Best Small Business Loans in Indiana 2024: Finest Selection

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Best Small Business Loans in Indiana

In 2023, the landscape for small business loans in Indiana is expected to remain competitive and diverse, offering entrepreneurs various financing options to support their ventures. With the continued growth of online and alternative lenders, small businesses will have even more opportunities to access tailored financing solutions that best suit their needs. 

Discover a world of funding solutions for your Indiana LLC, from short-term cash boosts and flexible credit lines to tailor-made financing options. Gain access to diverse lenders, loan products, and cutting-edge fintech platforms for speedy, efficient, and accessible small business loans in Indiana. Let LLCBase guide you through the exciting journey of setting up your business – we’ve got your back every step of the way.

What is a Small Business Loan

A small business loan provider is a financial institution, lender, or service that offers financing solutions specifically designed for small businesses in Indiana. These providers facilitate access to capital for small businesses, helping them meet various financial needs such as working capital, equipment purchases, expansion, and other growth-related expenses. Small business loan providers can include Indiana banks, credit unions, online lenders, and alternative financing companies. They offer a range of loan products, such as term loans, lines of credit, invoice financing, and merchant cash advances, each tailored to meet small businesses’ unique needs and requirements.

10 Best Small Business Loans in Indiana

We will discuss Indiana’s ten best small business loans, including eligibility criteria, loan amounts, annual percentage rates (APRs), and required minimum credit scores. Business loans provide financing options for business owners who want to start an LLC in Indiana. We’ll also provide the pros and cons of each business loan to help you make the best decision for your Indiana LLC.

1. OnDeck – Best for Short-term Loans

OnDeck is a leading online lender specializing in providing small businesses with short-term loans and lines of credit. With a simple application process, fast approval times, and flexible repayment options, OnDeck is an ideal choice for businesses seeking quick access to capital for short-term needs, such as working capital, inventory purchases, or unexpected expenses.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 29.9%

Minimum Credit Score: 625

Pros
  • Fast approval process
  • Flexible repayment options
  • Offers both term loans and lines of credit
Cons
  • High-interest rates for those with lower credit scores
  • Requires a personal guarantee
  • Not ideal for long-term financing
  • Unavailable in Nevada, North Dakota, or South Dakota.

2. Lendio – Best for Lender Comparison

Lendio is a small business loan marketplace that connects borrowers with a vast network of lenders, allowing business owners to compare loan options from various providers. By offering a wide range of loan products and personalized recommendations, Lendio helps businesses find the best financing solutions tailored to their unique needs and financial situation.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 560 or higher

Loan Amounts: $500 – $5,000,000

APR: starts at 3%

Minimum Credit Score: 560

Pros
  • Access to a vast network of lenders
  • One application for multiple loan options
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

3. QuickBridge – Best for Fast Funding

QuickBridge is an alternative lender that provides fast and flexible funding solutions to small businesses. With a simple application process, quick approval, and funding often within 24 hours, QuickBridge is an excellent choice for businesses needing immediate capital to address short-term financial needs or seize growth opportunities.

Eligibility Criteria

  1. At least nine months in business
  2. Minimum monthly revenue of $8,000
  3. Personal credit score of 850 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10-factor rates

Minimum Credit Score: 850

Pros
  • Fast funding, often within 24 hours
  • Simple application process
  • Early payoff discounts
Cons
  • Requires daily or weekly repayments
  • Short loan terms (up to 15 months)
  • Not ideal for startups or businesses with low revenue

4. American Express Business Blueprint™ – Best for Lines of Credit

American Express Business Blueprint™ offers a range of financial solutions, including term loans and lines of credit, exclusively to American Express cardmembers. With flexible repayment options, competitive rates, and no origination or prepayment fees, this program provides businesses with the financial flexibility and support they need to grow and succeed.

Eligibility Criteria

  1. Must be an American Express cardmember
  2. Good credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $250,000

APR: Varies by loan term

Minimum Credit Score: 640; good credit history is required

Pros
  • Flexible repayment options
  • No origination or prepayment fees
  • Offers both term loans and lines of credit
Cons
  • Only available to American Express cardholders
  • Limited to businesses with strong financial performance
  • Requires a personal guarantee

5. BlueVine – Best for Flexible Lines of Credit

BlueVine is an online lender that offers flexible lines of credit and invoice factoring solutions to small and medium-sized businesses. With fast approvals, competitive rates, and the ability to draw funds only when needed, BlueVine’s lines of credit provide businesses with the financial flexibility they need to manage cash flow and seize growth opportunities.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 625 or higher

Loan Amounts: $5,000 – $250,000

APR: starts at 6.2%

Minimum Credit Score: 625

Pros
  • Fast approval and funding
  • No prepayment penalties
  • Only pay interest on the funds you use
Cons
  • Not available for some industries
  • Requires a lien on business assets
  • Higher APRs for those with lower credit scores
  • Unavailable to businesses in North and South Dakota, Puerto Rico, and other U.S. territories

6. National Funding – Best for Small to Mid-Sized Businesses

National Funding is a trusted alternative lender that offers a variety of loan products, including working capital loans, equipment financing, and merchant cash advances, designed to meet the unique needs of small to mid-sized businesses. With flexible terms, high approval rates, and a quick application process, National Funding is a reliable financing partner for businesses seeking tailored funding solutions.

Eligibility Criteria

  1. At least one year in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 600 or higher

Loan Amounts: $5,000 – $500,000

APR: start at 1.10%-buy rates

Minimum Credit Score: 600

Pros
  • Flexible loan terms and repayment options
  • High approval rates
  • Quick application process
Cons
  • Not transparent about APRs
  • Requires a personal guarantee
  • Not ideal for startups or businesses with low revenue

7. Fundbox – Best for Small to Mid-Sized Businesses

Fundbox is an innovative financial technology company that provides lines of credit and invoice financing solutions to small and medium-sized businesses. With a fast and straightforward application process, transparent pricing, and flexible repayment options, Fundbox helps businesses manage cash flow challenges and unlock growth opportunities.

Eligibility Criteria

  1. At least two months in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 600 or higher

Loan Amounts: $1,000 – $150,000

APR: Start at 4.66%

Minimum Credit Score: 600

Pros
  • Fast funding, often within 24 hours
  • No prepayment penalties
  • Transparent pricing and fees
Cons
  • Short loan terms (up to 12 months)
  • Requires weekly repayments
  • Not suitable for startups or businesses with low revenue

8. TD Bank – Best for Healthcare Professionals

TD Bank offers specialized financing solutions designed exclusively for licensed healthcare professionals, including dentists, veterinarians, and physicians. With flexible repayment terms, relationship-based pricing, and a deep understanding of the healthcare industry, TD Bank is a trusted financing partner for healthcare practices seeking to grow, expand, or modernize their operations.

Eligibility Criteria

  1. Licensed healthcare professionals
  2. Good personal credit history
  3. Satisfactory financial performance

Loan Amounts: Up to $5,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 660; good credit history is required

Pros
  • Specialized financing options for healthcare professionals
  • Flexible repayment terms
  • Relationship-based pricing for existing customers
Cons
  • Limited to healthcare professionals
  • Requires a personal guarantee
  • Not transparent about APRs and fees
  • Only located in 16 states

9. Funding Circle – Best for Established Business

Funding Circle is a leading online lender that offers affordable and transparent term loans to established small businesses. With competitive interest rates, longer loan terms, and no prepayment penalties, Funding Circle provides businesses the capital they need to invest in long-term growth opportunities and strengthen their financial position.

Eligibility Criteria

  1. At least two years in business
  2. Minimum annual revenue of $50,000
  3. Personal credit score of 660 or higher

Loan Amounts: $25,000 – $500,000

APR: 7.49% to 24.99%

Minimum Credit Score: 660

Pros
  • Competitive interest rates
  • Longer loan terms (up to 5 years)
  • No prepayment penalties
Cons
  • Requires a lien on business assets
  • Not ideal for businesses with low revenue or credit scores
  • Longer application process compared to other lenders

10. Biz2Credit – Best for Loan Options

Biz2Credit is a small business financing platform that connects borrowers with a wide range of loan options from an extensive network of lenders. With a personalized approach to loan recommendations and various loan products, Biz2Credit helps businesses find the right financing solution to meet their unique needs and financial goals.

Eligibility Criteria

  1. At least six months in business
  2. Minimum annual revenue of $100,000
  3. Personal credit score of 575 or higher

Loan Amounts: $25,000 – $6,000,000

APR: Varies by loan product and borrower qualifications

Minimum Credit Score: 575

Pros
  • Wide range of loan options
  • Access to a network of lenders
  • Personalized loan recommendations
Cons
  • Not a direct lender – acts as a marketplace
  • Loan terms and rates vary depending on the lender
  • Some lenders may have additional fees

FAQs

What are the best small business banks in Indiana?
The best small business banks in Indiana include PNC Bank, Chase Bank, Fifth Third Bank, and KeyBank.
Are there local banks in Indiana that specialize in serving small businesses?
Yes, there are several local banks in Indiana that specialize in serving small businesses, including First Merchants Bank, Horizon Bank, and MutualBank.
Can I apply for a small business loan online through these banks?
Yes, many of these banks offer online applications for small business loans.
What is the minimum credit score required to qualify for a small business loan in Indiana?
The minimum credit score required to qualify for a small business loan can vary by bank and loan type, but generally a score of at least 650 is preferred.
Which banks in Indiana offer SBA loans?
Many banks in Indiana offer SBA loans, including PNC Bank, Fifth Third Bank, and Huntington National Bank.
Can I get a business checking account in Indiana without a minimum balance requirement?
Yes, there are several banks in Indiana that offer business checking accounts with no minimum balance requirement, such as KeyBank and Chase Bank.
Are there any banks in Indiana that offer free business checking accounts?
Yes, some banks in Indiana offer free business checking accounts, including Huntington National Bank and Centier Bank.
What types of business loans are available in Indiana?
A variety of business loans are available in Indiana, including lines of credit, term loans, SBA loans, and equipment financing.
Are there any government programs in Indiana that can help small businesses obtain financing?
Yes, the Indiana Small Business Development Center offers a variety of programs and resources to help small businesses obtain financing.
What are some common interest rates for small business loans in Indiana?
Interest rates for small business loans in Indiana can vary widely, depending on factors such as the borrower’s creditworthiness, loan amount, and repayment period. Typical rates may range from 5% to 15%.
Can I get a small business loan if I have bad credit?
It may be more challenging to obtain a small business loan with bad credit, but some banks in Indiana may still offer lending options. Working with a microlender, or obtaining a secured loan, may also increase your chances of approval.
What are some common documents you need to apply for a small business loan in Indiana?
Common documents needed for a small business loan application may include financial statements, tax returns, business plans, and identifying documentation (such as a driver’s license).
Where can I find listings of small business grants in Indiana?
You can search for available small business grants in Indiana through resources such as the Indiana Economic Development Corporation and the Small Business Administration.
What types of checking account fees should I be aware of as a small business owner in Indiana?
Common fees for business checking accounts in Indiana may include monthly maintenance fees, transaction fees, and overdraft fees.
Can I open a small business account at a bank outside of Indiana?
Yes, depending on the bank’s policies, you may be able to open a small business account at a bank outside of Indiana. However, you may need to regularly visit a local branch to make in-person transactions.
What are some benefits of opening a small business account at a credit union in Indiana?
Some credit unions in Indiana offer lower interest rates on loans and credit cards, higher interest rates on savings accounts, and fewer account fees.
Is it cheaper to use online banking for my small business?
Using online banking can be more convenient and less expensive than traditional in-person banking for many small businesses. However, fees and services can vary widely depending on the bank and account type.
What are some successful businesses that started in Indiana?
Successful small businesses that started in Indiana include Newfangled Confections, Hartzell Propeller Inc., and Pressed for Time Apparel.
What’s the best time of year to apply for an Indiana small business loan?
The best time to apply for an Indiana small business loan can vary, but starting the application process well in advance of when you need the funds is generally a good strategy.
Are there any Indiana banks that offer POS (point of sale) systems?
Yes, several Indiana banks offer POS systems to small businesses as part of their suite of services.
Can a small business in Indiana open a money market account?
Yes, many banks in Indiana offer money market accounts suitable for small businesses, which typically offer higher interest rates and more flexible withdrawal penalties.
What are some small business tax incentives available in Indiana?
Indiana offers several tax incentives for small businesses, including job tax credits, economic development tax credits, and property tax abatement for investments in new equipment or buildings.
What is an Indiana Capital Access Program (CAP) loan?
The Indiana Capital Access Program is a loan program designed to help Indiana based small businesses obtain financing by creating a pool of lender funds through assistance from the Indiana Economic Development Corporation.
Are there any Indiana banks that specifically cater to minority-owned businesses?
Some banks in Indiana with a history of working with minority-owned businesses include KeyBank, Fifth Third Bank, and Huntington National Bank.
Does Indiana have any coworking spaces for small businesses?
Yes, Indiana has many coworking spaces geared towards small businesses, including Launch Indy, The Network, and Industrious.
How can I find a financial advisor for my small business in Indiana?
You can search for financial advisors in Indiana using resources such as the National Association of Personal Financial Advisors and the Financial Planning Association.
Can any Indiana bank providers retirement accounts for small businesses?
Yes, many banks in Indiana offer retirement accounts, such as 401(k)s, for small businesses.
What is the best resource in Indiana for entrepreneurs starting a small business?
The Indiana Small Business Development Center offers an array of counseling, networking, technical assistance, and training services to entrepreneurs starting small businesses in Indiana.
What are some of the best small business banks in Indiana?
Some of the best small business banks in Indiana include Chase, Huntington, KeyBank, Fifth Third Bank, Regions Bank, PNC, and First Merchants Bank.
What criteria should small business owners look for in a bank in Indiana?
Small business owners in Indiana should look for factors such as fees, minimum balances, account options, online and mobile capabilities, availability of business loans, customer service, and local community focus, among other things.
Are there any specific banks in Indiana that cater more towards small businesses than others?
Yes, some banks in Indiana that cater more towards small businesses than others include Chase, Huntington, and First Merchants Bank.
Are there any credit unions in Indiana that offer small business banking services?
Yes, there are several credit unions in Indiana that offer small business banking services, such as Indiana Members Credit Union and Forum Credit Union.
Can small business owners open business checking and savings accounts at any bank in Indiana?
Yes, small business owners can typically open business checking and savings accounts at any bank in Indiana that offers those services.
What types of businesses are most commonly served by banks in Indiana?
Banks in Indiana typically serve a range of businesses, including small retailers, service providers, manufacturers, non-profits, and professional services.
Do any banks in Indiana offer special small business loans or lines of credit?
Yes, many banks in Indiana offer small business loans and lines of credit, such as Chase, PNC Bank, and Huntington.
Are there any banks in Indiana that specialize in or primarily serve minority-owned businesses?
Yes, there are several banks in Indiana that specialize in or primarily serve minority-owned businesses, such as First Financial Bank, PNC Bank, and First Merchants Bank.
What kind of documentation is typically required to open a small business account at a bank in Indiana?
Small business owners in Indiana must typically provide documentation such as their business license, tax ID number, personal identification, and proof of incorporation or formation.
What online banking services are available for small business owners in Indiana?
Small business owners in Indiana can typically access online banking services such as account management, bill payment, and mobile deposits, among others.
Are there any state-specific regulations that Indiana-based banks must follow?
Yes, Indiana-based banks must comply with state regulations such as licensing and audits, as well as national regulations like the Bank Secrecy Act and the Patriot Act.
How can small business owners find the best bank for their needs in Indiana?
Small business owners can research and compare banks in Indiana based on factors like fees, account options, loan products, and location, as well as customer reviews and recommendations.
What are some of the common fees associated with small business banking in Indiana?
Some common fees associated with small business banking in Indiana include account maintenance fees, transaction fees, ATM fees, and wire transfer fees.
Are there any banks in Indiana that offer special rates or rewards for small business accounts?
Yes, there are several banks in Indiana that offer special rates or rewards for small business accounts, such as Fifth Third Bank and Regions Bank.
How long does it typically take to open a small business account at a bank in Indiana?
The time it takes to open a small business account at a bank in Indiana can vary depending on the bank’s policies and the completeness of the business owner’s documentation.
Are there any Indiana-specific grants or financial resources for small businesses?
Yes, there are several Indiana-specific grants and financial resources available for small businesses, such as the Small Business Competitiveness Fund and Indiana Statewide Certified Development Corporation.
What are the benefits of working with a local bank in Indiana for small business owners?
Local banks in Indiana can offer benefits such as personalized customer service, knowledge of the local business community, and a focus on supporting local entrepreneurship.
How can small business owners in Indiana protect themselves online from potential fraud or cyberattacks?
Small business owners in Indiana can protect themselves online by using secure passwords, enabling two-factor authentication, and being cautious of phishing scams, among other things.
Are Indiana-based banks required to adhere to any environmental or sustainability practices?
While there are no specific state-level requirements, many Indiana-based banks have implemented environmental or sustainability practices as part of their corporate social responsibility initiatives.
Has the COVID-19 pandemic impacted small business banking services in Indiana?
Yes, the pandemic has impacted small business banking services in Indiana, with many banks offering loan assistance and other support to struggling businesses.
Are there any banks in Indiana that offer financing specifically for startups or new businesses?
Yes, there are several banks in Indiana that offer financing specifically for startups or new businesses, such as KeyBank and First Merchants Bank.
What resources or programs are available in Indiana for small business owners affected by natural disasters such as floods or tornadoes?
The Indiana Small Business Development Center and the Indiana Department of Homeland Security offer resources and programs for small business owners affected by natural disasters.
Is it possible for small business owners in Indiana to obtain loans or funding through peer-to-peer lending platforms?
Yes, small business owners in Indiana can utilize peer-to-peer lending platforms such as Peerform or LendingClub to obtain loans or funding.
What sets apart small business banks in Indiana from those in other states?
Small business banks in Indiana may differ from those in other states in terms of their focus on the local community, available resources or funding, or overall level of customer service.
Can small business owners in Indiana expect to receive higher-quality customer service from local banks as compared to nationwide or large banks?
While customer service experiences may vary, local banks in Indiana may offer more personalized and attentive customer service experiences than their nationwide or larger bank counterparts.
How can small business owners in rural or remote areas access banking services in Indiana?
Small business owners in rural or remote areas of Indiana can access banking services through various means such as rural bank branches, online banking, and mobile apps.
Are there any Indiana-specific programs or resources available for small business owners interested in exporting their products or services?
Yes, Indiana offers the Indiana State Trade and Export Promotion (IN-STEP) program to help small businesses with activities related to exporting their products or services.
How can small business owners in Indiana build and establish strong relationships with their banks?
Small business owners in Indiana can establish strong relationships with their banks by being open and honest about their finances, staying on top of their account management and transactions, and actively communicating with their bank representatives.

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Conclusion

As Indiana, also known as The Hoosier State continues to foster a vibrant entrepreneurial ecosystem, having access to the right financial partners and resources will be crucial in navigating this thrilling ride. By exploring various small business loan options and staying attuned to the ever-evolving financing landscape, entrepreneurs can achieve their dreams and contribute to the ongoing prosperity of the Indiana economy.

When looking for the best small business loans in Indiana, it’s essential to consider your unique needs and financial situation. Whether you’re forming a Indiana LLC or growing your existing LLC in Indiana, each of these lenders offers something different to help you achieve your goals. Be sure to compare loan options, eligibility criteria, APRs, and repayment terms to find the right fit for your business. Visit LLCBase for more information about starting an LLC in Indiana.

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