# Small business loans in Carmel, IN

**Short answer:** The most active SBA lenders in Carmel, IN since FY2024 are The Huntington National Bank (35 loans) and Horizon Bank (6). The median loan was $300,000, and half fell between $52,600 and $500,000. For free help, see the Indiana Small Business Development Center. Source: SBA 7(a) loan data.

Canonical page: https://www.sbaexpress.loans/indiana-small-business-loans/carmel/
Data as of: 2026-06-30

## Lenders making SBA loans in Carmel

The Huntington National Bank made the most loans in Carmel, 31% of the total. The four largest lenders together made 45%.

**Lenders with five or more SBA loans in Carmel, IN, FY2024 to June 2026**

| Lender | Loans | Share |
| --- | --- | --- |
| [The Huntington National Bank](https://www.sbaexpress.loans/sba-express-lenders/the-huntington-national-bank/indiana/) | 35 | 31.0% |
| [Horizon Bank](https://www.sbaexpress.loans/sba-express-lenders/horizon-bank/) | 6 | 5.3% |
| [First Internet Bank of Indiana](https://www.sbaexpress.loans/sba-express-lenders/first-internet-bank-of-indiana/) | 5 | 4.4% |
| [JPMorgan Chase Bank](https://www.sbaexpress.loans/sba-express-lenders/jpmorgan-chase-bank/) | 5 | 4.4% |

Share is the percent of all Carmel loans in that period. Each name links to that lender's page for Indiana where one exists.

Carmel has four lenders with five or more loans since FY2024. Others had fewer, and the Indiana page counts 171 lenders with at least one approved loan statewide.

## Local help near Carmel

Carmel borrowers can start with SBA's district office for Indiana, an SBDC or SCORE.

41% of Carmel borrowers since FY2024 were startups or businesses two years old or younger. SBDCs provide counseling and training, and SCORE mentors give advice at no cost, according to SBA.

SBA has one district office for Indiana. Its page points to state and federal resources and to lenders in the area. The Indiana Small Business Development Center gives free counseling across Indiana.

- [SBA Indiana District Office (Indianapolis): SBA district office](https://www.sba.gov/district/indiana)
- [Indiana Small Business Development Center: Small Business Development Center](https://isbdc.org/)
- [SCORE mentors in Indiana: Business mentoring](https://www.score.org/in/)

Alongside SBA loans, Indiana runs a loan program. The [Indiana page](https://www.sbaexpress.loans/indiana-small-business-loans/#loan-programs-in-indiana) describes it, and the official page is linked here.

- [Legend Fund](https://www.iedc.in.gov/ssbci/start-today)

## Loan counts and sizes in Carmel

Carmel ranks 3rd by loans since FY2024 among the 10 Indiana cities with 100 or more SBA loans since FY2020. Nationally it is the 175th busiest of the 580 cities that reach 100 loans.

The 113 loans, 3.9% of the 2,869 in Indiana, were approved for $69.2 million in all. The median loan was $300,000, 100% above the national median of $150,300. Half of the loans fell between $52,600 and $500,000. The Carmel median is 2.0 times the Indiana median of $150,000.

**Carmel, IN compared with Indiana and the nation, loans from FY2024 to June 2026**

| Measure | Carmel | Indiana | U.S. |
| --- | --- | --- | --- |
| Loans | 113 | 2,869 | 162,355 |
| Median loan | $300,000 | $150,000 | $150,300 |
| 25th percentile | $52,600 | $50,000 | $50,000 |
| 75th percentile | $500,000 | $406,200 | $500,000 |
| Via SBA Express | 38.1% | 37.3% | 35.8% |
| Lines of credit | 34.5% | 31.3% | 28.1% |
| Startups | 25.7% | 18.6% | 16.1% |
| Ownership changes | 15.9% | 12.1% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 2.22 | 2.25 | 2.75 |
| Charged off | Fewer than 5 | 2.0% | 3.6% |

A quarter of loans were smaller than the 25th percentile loan and a quarter were larger than the 75th. Median spread is in percentage points over Prime. Charged off is the share of FY2020 to FY2022 loans a lender wrote off as a loss. It is shown only for groups of 30 loans or more. Fewer than 5 marks a share that would stand for 1 to 4 loans, which we do not publish. U.S. covers every loan in the file.

77% of the loans were $500,000 or less, the size SBA Express covers. 38.1% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 34.5% of loans, above the national 28.1%.

SBA loans in Carmel, IN by size, FY2024 to June 2026

- $50,000 or less (25%): 28
- $50,001 to $150,000 (19%): 21
- $150,001 to $350,000 (22%): 25
- $350,001 to $500,000 (12%): 13
- $500,001 to $1,000,000 (10%): 11
- $1,000,001 to $2,000,000 (5%): 6
- Over $2,000,000 (8%): 9

Labels show each size's share of all loans. The highlighted bar is the size band that contains the median.

By business age, 43.4% of loans went to businesses more than two years old and 15.0% to businesses two years old or younger. Startups received 25.7% and changes of ownership 15.9%. The national startup share is 16.1%.

SBA loans in Carmel, IN by fiscal year

- FY2020: 34
- FY2021: 36
- FY2022: 34
- FY2023: 28
- FY2024: 46
- FY2025: 48
- FY2026 (through June 30): 19

Fiscal years run October to September. The last bar covers nine of its twelve months.

Volume held steady from FY2024 (46 loans) to FY2025 (48), the two latest full years. The busiest full year in the file was FY2025, with 48 loans. FY2026 already shows 19 loans through June 30.

Of the 104 loans Carmel borrowers received in FY2020 to FY2022, fewer than 5 were charged off by June 30, 2026, against 3.6% nationally. Lenders reported 1,078 jobs supported across the 113 loans since FY2024, about 9.5 per loan. SBA does not audit these estimates.

## What businesses in Carmel borrow for

Other Personal Care Services was the largest borrower group in Carmel, with 6 loans or 5.3% of the total.

**Industries with the most SBA loans in Carmel, IN, FY2024 to June 2026**

| Industry | Loans | Share | U.S. share |
| --- | --- | --- | --- |
| [Other Personal Care Services](https://www.sbaexpress.loans/industries/other-personal-care-services/) | 6 | 5.3% | 1.2% |

Share is the percent of all Carmel loans in that period. Industry is the NAICS code on each loan. A name links to the Indiana page for that industry where one exists.

## A typical loan payment in Carmel

The median Carmel loan was $300,000 with a median term of 10 years.

The median variable-rate loan in Carmel was priced at Prime plus 2.22 percentage points at approval. At today's Prime that spread works out to 9.22%. On $300,000 over 10 years, principal and interest would come to about $3,836 a month. That is arithmetic on past loans, not a rate a lender is offering.

**Payment at today's rate on three Carmel loan sizes over 10 years**

| Loan | Amount | Monthly payment |
| --- | --- | --- |
| 25th percentile loan | $52,600 | $673 |
| Median loan | $300,000 | $3,836 |
| 75th percentile loan | $500,000 | $6,393 |

Principal and interest only. Fees, a different term or a fixed rate change the payment. This is an illustration from SBA's file, not an offer.

SBA's rate ceiling for this loan size

SBA's maximum for a loan of $300,000 is Prime plus 4.5 percentage points, or 11.50% today. The median variable-rate loan here was priced 2.3 points under that ceiling. Source: 13 CFR § 120.214(d)(3); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).

Carmel loans approved since FY2024 had a median starting rate of 10% at approval, against 10.25% nationally. Prime changed during those years, so use the spread above, not that rate, as the guide to today's cost.

Run your own numbers: [payments on a $300,000 loan](https://www.sbaexpress.loans/loan-amounts/300000-business-loan/) and [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

## SBA 504 loans near Carmel

Carmel has 13 SBA 504 loans since FY2020, with $10.3 million in SBA and CDC dollars.

Fewer than five of them came in FY2024 or later, so no recent median is published. The bank's share of each project is separate and is not counted in these figures.

Indiana Statewide Certified Development Corporation is the one Certified Development Company (CDC) named on five or more loans, 9 since FY2020.

**CDCs named on five or more 504 loans in Carmel, FY2020 to June 2026**

| Certified Development Company | 504 loans |
| --- | --- |
| Indiana Statewide Certified Development Corporation | 9 |

How a 504 loan is split

A standard 504 project is 50% third party lender, 40% CDC debenture, 10% borrower. 504 money pays for major fixed assets such as land, buildings and long-term machinery and equipment, not working capital or inventory. Source: SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221). SBA keeps a [list of Certified Development Companies](https://www.sba.gov/loans/504-loans/list-of-certified-development-companies/).

## Indiana cities near Carmel

Carmel made up 3.9% of Indiana's SBA loans since FY2024.

Carmel is one of 10 Indiana cities with 100 or more SBA loans since FY2020. The [Indiana page](https://www.sbaexpress.loans/indiana-small-business-loans/) covers all 2,869 loans in Indiana. The closest come first, ranked by county and ZIP code on their loans.

- [Fishers: 110 loans, median $150,000](https://www.sbaexpress.loans/indiana-small-business-loans/fishers/)
- [Noblesville: 66 loans, median $165,000](https://www.sbaexpress.loans/indiana-small-business-loans/noblesville/)
- [Avon: 41 loans, median $108,000](https://www.sbaexpress.loans/indiana-small-business-loans/avon/)
- [Greenwood: 70 loans, median $100,000](https://www.sbaexpress.loans/indiana-small-business-loans/greenwood/)
- [Indianapolis: 601 loans, median $140,000](https://www.sbaexpress.loans/indiana-small-business-loans/indianapolis/)
- [South Bend: 32 loans, median $254,500](https://www.sbaexpress.loans/indiana-small-business-loans/south-bend/)
- [Fort Wayne: 148 loans, median $175,000](https://www.sbaexpress.loans/indiana-small-business-loans/fort-wayne/)
- [Evansville: 92 loans, median $196,500](https://www.sbaexpress.loans/indiana-small-business-loans/evansville/)

## Common questions about SBA loans in Carmel

### Which lenders make the most SBA loans in Carmel?

The Huntington National Bank leads with 35 loans in Carmel since FY2024. Horizon Bank (6) and First Internet Bank of Indiana (5) follow. Only lenders with five or more Carmel loans are counted.

### Which industries get SBA loans in Carmel?

Other Personal Care Services leads with 6 loans in Carmel since FY2024.

How to read this

Counts come from SBA's 7(a) loan-level data release, as of June 30, 2026. The file lists loans SBA approved. It does not list declined applications, so it cannot show approval odds. We do not publish any figure built on fewer than 5 loans. Location is the borrower's address in the file, and city names are as SBA recorded them. Recent means FY2024 through June 30, 2026. Charge-off rates use FY2020 to FY2022 loans, the only years old enough to have had time to go bad. Jobs supported are lender-reported estimates. [How we build these pages](https://www.sbaexpress.loans/method/).

## Sources

- [SBA 7(a) and 504 FOIA loan-level data, as of June 30, 2026](https://data.sba.gov/dataset/7a-504-foia)
- [SBA, 504 loans](https://www.sba.gov/loans/504-loans/)
- [SBA, resource partners: SBDCs and SCORE](https://www.sba.gov/counseling/local-assistance/resource-partners/)
- [SBA Indiana District Office (Indianapolis)](https://www.sba.gov/district/indiana)
- [Indiana Small Business Development Center](https://isbdc.org/)
- [SCORE, Indiana](https://www.score.org/in/)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. D.1 (p. 241); 13 CFR § 120.931](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [SOP 50 10 8.1, Sec. C, Ch. 1, Para. B (p. 221)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [sba.gov/loans/504-loans; SOP 50 10 8.1, Sec. A, Ch. 3, Para. A (p. 51)](https://www.sba.gov/loans/504-loans/)
- [SOP 50 10 8.1, Sec. B, Ch. 2, Para. B.1 (p. 126)](https://legacy.sba.gov/sites/default/files/2026-10/SOP%2050%2010%208.1%20Technical%20Policy%20Updates%20effective%20%2010.1.2026.docx)
- [13 CFR § 120.214(d)(3); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)](https://www.ecfr.gov/current/title-13/section-120.214)