First Merchants Bank
Headquartered in Indianapolis, IN. Analysis based on 250 SBA 7(a) loans approved between FY2020 and 2025-12-31, totaling $79.2M.
Total 7(a) loans
250
Total approved
$79.2M
Average loan
$317K
States funded in
11
Charge-off rate
1.87%
FY2020–FY2023 cohort
Paid-in-full rate
23.36%
Average rate
10.09%
Average term
119 mo
Top 10 industries financed
| NAICS | Industry | Loans |
|---|---|---|
| 722511 | Full-Service Restaurants | 12 |
| 236118 | Residential Remodelers | 10 |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 7 |
| 484110 | General Freight Trucking, Local | 6 |
| 561720 | Janitorial Services | 6 |
| 561730 | Landscaping Services | 6 |
| 236220 | Commercial and Institutional Building Construction | 5 |
| 624410 | Child Day Care Services | 5 |
| 611620 | Sports and Recreation Instruction | 5 |
| 484230 | Specialized Freight (except Used Goods) Trucking, Long-Distance | 4 |
Top 10 states
| State | Loans |
|---|---|
| IN | 146 |
| MI | 80 |
| OH | 10 |
| TX | 4 |
| IL | 3 |
| MD | 2 |
| KS | 1 |
| OK | 1 |
| NY | 1 |
| NJ | 1 |
Top franchise brands financed
29 franchise loans across 16 distinct brands.
| Franchise | Loans |
|---|---|
| Goldfish Swim School | 6 |
| Creative World School | 4 |
| Chrysler - Sales and Service A | 3 |
| Kumon | 2 |
| Crispy Cones | 2 |
| Office Pride Commercial Cleani | 2 |
| Dale Carnegie | 1 |
| Smartstyle | 1 |
| ServiceMaster | 1 |
| Sandler Training | 1 |
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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.