SBA Loan Programs Support Indiana Small Businesses

Over $728 million in federally backed capital provided during FY 23.

By Laura Schafsnitz, U.S. Small Business Administration—

INDIANA – As consumers roll through the heaviest shopping season of the year, the U.S. Small Business Administration announced that the SBA delivered $50 billion in capital, disaster relief, and bonding to small businesses and disaster-impacted communities across America in Fiscal Year 2023 (FY23). Over $728 million of that capital made its way into the growth efforts of Indiana entrepreneurs.

“In 1953, the SBA got its start as a federal agency supporting entrepreneurs by providing access to capital,” said Stacey Poynter, SBA Indiana District Director. “A lot has changed in 70 years, but one fact remains the same – that small businesses are the backbone of the American economy.  According to the U.S. Small Business Administration Office of Advocacy 2023 Small Business Profile, 99.4% of the businesses located in Indiana are small employing 1.2 million workers.  We’re also seeing that more small businesses are opening than closing and that entrepreneurs are creating more and more new jobs for others.  We are proud to be a trusted small business ally, resource and access point supporting Indiana’s entrepreneurial spirit and growth.”

By the Numbers: Indiana Funding and Impact

In FY23, the SBA approved 1,289 loans in our traditional 7(a) and 504 loan programs which provided more than $585 million directly to entrepreneurs and supported over $728 million that they used to start, grow, and expand their Indiana-based businesses.

• $493 million in 7(a) loans:  The 7(a) loan program, SBA’s primary business loan program, guaranteed 1,193 loans worth more than $493 million to Indiana small businesses.
• $92 million in 504 loans: The 504 loan program delivered 96 fixed-rate loans for long-term assets and real estate worth more than $92 million to small businesses while supporting $143 million to small businesses from lenders.
• In addition to the traditional SBA guaranteed loan support, the SBA helped provide access to capital for small businesses in Indiana through our Microloan program and Disaster Loan Assistance.
• $2.5 million in microloan funding: The SBA microloan program provided 87 small dollar loans under $50,000 through our intermediary lending partners in the state.

Lender Awards Recognition

Along with providing the lending volume for FY23, the Indiana District Office is pleased to recognize some of the most active lenders across the state by presenting our annual SBA Indiana Lender Awards.   “The Indiana District Office values our relationships we have with our all of our lenders across the state,” Poynter said.  “These lenders work hard to provide Indiana small businesses with critical access to capital to grow their businesses.  SBA guaranteed loan programs would not be possible without all our lending partners. “

Lenders in the following categories are being recognized for their outstanding efforts in FY23.

For more information on SBA-backed loans and small business resources for Indiana entrepreneurs, visit sba.gov/in.

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit sba.gov.