Buying a Business in Indiana
The Numbers
FY2025 Acquisition Loans
121
$152M approved
Median Loan
$510k
FY2020 through FY2025
Loans Since FY2020
841
$860M in total approvals
Share of U.S. Activity
2.4%
Of change-of-ownership loans
What the Data Says
Indiana ranks 15th of 53 states and territories for change-of-ownership SBA 7(a) lending: 841 loans since FY2020, 2% of the national total.
The typical deal runs small: its $510k median loan sits below the $650k midpoint across states, within reach on less equity.
Activity is cooling: FY2025's 121 loans ran behind the state's own ~140 a year pace since FY2020.
The most-financed target is hotels (except casino hotels) and motels (63 loans), and the 5 most active lenders wrote about 34% of the state's acquisitions, a broad lender field.
Most Active Acquisition Lenders in Indiana
- 1. Old National Bank69 loans
- 2. The Huntington National Bank66 loans
- 3. Live Oak Banking Company62 loans
- 4. Centier Bank45 loans
- 5. Merchants Bank of Indiana41 loans
A lender being active in Indiana does not require a local branch; several top SBA lenders work nationally. Build a shortlist with Lenders.
Buying near Chicago? The Metro Target Scans rank this region's strongest industries.
What Gets Bought in Indiana
- Hotels (except Casino Hotels) and Motels63 loans
- Limited-Service Restaurants50 loans
- Full-Service Restaurants42 loans
- Plumbing, Heating, and Air-Conditioning Contractors21 loans
- Gasoline Stations with Convenience Stores17 loans
Industry-specific pricing and diligence live in the Guides. Where the buyable targets sit in Indiana, by county, is in the Indiana buying guide.
By Metro Area in Indiana
Chicago-Naperville-Elgin, IL-IN
1,018 purchase loans, median $700k. Bought most: Full-Service Restaurants. Most active lender: The Huntington National Bank (143).
Indianapolis-Carmel-Greenwood, IN
339 purchase loans, median $500k. Bought most: Limited-Service Restaurants. Most active lender: The Huntington National Bank (42).
Cincinnati, OH-KY-IN
296 purchase loans, median $599k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: The Huntington National Bank (107).
Louisville/Jefferson County, KY-IN
178 purchase loans, median $496k. Bought most: Full-Service Restaurants. Most active lender: Stock Yards Bank & Trust Company (46).
Evansville, IN
52 purchase loans, median $523k. Bought most: Full-Service Restaurants. Most active lender: The First National Bank of Carmi (10).
Fort Wayne, IN
42 purchase loans, median $603k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: Live Oak Banking Company (7).
Elkhart-Goshen, IN
31 purchase loans, median $1.16M. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: 1st Source Bank (7).
Lafayette-West Lafayette, IN
23 purchase loans, median $191k. Bought most: Full-Service Restaurants. Most active lender: Centier Bank (11).
Michigan City-La Porte, IN
23 purchase loans, median $344k. Bought most: Limited-Service Restaurants. Most active lender: Centier Bank (7).
South Bend-Mishawaka, IN-MI
20 purchase loans, median $926k. Bought most: Hotels (except Casino Hotels) and Motels. Most active lender: 1st Source Bank (3).
Every metro area that drew 20 purchase loans, with three lenders each, is in the metro table.
Method & Source
Computed from the SBA 7(a) FOIA loan-level dataset (FY2020 through FY2025), filtered to approvals flagged change of ownership with a Indiana project address. Approvals, not closings; excludes conventional and 504 financing.