The 1st Source Bank record

1st Source Bank has 1,112 loans and $189.0 million in gross dollars approved in SBA's FY2017 through FY2026 data. Each is an SBA 7(a) loan, with no SBA 504 loans, and SBA lists the bank under IN. The numbers are SBA's records of loans 1st Source Bank holds or held. SBA provides the guarantee on all 1,112 loans, and a 7(a) loan appears under the bank it is currently assigned to, or last held.

Indiana and its neighbours

Indiana accounts for 972 loans, Michigan for 113, and Iowa, Ohio and Florida for only 7, 7 and 5. Among classes, 898 of the loans have no name, which leaves the full-service restaurant at 48, the limited-service restaurant at 43, the beauty salon at 29, coffee shops at 19 and automotive repair at 18.

What happened after approval

Of FY2017 through FY2024 approvals, 4.8% cancelled for sure; 5.4% with undisbursed loans added. Disbursed FY2017 through FY2021: 633 loans. Charge-off floor at present: 1.3%. Within five years of approval: 1.3%. Loans stay open at 1st Source Bank, so both rates may climb.

Reading it for a study

The book is concentrated: nearly all of it sits in Indiana, so a borrower there is close to the heart of the record and a borrower elsewhere is not. With 898 loans in no named class, only restaurants, beauty salons and coffee shops have much named weight. A restaurant study tests sales per seat, labour and what rent the site can carry. A salon study tests chair count and booked hours. A coffee shop study tests morning traffic, ticket size and the opening ramp. The study should still show debt service coverage in a slower year and a figure an appraiser will stand behind up.

What the figures leave open

Notice what the table cannot say. Of the 1,112 loans, 898 carry no class, so most of the book offers no property-type reading at all. The 5 Florida loans and the 7 each in Iowa and Ohio are too few to treat as a pattern, while 972 in Indiana and 113 in Michigan are not. A borrower whose project sits in either of those two states can use the record as background. Anyone else should treat it as a single data point and build the case from the site.

SBA loans held by 1st Source Bank

SBA guarantees these loans; the lender does not. The lender's name and every figure come from the U.S. Small Business Administration's public 7(a) and 504 FOIA file (data.sba.gov).

7(a) lender is the bank or lender the loan is currently assigned to (or last held it), as SBA records it; 504 lender is the Certified Development Company (CDC). 504 third-party (first-lien) lenders are free text with no identifier and are not credited.

Loans approved, FY2017 to FY2026	1,112
Gross dollars approved	$189.0 million
SBA 7(a) loans	1,112
SBA 504 loans	0

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	4.8%
The same, counting loans still undisbursed as cancelled (a ceiling)	5.4%
Charged off to date, FY2017 to FY2021 disbursed loans (a floor)	1.3%
Charged off within five years of approval	1.3%
Loans in that cohort	633

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.

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	898
Full-service restaurant	48
Limited-service restaurant	43
Beauty salon	29
Coffee shop and snack bar	19
Automotive mechanical repair (car and truck)	18
Fitness center	14
Beverage manufacturing (breweries, wineries, distilleries)	10
Rehabilitation and therapy clinic	9
Dental office	5

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

Loans by project state

State or area	Loans
Indiana	972
Michigan	113
Iowa	7
Ohio	7
Florida	5

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

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; Loan Analytics lender cell LP-fdic-9087.

Related feasibility study pages

Loan Analytics prepares the feasibility study a lender reads before it commits: for a commercial project anywhere in the United States, financed under SBA 7(a), SBA 504, USDA Business and Industry or a conventional bank loan, by 1st Source Bank or any other lender. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

1st Source Bank: SBA Lending Record