# Small business loans in Evansville, IN

**Short answer:** The most active SBA lenders in Evansville, IN since FY2024 are Heritage (35 loans) and Old National Bank (14). The median loan was $196,500, and half fell between $74,500 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/evansville/
Data as of: 2026-06-30

## Lenders making SBA loans in Evansville

Heritage made the most loans in Evansville, 38% of the total. The four largest lenders together made 66%.

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

| Lender | Loans | Share |
| --- | --- | --- |
| [Heritage](https://www.sbaexpress.loans/sba-express-lenders/heritage/): Credit union | 35 | 38.0% |
| [Old National Bank](https://www.sbaexpress.loans/sba-express-lenders/old-national-bank/) | 14 | 15.2% |
| [Stock Yards Bank & Trust Company](https://www.sbaexpress.loans/sba-express-lenders/stock-yards-bank-and-trust-company/) | 6 | 6.5% |
| The First National Bank of Carmi | 6 | 6.5% |

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

Evansville 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 Evansville

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

36% of Evansville 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 Evansville

Evansville ranks 5th by loans since FY2024 among the 10 Indiana cities with 100 or more SBA loans since FY2020. Nationally it is the 239th busiest of the 580 cities that reach 100 loans.

The 92 loans, 3.2% of the 2,869 in Indiana, were approved for $57.9 million in all. The median loan was $196,500, 31% above the national median of $150,300. Half of the loans fell between $74,500 and $500,000. The Evansville median is 31% above the Indiana median of $150,000.

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

| Measure | Evansville | Indiana | U.S. |
| --- | --- | --- | --- |
| Loans | 92 | 2,869 | 162,355 |
| Median loan | $196,500 | $150,000 | $150,300 |
| 25th percentile | $74,500 | $50,000 | $50,000 |
| 75th percentile | $500,000 | $406,200 | $500,000 |
| Via SBA Express | 35.9% | 37.3% | 35.8% |
| Lines of credit | 21.7% | 31.3% | 28.1% |
| Startups | 15.2% | 18.6% | 16.1% |
| Ownership changes | 19.6% | 12.1% | 10.4% |
| Median term | 10 years | 10 years | 10 years |
| Median spread | 1.5 | 2.25 | 2.75 |
| Charged off | 0.0% | 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.

76% of the loans were $500,000 or less, the size SBA Express covers. 35.9% of all loans went through SBA Express, close to the national 35.8%. Lines of credit were 21.7% of loans, below the national 28.1%.

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

- $50,000 or less (20%): 18
- $50,001 to $150,000 (24%): 22
- $150,001 to $350,000 (24%): 22
- $350,001 to $500,000 (9%): 8
- $500,001 to $1,000,000 (10%): 9
- $1,000,001 to $2,000,000 (5%): 5
- Over $2,000,000 (9%): 8

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

By business age, 44.6% of loans went to businesses more than two years old and 20.7% to businesses two years old or younger. Startups received 15.2% and changes of ownership 19.6%.

SBA loans in Evansville, IN by fiscal year

- FY2020: 20
- FY2021: 24
- FY2022: 28
- FY2023: 24
- FY2024: 45
- FY2025: 27
- FY2026 (through June 30): 20

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

Volume fell 40% from FY2024 (45 loans) to FY2025 (27), the two latest full years. The busiest full year in the file was FY2024, with 45 loans. FY2026 already shows 20 loans through June 30.

Of the 72 loans Evansville borrowers received in FY2020 to FY2022, 0.0% were charged off by June 30, 2026, against 3.6% nationally. That group is small, so treat the rate as rough. Lenders reported 1,180 jobs supported across the 92 loans since FY2024, about 12.8 per loan. SBA does not audit these estimates.

## What businesses in Evansville borrow for

Full-Service Restaurants was the largest borrower group in Evansville, with 8 loans or 8.7% of the total.

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

| Industry | Loans | Share | U.S. share |
| --- | --- | --- | --- |
| [Full-Service Restaurants](https://www.sbaexpress.loans/industries/full-service-restaurants/) | 8 | 8.7% | 4.6% |

Share is the percent of all Evansville 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 Evansville

The median Evansville loan was $196,500 with a median term of 10 years.

The median variable-rate loan in Evansville was priced at Prime plus 1.5 percentage points at approval. At today's Prime that spread works out to 8.50%. On $196,500 over 10 years, principal and interest would come to about $2,436 a month. That is arithmetic on past loans, not a rate a lender is offering.

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

| Loan | Amount | Monthly payment |
| --- | --- | --- |
| 25th percentile loan | $74,500 | $924 |
| Median loan | $196,500 | $2,436 |
| 75th percentile loan | $500,000 | $6,199 |

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 $196,500 is Prime plus 6.0 percentage points, or 13.00% today. The median variable-rate loan here was priced 4.5 points under that ceiling. Source: 13 CFR § 120.214(d)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395).

Evansville loans approved since FY2024 had a median starting rate of 8.95% 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 $200,000 loan](https://www.sbaexpress.loans/loan-amounts/200000-business-loan/) and [SBA Express payment calculator](https://www.sbaexpress.loans/sba-express-payment-calculator/).

## SBA 504 loans near Evansville

Evansville has 5 SBA 504 loans since FY2024, with $6.5 million in SBA and CDC dollars.

The median 504 loan in Evansville was $736,000 in SBA and CDC dollars, 15% of the $5,000,000 program maximum. The bank's share of each project is separate and is not counted in these figures.

Premier Capital Corporation is the Certified Development Company (CDC) named on the most loans since FY2020, with 18. Indiana Statewide Certified Development Corporation follows with 5. The two CDCs listed are named on 23 loans between them.

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

| Certified Development Company | 504 loans |
| --- | --- |
| Premier Capital Corporation | 18 |
| Indiana Statewide Certified Development Corporation | 5 |

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 Evansville

Evansville made up 3.2% of Indiana's SBA loans since FY2024.

Evansville 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.

- [Lafayette: 39 loans, median $100,000](https://www.sbaexpress.loans/indiana-small-business-loans/lafayette/)
- [Fort Wayne: 148 loans, median $175,000](https://www.sbaexpress.loans/indiana-small-business-loans/fort-wayne/)
- [South Bend: 32 loans, median $254,500](https://www.sbaexpress.loans/indiana-small-business-loans/south-bend/)
- [Indianapolis: 601 loans, median $140,000](https://www.sbaexpress.loans/indiana-small-business-loans/indianapolis/)
- [Greenwood: 70 loans, median $100,000](https://www.sbaexpress.loans/indiana-small-business-loans/greenwood/)
- [Avon: 41 loans, median $108,000](https://www.sbaexpress.loans/indiana-small-business-loans/avon/)
- [Noblesville: 66 loans, median $165,000](https://www.sbaexpress.loans/indiana-small-business-loans/noblesville/)
- [Fishers: 110 loans, median $150,000](https://www.sbaexpress.loans/indiana-small-business-loans/fishers/)

## Common questions about SBA loans in Evansville

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

Heritage leads with 35 loans in Evansville since FY2024. Old National Bank (14) and Stock Yards Bank & Trust Company (6) follow. Only lenders with five or more Evansville loans are counted.

### Which industries get SBA loans in Evansville?

Full-Service Restaurants leads with 8 loans in Evansville 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)(2); SOP 50 10 8.1, App. 18, Para. A.2 (p. 395)](https://www.ecfr.gov/current/title-13/section-120.214)