Merchants Bank of Indiana in the SBA file

SBA names Merchants Bank of Indiana as present or last holder of 527 loans approved during FY2017 to FY2026, adding up to $600.2 million in gross dollars. Program by program, 7(a) has all 527 and 504 has none. The sections below restate SBA's figures. They do not describe how the bank underwrites, whom it prefers or what it requires.

Gas stations, quick service and lodging

314 loans carry no asset class. Gas station and truck stop leads the classed loans with 43. Limited-service restaurant has 37, hotel and motel 29 and full-service restaurant 21. Liquor store stands at 15 and fitness center at 13. Fuel, lodging and quick-service food, all in this list, draw on passing traffic, so a study for any of them begins with counts of vehicles, nearby competing sites and the cost of acquiring and building a visible parcel. Liquor stores add the question of licence timing and local rules.

Indiana and Illinois at the head of the list

Indiana has 169 loans and Illinois 115. Texas holds 44, Florida 37 and Ohio 19. California and Michigan hold 15 and 14. Those two states hold most of the file, so Indiana and Illinois borrowers will see the holder named often.

The cancellation floor, and two missing rates

Cancelled loans make up 8.0% of approvals dated FY2017 to FY2024, which is a floor. Loan Analytics prints neither the ceiling for that measure nor a charge-off rate for this holder, under its own rule. Nothing should be inferred from the blanks, and in particular they are not zeros. A reader has the cancellation floor and no view of later outcomes.

Putting the record to use

When a borrower compares lenders, a file like this shows which property types and states a holder carries. It cannot show the decision a credit committee will reach on a new request. That decision rests on the project, and the feasibility study is where a borrower documents market demand, the cost budget, the margin by which income covers the payment and the support for the appraisal.

SBA loans held by Merchants Bank of Indiana

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	527
Gross dollars approved	$600.2 million
SBA 7(a) loans	527
SBA 504 loans	0

Cancellation and charge-off

Cancelled after approval, FY2017 to FY2024 approvals (a floor)	8.0%
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.

Loans by asset class

Asset class	Loans
Not in any of the 39 asset classes	314
Gas station and truck stop	43
Limited-service restaurant	37
Hotel and motel	29
Full-service restaurant	21
Liquor store	15
Fitness center	13
Child care center	12
Automotive mechanical repair (car and truck)	7
Car wash	5
Beauty salon	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	169
Illinois	115
Texas	44
Florida	37
Ohio	19
California	15
Michigan	14
Wisconsin	12
Georgia	10
Pennsylvania	9
Colorado	8
Minnesota	6
Kentucky	5
South Carolina	5
Washington	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-8056.

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 Merchants Bank of Indiana or any other lender. Tell us the project and the lender's deadline, and we reply with scope, timeline and fee.

Daniel Smith, MAI

Merchants Bank of Indiana: SBA Lending Record