Marinas in the Muncie loan record

Muncie, IN, which is Delaware County alone, records 156 loans and $58.7 million from FY2017 to FY2026 and sits 361st of 928 by loan count. The class list gives marina 5 loans, level with beauty salon, behind hotel and motel at 8. Outside the class list lie 109 loans, and 14.7% of all loans carry a franchise brand.

National comparison puts Muncie's $152,950 median at 0.74x, and half the loans fall in the band from $50,000 to $350,000. The programme split is 143 under 7(a) and 13 under 504. No 504 institution holds enough loans to be listed by name, so anyone planning a 504 structure here is working without a local precedent. Delaware County holds all 156 loans, and just 13 of them are 504, which leaves a real estate-backed request with few comparable local files.

Holder names from SBA

SBA's holder entries show STAR Financial Bank with 31 7(a) loans worth $5.0 million, First Merchants Bank with 20 worth $2.3 million, Northwest Bank (PA) with 14 worth $3.0 million, The Huntington National Bank with 9 worth $3.0 million and Old National Bank with 8 worth $3.5 million. Those entries map the loan book only. STAR Financial Bank leads by count, though its dollars per loan are not unusual.

Of approvals through FY2024, 9.0% or more were cancelled. Muncie's cancellation ceiling and charge-off rate stay inside SBA's files, the cohorts being small; this page estimates nothing, and a blank is not zero. Approvals ran from 9 loans in FY2020 and FY2022 to 26 in FY2024, and FY2021 reached $17.0 million on 17 loans.

A Muncie study

A study for a project in Delaware County should explain demand without help from a strong local class, justify the use against competing supply, and keep cost in proportion to loans below the national median. For a marina or similar specialised use, the five local loans are a thin precedent for any such request, so the study should say how revenue would be established. Without a published loss rate, coverage has to be tested on judgement, and the appraisal must stand behind the value. Delaware County comes from the 2023 delineation. Readers should treat all of this as background that assures no approval.

SBA loans in the Muncie, IN Metro Area

Loans approved, FY2017 to FY2026	156
Gross dollars approved	$58.7 million
Median loan	$152,950
Middle half of loans, from	$50,000
Middle half of loans, to	$350,000
SBA 7(a) loans	143
SBA 504 loans	13
Franchise share of loans	14.7%
Rank among metro and micro areas by loans	361 of 928
Median loan against the national median	0.74x

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	9.0%
The same, counting loans still undisbursed as cancelled (a ceiling)	withheld
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	withheld

Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.

SBA loans approved in the Muncie, IN Metro Area, by fiscal year

Fiscal year	Loans	Dollars
FY2017	23	$9.6 million
FY2018	11	$2.8 million
FY2019	13	$2.4 million
FY2020	9	$1.8 million
FY2021	17	$17.0 million
FY2022	9	$6.9 million
FY2023	14	$3.5 million
FY2024	26	$3.4 million
FY2025	15	$5.9 million
FY2026	19	$5.4 million

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	109
Hotel and motel	8
Marina	5
Beauty salon	5

Classes with 5 or more loans; smaller ones are withheld, and more where a small one could be derived.

Most active SBA lenders

SBA 7(a): lenders by loans approved (the current holder of each loan, as SBA reports it)
Lender	Loans	Dollars
STAR Financial Bank	31	$5.0 million
First Merchants Bank	20	$2.3 million
Northwest Bank (PA)	14	$3.0 million
The Huntington National Bank	9	$3.0 million
Old National Bank	8	$3.5 million

Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.

Where the loans are, by county

County	Loans
Delaware County, IN	156

Counties with 5 or more loans; smaller ones are not listed.

Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.

All assets: every 7(a) and 504 approval in the metro, including those outside the 39 asset classes.

A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.

Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MT-34620.

Related feasibility study pages

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project in the Muncie, IN Metro Area, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Feasibility Study Data for the Muncie, IN Metro Area