Is First Merchants Bank a good SBA lender?

First Merchants Bank has funded 1,535 SBA loans totaling $512.8M in volume across 17 states, with an average loan size of $334K. The lender's default rate is 796.00%. Whether they are the right fit depends on your deal profile — loan size, industry, geography, and borrower credit. PeerSense matches your specific deal to First Merchants Bank or one of 897+ alternatives based on closing probability + pricing.

What is the average SBA loan size at First Merchants Bank?

The average SBA loan size at First Merchants Bank is $334K, with a range from $10K to $5.0M. This profile suggests they are best suited for borrowers seeking mid-market business acquisitions and equipment financing.

What states does First Merchants Bank lend in?

First Merchants Bank actively lends across 17 states. Their highest-volume state is Indiana. Other top states include Michigan, Ohio, Illinois. Borrower geography matters: a lender's state penetration affects underwriting familiarity, valuation comps, and turnaround speed.

Does First Merchants Bank fund franchise loans?

Yes — First Merchants Bank has funded SBA franchise loans across multiple brands. Their highest-volume franchise concept is GOLDFISH SWIM SCHOOL, followed by Goldfish Swim School, HOTBOX PIZZA, Creative World School. Lender-franchise familiarity matters: lenders that have closed multiple loans for a brand know the FDD inside-out, which speeds underwriting + reduces re-trade risk.

What industries does First Merchants Bank prefer?

First Merchants Bank's highest-volume SBA industry by NAICS code is Limited-Service Restaurants. Other active sectors: Educational Services, Amusement & Recreation, Repair & Maintenance. Borrower industry matters: matching your deal to a lender with strong recent volume in your NAICS reduces underwriting friction and improves close-rate odds.

How does PeerSense match deals to First Merchants Bank?

PeerSense matches your specific SBA deal to First Merchants Bank based on five factors: deal size vs lender's average + range, your industry vs lender's NAICS history, your state vs lender's geographic penetration, your franchise brand (if applicable) vs lender's brand history, and your credit + experience profile vs lender's known underwriting box. We don't sell leads — we curate fit. No retainer; lender pays referral fee at closing.

SBA LenderIndianaHigh VolumeMid-Market

First Merchants Bank

SBA lender based in Indiana serving 17 states and 73 industries

Quick Answer

First Merchants Bank has funded 1,535 SBA loans across 17 states and 73 industries. Their average loan size is $334K. Whether they are the right SBA lender for your deal depends on size, industry, geography, and credit profile — PeerSense matches your deal against First Merchants Bank and 897+ alternatives based on closing probability + pricing.

Geographic Reach

17 States

Regional focus

Industry Coverage

73 Industries

Diverse lending portfolio

Lending Activity

High Volume

Mid-Market focus

Top Lending States

Indiana#1

Michigan#2

Ohio#3

Illinois#4

Texas#5

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Industry Focus Areas

Limited-Service Restaurants

NAICS 722

Educational Services

NAICS 611

Amusement & Recreation

NAICS 713

Repair & Maintenance

NAICS 811

Food & Beverage Stores

NAICS 445

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Why borrowers choose First Merchants Bank

First Merchants Bank is best suited for borrowers seeking mid-market business acquisitions and franchise build-outs, with an average SBA loan of $334K. The lender's deepest industry experience is in Limited-Service Restaurants, and their highest-volume state is Indiana. With 1,535 SBA loans funded across 17 states, they operate as a regional specialist anchored in Indiana. Their portfolio default rate is 796.00%. If your deal profile aligns with their underwriting box, this lender is worth a quote — PeerSense matches your specific deal against First Merchants Bank and 897+ alternatives.

Recent SBA Activity at First Merchants Bank

Franchise lending: First Merchants Bank has funded SBA loans for multiple franchise concepts, with the highest volume in GOLDFISH SWIM SCHOOL, Goldfish Swim School, and HOTBOX PIZZA. Lender-franchise familiarity reduces underwriting friction: brands the lender already knows clear faster and re-trade less.

Industry concentration: The lender's highest-volume SBA industries are Limited-Service Restaurants, Educational Services, and Amusement & Recreation. Borrowers in these NAICS sectors typically see better terms and faster approvals.

Geographic concentration: Top markets are Indiana, Michigan, Ohio, Illinois, and Texas. Lenders typically underwrite faster in states where they already have closing comps.

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Compare First Merchants Bank to Similar SBA Lenders

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About First Merchants Bank SBA Lending

First Merchants Bank is an SBA lender headquartered in Indiana. PeerSense tracks this lender's SBA lending activity, including approval trends, geographic coverage, and industry specializations.

First Merchants Bank serves borrowers across 17 states and 73 industry sectors with a regional lending focus. To find out whether First Merchants Bank is a good fit for your specific deal, reach out to PeerSense for a free lender match.

PeerSense maintains detailed performance data on hundreds of SBA lenders to help borrowers and brokers identify the right capital source. Rather than spending weeks researching lenders on your own, book a free call and let our team match you with lenders who have a proven track record in your industry and geography.

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