SBA awards $728M to Hoosier entrepreneurs in 2023
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The Indiana district of the U.S. Small Business Administration is sharing a look at how much funding was directed to local businesses throughout 2023.
The state in total received $728 million of the more than $50 billion awarded by the federal administration this year. Those dollars supported capital, disaster relief and bonding efforts across Indiana, a state with an economy heavily comprised by small business.
SBA Indiana District Director Stacey Poynter, in a news release, cited statistics from the U.S. SBA Office of Advocacy’s 2023 Small Business Profile which shows that 99.4% of businesses in Indiana are small and employ 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,” Poynter said in the release. “We are proud to be a trusted small business ally, resource and access point supporting Indiana’s entrepreneurial spirit and growth.”
This year, the SBA directed $493 million to businesses through its primary business loan program, the 7(a) loan program. Their awards totaled nearly 1,200 total loans.
The administration offered 96 fixed-rate loans through its 504 loan program for a total of $92 million. The SBA also offered $2.5 million through 87 small, $50,000-or-less loans. And, $29.1 million in disaster relief loans were approved throughout the year.
The Indiana district also offered awards for active lenders. Those include:
- Regional Lender — Gold: The Huntington National Bank
- Regional Lender — Silver: Key Bank
- Regional Lender — Bronze: Old National Bank
- Community Lender — Gold: 1st Source Bank
- Community Lender — Silver: Centier Bank
- Community Lender — Bronze: Merchants Bank of Indiana
- 504 CDC Lender (Loans Approved): Indiana Statewide CDC
- 504 CDC Lender (Dollar Volume): Indiana Statewide CDC
- Third Party Lender: Centier Bank
- Mission Lender: Bankable
More information about SBA-backed loans is available online at sba.gov/in.