Lenders › Merchants Bank of Indiana
7(a) lenderCarmel, IndianaFDIC-insured bank95th of 2,184 by approvals
Merchants Bank of Indiana
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.
In FY2021 to FY2025 SBA approved 406 7(a) loans, worth $463M, through Merchants Bank of Indiana of Carmel, Indiana, an FDIC-insured bank in the SBA 7(a) program. By number of approvals that is 95th among 2,184 active 7(a) lenders.
In FY2025, the latest complete fiscal year, it had 90 approvals totalling $122M, up 27% on FY2024 (71). FY2026 to 30 Jun 2026 adds 39 more.
The median approval was $734K, against $190K for the 7(a) program as a whole; 6.7% of its approvals were for $150,000 or less (program: 47.8%).
Its loans went to businesses in 36 states and territories and 160 counties, led by Indiana (29.3%), Illinois (21.7%) and Texas (9.6%). The largest industry group was accommodation and food services at 19.5% of approvals, and 40.6% of approvals were to franchise businesses.
Of 164 disbursed loans approved in FY2010 to FY2021, SBA records 2 as charged off (1.2%), 89 as paid in full and 73 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 | $58.4M | $1.0M | $1.5M | 625 |
| FY2025 | 90 | $122M | $734K | $1.4M | 1,375 |
| FY2024 | 71 | $65.6M | $525K | $924K | 1,145 |
| FY2023 | 73 | $75.7M | $665K | $1.0M | 999 |
| FY2022 | 61 | $59.3M | $638K | $973K | 1,005 |
| FY2021 | 111 | $141M | $1.0M | $1.3M | 1,506 |
| FY2020 | 37 | $37.4M | $794K | $1.0M | 441 |
| FY2019 | 6 | $897K | $100K | $150K | 31 |
| FY2018 | 7 | $1.5M | $199K | $216K | 28 |
| FY2017 | 10 | $6.2M | $271K | $620K | 71 |
| FY2016 | 5 | $2.4M | $500K | $472K | 219 |
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 65 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 | 181 | 14,121 | 639,905 |
| Cancelled or never disbursed | 17 | 1,611 | 79,313 |
| Disbursed loans | 164 | 12,510 | 560,592 |
| Paid in full | 89 | 10,056 | 435,813 |
| Charged off | 2 | 714 | 36,891 |
| Still outstanding (status exempt from disclosure) | 73 | 1,740 | 87,888 |
| Charged off, share of disbursed loans | 1.2% | 5.7% | 6.6% |
| Dollars charged off, share of disbursed dollars | 0.1% | 2.8% | 2.5% |
| Dollars charged off | $191K | $129M | $5.70bn |
By approval year
| Approved in | Disbursed | Paid in full | Charged off | Charged off, share | 7(a) program, same year |
|---|---|---|---|---|---|
| FY2021 | 97 | 40 | 0 | 0.0% | 2.8% |
| FY2020 | 34 | 23 | 0 | 0.0% | 4.0% |
| FY2019 | 6 | 4 | 0 | — | 6.7% |
| FY2018 | 7 | 7 | 0 | — | 7.9% |
| FY2017 | 10 | 7 | 1 | — | 7.7% |
| FY2016 | 5 | 4 | 1 | — | 7.2% |
| FY2015 | 2 | 1 | 0 | — | 6.9% |
| FY2014 | 0 | 0 | 0 | — | 6.4% |
| FY2013 | 0 | 0 | 0 | — | 6.0% |
| FY2012 | 0 | 0 | 0 | — | 6.3% |
| FY2011 | 0 | 0 | 0 | — | 6.9% |
| FY2010 | 3 | 3 | 0 | — | 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 | $734K | $190K |
| Average approval | $1.1M | $518K |
| Approvals of $150,000 or less | 6.7% | 47.8% |
| Approvals to startups and businesses 2 years old or less | 36.0% | 34.3% |
| Approvals to franchise businesses | 40.6% | 11.5% |
| Jobs supported per approval, as reported | 14.9 | 10.5 |
| Charged off, loans approved FY2010–FY2021 | 1.2% | 6.6% |
States served
| # | State of the business (36 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Indiana | 119 | $100M | 29.3% | |
| 2 | Illinois | 88 | $134M | 21.7% | |
| 3 | Texas | 39 | $40.6M | 9.6% | |
| 4 | Florida | 29 | $24.6M | 7.1% | |
| 5 | Ohio | 14 | $18.1M | 3.4% | |
| 6 | California | 12 | $11.7M | 3.0% | |
| 7 | Michigan | 11 | $15.4M | 2.7% | |
| 8 | Wisconsin | 10 | $23.0M | 2.5% | |
| 9 | Georgia | 10 | $8.9M | 2.5% | |
| 10 | Pennsylvania | 9 | $5.3M | 2.2% | |
| 11 | Washington | 5 | $6.0M | 1.2% | |
| 12 | Colorado | 5 | $5.5M | 1.2% |
In Indiana the lender accounts for 2.0% of all 7(a) approvals in FY2021–FY2025.
Counties served
| # | County of the business (160 in all) | Approvals | Dollars | Share | |
|---|---|---|---|---|---|
| 1 | Cook County, IL | 56 | $87.8M | 13.8% | |
| 2 | Marion County, IN | 49 | $35.9M | 12.1% | |
| 3 | Hamilton County, IN | 20 | $15.8M | 4.9% | |
| 4 | Madison County, IN | 9 | $6.6M | 2.2% | |
| 5 | McHenry County, IL | 8 | $9.5M | 2.0% | |
| 6 | Duval County, FL | 8 | $6.5M | 2.0% | |
| 7 | DuPage County, IL | 7 | $9.9M | 1.7% | |
| 8 | Lake County, IL | 6 | $7.0M | 1.5% | |
| 9 | Tarrant County, TX | 6 | $6.2M | 1.5% | |
| 10 | Dallas County, TX | 6 | $4.7M | 1.5% | |
| 11 | Delaware County, IN | 5 | $8.7M | 1.2% | |
| 12 | Kane County, IL | 5 | $6.3M | 1.2% |
Industry mix
| # | NAICS sector | Approvals | Share | |
|---|---|---|---|---|
| 1 | Accommodation and Food Services | 79 | 19.5% | |
| 2 | Retail Trade | 67 | 16.5% | |
| 3 | Administrative and Support and Waste Management and Remediation Services | 50 | 12.3% | |
| 4 | Other Services (except Public Administration) | 45 | 11.1% | |
| 5 | Construction | 41 | 10.1% | |
| 6 | Manufacturing | 24 | 5.9% | |
| 7 | Health Care and Social Assistance | 22 | 5.4% | |
| 8 | Professional, Scientific, and Technical Services | 19 | 4.7% |
| # | Industry group | Approvals | Share | |
|---|---|---|---|---|
| 1 | Restaurants and Other Eating PlacesNAICS 7225 | 50 | 12.3% | |
| 2 | Business Support ServicesNAICS 5614 | 27 | 6.7% | |
| 3 | Traveler AccommodationNAICS 7211 | 24 | 5.9% | |
| 4 | Gasoline StationsNAICS 4571 | 21 | 5.2% | |
| 5 | Building Finishing ContractorsNAICS 2383 | 16 | 3.9% | |
| 6 | Drycleaning and Laundry ServicesNAICS 8123 | 16 | 3.9% | |
| 7 | Gasoline StationsNAICS 4471 | 15 | 3.7% | |
| 8 | Automotive Repair and MaintenanceNAICS 8111 | 15 | 3.7% | |
| 9 | Other Amusement and Recreation IndustriesNAICS 7139 | 13 | 3.2% | |
| 10 | Beer, Wine, and Liquor StoresNAICS 4453 | 12 | 3.0% |
Approval sizes
- $50,000 or less0.2%1
- $50,001 to $150,0006.4%26
- $150,001 to $350,00014.5%59
- $350,001 to $1 million40.4%164
- $1 million to $2 million21.9%89
- Over $2 million16.5%67
Loan terms
- 5 years or less0.2%1
- Over 5 to 10 years55.2%224
- Over 10 to 20 years10.8%44
- Over 20 years33.7%137
Age of the businesses
- Existing, more than 2 years old25.1%102
- New business, 2 years or less20.2%82
- Startup, loan funds will open the business15.8%64
- Change of ownership38.9%158
SBA processing method
| # | Method | Approvals | Share | |
|---|---|---|---|---|
| 1 | Preferred Lenders Program | 356 | 87.7% | |
| 2 | SBA Express Program | 41 | 10.1% | |
| 3 | 7a General | 6 | 1.5% | |
| 4 | International Trade Loans | 3 | 0.7% |
Franchise share
165 of 406 approvals in FY2021–FY2025 (40.6%) carried an SBA franchise code; across the 7(a) program the share is 11.5%.
| # | Franchise brand | Approvals | Share | |
|---|---|---|---|---|
| 1 | The UPS Store | 36 | 8.9% | |
| 2 | Subway | 9 | 2.2% | |
| 3 | U.S. Oil | 8 | 2.0% | |
| 4 | Best Western | 4 | 1.0% | |
| 5 | RhinoShield | 4 | 1.0% | |
| 6 | National Oil & Gas Company Inc | 4 | 1.0% | |
| 7 | Dairy Queen Operating Agreement | 4 | 1.0% | |
| 8 | School of Rock | 4 | 1.0% |
Questions and answers
How many SBA loans does Merchants Bank of Indiana make?
SBA approved 90 7(a) loans through Merchants Bank of Indiana in FY2025, worth $122M, and 406 over FY2021 to FY2025. That ranks 95th of 2,184 active 7(a) lenders by number of approvals.
How large are Merchants Bank of Indiana's typical SBA loans?
The median 7(a) approval in FY2021 to FY2025 was $734K and the average $1.1M. The program-wide median was $190K.
What is Merchants Bank of Indiana's charge-off rate?
Of 164 disbursed loans approved in FY2010 to FY2021, SBA records 2 as charged off (1.2%), 89 as paid in full and 73 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 Merchants Bank of Indiana lend to most?
By number of approvals in FY2021 to FY2025: restaurants and other eating places (50); business support services (27); traveler accommodation (24); gasoline stations (21).
Where does Merchants Bank of Indiana make SBA loans?
In 36 states and territories. Indiana 119, Illinois 88, Texas 39, Florida 29, Ohio 14. In Indiana it accounts for 2.0% of all 7(a) approvals.
Is Merchants Bank of Indiana's SBA lending rising?
Approvals in the three latest complete fiscal years total 234, against 209 in the three before: rising (+12%).
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