN | 15 | $5.1M | 2.2% | |
| 6 | Los Angeles County, CA | 14 | $8.3M | 2.0% | |
| 7 | Delaware County, IN | 14 | $1.9M | 2.0% | |
| 8 | Monroe County, MI | 12 | $1.4M | 1.7% | |
| 9 | Collin County, TX | 11 | $14.6M | 1.6% | |
| 10 | Dallas County, TX | 11 | $14.1M | 1.6% | |
| 11 | Madison County, IN | 11 | $550K | 1.6% | |
| 12 | Broward County, FL | 10 | $18.2M | 1.5% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 104 | 15.2% | |
| 2 | Construction | 91 | 13.3% | |
| 3 | Retail Trade | 86 | 12.5% | |
| 4 | Other Services (except Public Administration) | 73 | 10.6% | |
| 5 | Health Care and Social Assistance | 66 | 9.6% | |
| 6 | Manufacturing | 53 | 7.7% | |
| 7 | Professional, Scientific, and Technical Services | 53 | 7.7% | |
| 8 | Administrative and Support and Waste Management and Remediation Services | 39 | 5.7% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 93 | 13.6% | |
| 2 | Personal Care ServicesNAICS 8121 | 33 | 4.8% | |
| 3 | Automotive Repair and MaintenanceNAICS 8111 | 25 | 3.6% | |
| 4 | Services to Buildings and DwellingsNAICS 5617 | 25 | 3.6% | |
| 5 | Residential Building ConstructionNAICS 2361 | 22 | 3.2% | |
| 6 | Offices of Other Health PractitionersNAICS 6213 | 21 | 3.1% | |
| 7 | Building Equipment ContractorsNAICS 2382 | 20 | 2.9% | |
| 8 | General Freight TruckingNAICS 4841 | 20 | 2.9% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 14 | 2.0% | |
| 10 | Other Specialty Trade ContractorsNAICS 2389 | 14 | 2.0% |
Approval sizes
- $50,000 or less20.6%141
- $50,001 to $150,00017.9%123
- $150,001 to $350,00012.7%87
- $350,001 to $1 million25.4%174
- $1 million to $2 million14.6%100
- Over $2 million8.9%61
Loan terms
- 5 years or less0.7%5
- Over 5 to 10 years59.8%410
- Over 10 to 20 years13.7%94
- Over 20 years25.8%177
Age of the businesses
- Existing, more than 2 years old62.4%428
- New business, 2 years or less5.5%38
- Startup, loan funds will open the business18.7%128
- Change of ownership13.4%92
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 469 | 68.4% | |
| 2 | SBA Express Program | 180 | 26.2% | |
| 3 | 7a General | 23 | 3.4% | |
| 4 | International Trade Loans | 10 | 1.5% | |
| 5 | Working Capital CAPLine | 2 | 0.3% | |
| 6 | 7(a) WCP | 1 | 0.1% |
Franchise share
113 of 686 approvals in FY2021–FY2025 (16.5%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | Crumbl | 11 | 1.6% | |
| 2 | Scooter's Coffee | 7 | 1.0% | |
| 3 | Goldfish Swim School | 6 | 0.9% | |
| 4 | Pizza Ranch | 4 | 0.6% | |
| 5 | Chrysler | 3 | 0.4% | |
| 6 | Jersey Mike’s Subs | 3 | 0.4% | |
| 7 | The UPS Store | 3 | 0.4% | |
| 8 | Sky Zone | 2 | 0.3% |
Questions and answers
How many SBA loans does First Merchants Bank make?
SBA approved 176 7(a) loans through First Merchants Bank in FY2025, worth $130M, and 686 over FY2021 to FY2025. That ranks 53rd of 2,184 active 7(a) lenders by number of approvals.
How large are First Merchants Bank's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $350K and the average $734K. The program-wide median was $190K.
What is First Merchants Bank's charge-off rate?
Of 1,282 disbursed loans approved in FY2010 to FY2021, SBA records 64 as charged off (5.0%), 941 as paid in full and 277 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 First Merchants Bank lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (93); personal care services (33); automotive repair and maintenance (25); services to buildings and dwellings (25).
Where does First Merchants Bank make SBA loans?
In 45 states and territories. Indiana 141, Michigan 87, Texas 66, Florida 62, California 45. In Indiana it accounts for 2.3% of all 7(a) approvals.
Is First Merchants Bank's SBA lending rising?
Approvals in the three latest complete fiscal years total 460, against 506 in the three before: broadly level (-9%).
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