Local lending data
Who lends to businesses in St. Joseph County?
139 SBA 7(a) loans went to businesses in St. Joseph County recently, at a median of $150,000. The lenders that made them, ranked, with local rates and startup share.
139 SBA 7(a) loans went to businesses in St. Joseph County in the most recent fiscal years, at a median of $150,000. The most active lender was 1st Source Bank, with 55 loans.
SBA lending in St. Joseph County, by the numbers
Every figure here is computed from SBA 7(a) loan-level FOIA data released 2026-06-30 — loans that were actually approved to businesses in this county, not advertised ranges.
| Measure | St. Joseph County | Indiana | National |
|---|---|---|---|
| Loans approved | 139 | 3,944 | 214,102 |
| Median loan | $150,000 | $150,000 | $150,000 |
| 25th - 75th percentile | $50,000 - $350,000 | $50,000 - $401,975 | $50,000 - $500,000 |
| Median term | 10 years | 10 years | 10 years |
| Median initial rate | 9.75% | 10.00% | 10.25% |
| Share to startups | 50.4% | 35.2% | 33.6% |
| Charge-off rate, FY2010-19 | 5.2% | 6.3% | 7.1% |
| Jobs supported | 1,232 | 39,041 | 2,142,602 |
Which lenders actually funded them
Ranked by loans approved to businesses in St. Joseph County. The median, startup share and rate columns describe each lender's own loans in this county, not its national averages.
| Lender | Loans | Median loan | Startup share | Median rate |
|---|---|---|---|---|
| 1st Source Bank | 55 | $62,000 | 69% | 9.75% |
| Centier Bank | 15 | $143,600 | 20% | 9.25% |
| The Huntington National Bank | 12 | $125,000 | 33% | 10.00% |
| Horizon Bank | 7 | $50,000 | 57% | 9.00% |
| Everwise Credit Union | 6 | $170,000 | 50% | 10.25% |
| Inova Federal Credit Union | 4 | $86,000 | 75% | 7.75% |
| KeyBank | 4 | $38,700 | 75% | 11.49% |
| Celtic Bank Corporation | 3 | $150,000 | 33% | 10.50% |
| Readycap Lending, LLC | 3 | $200,000 | 0% | 13.50% |
| First State Bank of Middlebury | 2 | $775,000 | 0% | 7.12% |
What stands out here
Reading these figures against the national picture:
- Loan sizes are typical. The median of $150,000 is within a few percent of the $150,000 national median across all 7(a) borrowers, so nothing about this market is unusual on size.
- New businesses do well here. 50% of these loans went to startups or businesses under two years old, against 34% nationally — an unusually open market if you have no trading history.
- One lender dominates. 1st Source Bank alone made 40% of these loans, and the top three made 59%. That concentration usually means a lender with a dedicated program for this sector — worth starting there, but get a second quote so you know the terms are competitive.
- Rates run lower here. The median initial rate of 9.75% is 0.50 points below the 10.25% national median, which usually tracks loan size and perceived sector risk rather than geography.
Who borrows in St. Joseph County
The mix of industries taking SBA loans here, led by personal services.
| Sector | Loans | Share |
|---|---|---|
| Personal Services | 25 | 18.0% |
| Construction | 17 | 12.2% |
| Restaurants and Hotels | 17 | 12.2% |
| Trucking | 13 | 9.4% |
| Healthcare | 11 | 7.9% |
| Retail | 11 | 7.9% |
| Manufacturing | 11 | 7.9% |
| Admin Services | 10 | 7.2% |
How to use this
- Shortlist three lenders from the table whose median loan in this county is close to what you need. Size match matters more than brand.
- Ask each whether they are a Preferred Lender and how many 7(a) loans they closed last year — see choosing an SBA lender.
- Check your coverage first with the affordability calculator, so you ask for a number your cash flow supports.
- Follow your sector link in the table above for lender data specific to your industry across Indiana.
Other counties in Indiana
- Nearby markets with published data: Marion County, Hamilton County, Lake County, Allen County, Johnson County, Hendricks County, Vanderburgh County, Porter County