Merchants Bank of Indiana
Headquartered in CARMEL, IN. Analysis based on 451 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $510.5M.
Total 7(a) loans
451
Total approved
$510.5M
Average loan
$1.1M
States funded in
37
Charge-off rate
0.35%
FY2020–FY2023 cohort
Paid-in-full rate
29.43%
Average rate
7.84%
Average term
183 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 722513 | Limited-Service Restaurants | 33 |
| 561431 | Private Mail Centers | 28 |
| 721110 | Hotels (except Casino Hotels) and Motels | 24 |
| 722511 | Full-Service Restaurants | 20 |
| 447110 | Gasoline Stations with Convenience Stores | 20 |
| 238990 | All Other Specialty Trade Contractors | 12 |
| 238320 | Painting and Wall Covering Contractors | 11 |
| 624410 | Child Day Care Services | 11 |
| 812320 | Drycleaning and Laundry Services (except Coin-Operated) | 10 |
| 713940 | Fitness and Recreational Sports Centers | 9 |
Top 10 states
| State | Loans |
|---|---|
| IN | 134 |
| IL | 104 |
| TX | 39 |
| FL | 30 |
| OH | 18 |
| CA | 13 |
| MI | 12 |
| WI | 11 |
| GA | 10 |
| PA | 9 |
Top franchise brands financed
182 franchise loans across 85 distinct brands.
| Franchise | Loans |
|---|---|
| The UPS Store (f/k/a Mail Box | 37 |
| Subway | 10 |
| RhinoShield - Dealership/Suppl | 10 |
| School of Rock | 5 |
| National Oil & Gas Company Inc | 5 |
| Dairy Queen Operating Agreemen | 4 |
| CD One Price Cleaners | 4 |
| Best Western - Membership Agre | 4 |
| U.S. Oil (Marathon) Retailer S | 4 |
| Quality Inn by Choice Hotels / | 3 |
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Data source & methodology
All figures computed from the SBA Office of Capital Access FOIA dataset (7(a) loans, FY2020–present, as of 2025-12-31). Charge-off and paid-in-full rates are calculated on the FY2020–FY2023 cohort only, so loans have had time to mature. Charge-off rank covers lenders with ≥500 mature loans.