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.
Within two hours of 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. How many buyable businesses Indiana holds in each trade is in Where the Businesses Are.
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.