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SBA Indiana achieves record small business lending volume

Indiana small businesses received over three-quarters of a Billion dollars in FY 21
Release Date: 
Thursday, November 18, 2021
Release Number: 
111521
Advisory Date: 
Thursday, November 18, 2021
Advisory Number: 
111521
Contact: 
laura.schafsnitz@sba.gov

INDIANAPOLIS – The U.S. Small Business Administration (SBA) approved 1371 loans for Indiana small businesses in the 7(a) and 504 programs in Fiscal Year 2021 (FY 21) ending September 30th.  These SBA-backed loans provided an all-time record of more than three-quarters of a Billion dollars at $759 million directly to entrepreneurs and supported over $910 million that they used to start, grow and expand their Indiana-based businesses.  This total dollar amount showed vast increases over both 2020 and 2019 figures.  SBA Indiana District Director Stacey Poynter says this reflects the strong partnerships SBA enjoys with lenders,  their dedication to providing funds to burgeoning entrepreneurs and their faith that small business growth is ready to bounce back as we work through the pandemic .

“This record lending volume occurred in our core loan programs which is in addition to all the COVID relief loans and grants which have received the most publicity,” Poynter said.  “During FY 21, SBA helped Indiana entrepreneurs access over $759 million through our traditional 7(a) and 504 loan programs—an increase of  40%, or $216 million, from FY 20 and an increase of 57%, or $275 million, from FY19 totals.  We couldn’t have achieved these record numbers without the hard work and dedication to small business growth from our SBA lending partners.  We are grateful for their support and look forward to the continued growth of this collaborative partnership.”

In addition to announcing the record dollar volume of SBA-backed loans to Indiana businesses, 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.  Lenders in the following categories are being recognized for their outstanding efforts in FY 21:

Regional Lender— Gold

The Huntington National Bank

Regional Lender—Silver

Old National Bank

Regional Lender— Bronze

Key Bank

Community Lender— Gold

1st Source Bank

Community Lender— Silver

Centier Bank

Community Lender— Bronze

German American Bank

504 CDC Lender

Indiana Statewide CDC

Third Party Lender

Centier Bank

Mission Lender

Bankable

Throughout the United States, SBA approved over 61,000 backed loans in the traditional 7(a) and 504 loan programs in FY21 providing over $44.8 billion to small businesses. COVID relief loan programs, including the Paycheck Protection Program and the COVID Relief Economic Injury Disaster Loan program are not included in these numbers.

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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 www.sba.gov.

 

About SBA-backed loan programs

The SBA guaranteed loan program helps small businesses get loans by working with lenders to provide loans to small businesses.  Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital.  Despite significant progress in its traditional lending programs, the agency is acutely aware of gaps that persist for certain communities in accessing capital. The SBA’s existing loan programs serve an important role in credit markets for small businesses, particularly those with collateral and demonstrated revenue that are denied a loan by a commercial bank or often lack relationships with established lenders.  For more information about SBA’s loan programs, financial assistance, and other services, visit www.sba.gov.