Small Business Loans Indiana

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AdvancePoint Capital supports small business loans in the state of Indiana, including the Indianapolis metropolitan area, and we know the local economy well.

The state of Indiana is the 17th most populous state in the U.S. and has a diverse economy with a gross state product of $375 billion as of 2020. Indiana has several metropolitan areas with populations greater than 100,000 and several smaller industrial cities and towns. The capital and largest city is Indianapolis, with a population of over 875,000.

The United States has become a service economy, including Indiana, meaning it generates most of its revenue through service industries. Wholesale (farm products, groceries, metal products, transportation equipment) and retail (auto dealerships, department stores, grocery stores, restaurants) trade comprise Indiana’s leading service industries. Community and personal services (medical practices, hospitals, hotels/motels, law firms, and repair shops) rank second. The finance, information technology, insurance, and real estate industries rank third in the services sector, with real estate being significant due to the large sums of money involved in developing new homes, office buildings, and other types of property. Depending on your industry, you may need a business license in Indiana to operate. 

A high percentage of Indiana’s income is from manufacturing. At least 17% of the state’s non-farm workforce is employed in manufacturing, the highest of any state in the U.S. The state’s five leading exports were motor vehicles and auto parts, pharmaceutical products, and industrial optical and medical equipment, and electric machinery. 

Indiana’s top five agricultural products are corn for grain, soybeans, hogs, dairy products, and chicken eggs. Indiana is also a leading coal-producing State; bituminous coal contributes about 3/4 of Indiana’s mining income. 

AdvancePoint Capital has a marketplace of funding options specializing in manufacturing, agriculture, wholesale, and retailing businesses across the State of Indiana to service business owners’ needs. Let’s explore the ten most popular funding options in Indiana. 

The 10 Best Small Business Financing Options in Indiana

Long-Term Small Business Loans

As they relate to businesses, long-term loans are loans with terms greater than two years length of repayment. Long term loan costs are based on a principal & interest rate. The main benefits of long term loans are the length of repayment, access to more capital than shorter-term products, and the affordable monthly payments. This product funds growth and expansion, or large, long term projects or work orders.

Product Overview 

Rates: Interest rates starting treasury index plus 1% to 2.5% (currently 5.5% as of 2020)
Terms: 2 to 10 years
Fees: 0% to 3% origination fees
Payments: Monthly or bi-weekly payments
Credit Standards: All credit considered. Good to excellent credit preferred
Processing Times: 3 days to a couple of weeks depending on the lender

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Long Term Business Loans

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Business Line of Credit in Indiana

Like a credit card, a business line of credit is an open revolving line of credit that provides the ability to draw funds when needed on-demand or make purchases up to a specific credit limit. Lines of credit require renewal to extend either on a semi-annually or annual basis. Flexibility is the most significant benefit because the product allows for a draw of funds on-demand, up to the credit limit. Having a draw on-demand feature allows owners in Indiana businesses to respond to cash flow or emergencies in real-time.

Product Overview 

Rates: Interest rates start at treasury index plus 1% to 2.5%
Terms: Open revolving line of credit
Fees: Origination fees 0% to 3%
Payments: Monthly, bi-weekly or weekly payments
Credit Standards: All credit considered. Good to Excellent credit preferred.
Processing Times: Same day to up to a week depending on the lender

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Business Line of Credit

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Small Business Administration (SBA) Loans in Indiana

The Small Business Administration (SBA) is a Federal government agency that provides programs, guidelines, and loan guarantees to approved lenders for business loans. The SBA is not a lender and merely provides a guarantee that gives approved lenders the ability to take on the risk of lending with attractive rates and terms that could not normally be afforded to small businesses. Without SBA guarantees, the approved lender would not be comfortable lending under the terms outlined by the SBA t(a) loan. SBA has rights reserved for all approvals. AdvancePoint Capital can help you apply for an SBA 7 (a) loan or the new COVID-19 programs and will guide you through the process in a clear, fast, and efficient manner to have the best likely hood of approval for small businesses.

Product Overview 

Rates: Rates starting at treasury index plus 1% to 2.5%
Terms: 3 to 25 years
Fees: Origination fees from 0% to 3%
Payments: Fixed monthly payments
Credit Standards: Good to excellent credit preferred, but all credit is considered.
Processing Time: Processing times can be one week to up to a month, depending on application volumes, SBA product selection, or other economic conditions.

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Small Business Administration (SBA) Loans

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Business Credit Cards in Indiana

Business credit cards are similar to personal credit cards in that it is an open line of revolving credit that offers an interest rate with a set credit limit. A plastic card is issued that can be used for making purchases or payments. A personal guarantee is required. Indiana small businesses utilize credit cards as well as other financing options together as an overall approach.

Product Overview 

Rates: Introductory rates of 0% up to 28.99%
Terms: Open revolving line of credit with a set credit limit
Fees: Annual fees range from $0 to $500
Payments: Flexible monthly payments
Credit Standards: Must have good to excellent credit and deep credit history
Processing Times: Instant approval to same day available

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Business Line of Credit

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Short Term Business Loans in Indiana

Short term business loans are defined as loans, with terms from 3 to 18 months. Short-term loans charge a factor rate and not a principal & interest rate. This option is popular with small businesses that cannot get approved through traditional means because of documentation requirements or credit concerns.

Product Overview 

Rates: Factor rates from 1.09% up to 1.45% of funding amount
Terms: 6 to 18 months in duration (typically 12 months or less)
Fees: Origination fees 0% to 5%
Payments: Weekly, bi-weekly and in some cases daily Monday-Friday
Credit Standards: All credit types considered
Processing Times: Same day to 24-48 hours

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Short Term Business Loans

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Business Cash Advance in Indiana

Business Cash Advances (BCA), also known as a Purchase of Future Sales Agreement, advance future sales at a discount to a company. BCA’s charge a “Factor Rate,” which is a fixed cost, and is the difference between the advance amount and payback amount. A fixed percentage of future overall sales deposits, called the specified fixed percentage, is used for repayment. The payments are collected by an ACH fixed daily or weekly payment deducted from the bank account based on the specified percentage of future sales. Reconciliation can occur at the end of every month. There is no term limit with advances.

Product Overview 

Rates: Factor rates from 1.09% up to 1.45%
Terms: No term limits. Payments are based on a specified fixed percentage collection method and are dependent on future sales
Fees: Origination fees from 0% to 5%
Payments: Weekly or daily Monday-Friday fixed ACH payments
Credit Standards: Poor to excellent credit accepted. All credit is considered.
Processing Time: Same day to 24-48 hours

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Business Cash Advance

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Merchant Cash Advance in Indiana

Merchant Cash Advance (MCA) is also known as a Purchase of Future Sales Agreement that operates very similarly to Business Cash Advance. Still, the biggest difference is the repayment process, which is connected to the future credit card sales instead of overall sales. No fixed payment is deducted from the bank account. The set percentage of future credit card sales payment method is used. Advances have no term limit and are connected to future credit card sales.

Product Overview 

Rates: Factor rates 1.09% up to 1.45%
Terms: No term limits (payoff depends on future credit card sales)
Fees: Origination fees range from 0% to 3%
Payments: Fixed percentage of future credit card sales as payment
Credit Standards: All credit considered from poor, fair, good to excellent.
Processing Time: Same day to 24-48 hours

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Merchant Cash Advance

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Equipment Financing in Indiana

Equipment financing is used for the purchase of equipment and uses the machinery itself as collateral. Good to excellent credit is required, and the type of equipment needs to be approved by the equipment financing company to acquire equipment financing.

Product Overview 

Rates: Factor rates 1.09% up to 1.45% or interest rates 4.5%-28%
Terms: 2 to 10 years
Fees: Origination fees range from 0% to 3%
Payments:  Monthly fixed payments
Credit Standards: Good to excellent required.
Time Frames: Instant funding, Same day up to 3 days depending on the lender

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Equipment Loans

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Invoice Financing in Indiana

Invoice financing allows owners get an advance on their invoices to clients quicker than waiting for terms to be paid by their clients directly. Invoice finance companies advance the client invoice once it’s submitted to them in exchange for a nominal fee. The invoice finance company, not the owner, is then responsible for collections of all advanced invoices. This funding product is an excellent solution for cash flow crunches without waiting for 30, 60, or up to 90 days or more for invoices to be paid by clients.

Product Overview 

Rates: None
Terms: No term limits
Fees: 1% to 2.5% fee based on invoice. Monthly service fees may apply depending on volume
Credit Standards: Credit of the clients need to be favorable, NOT the owner advancing off invoices
Processing Times: It takes 1 to 2 weeks to set up a new relationship to have the ability to fund invoices daily. Invoices are funded daily.

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Invoice Factoring

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Purchase Order Financing

Purchase Order financing offer allows companies the ability to raise capital to pay suppliers upfront for verified purchase orders and collect invoices upfront on the back end. Purchase order loans will finance an entire order or a portion of it, depending on the purchase order finance company. When the supplier is ready to ship the order, the purchase order financing company collects payment directly from the customer. The purchase order funder will subtract their fees and then send the invoice’s balance to your company. This can support the entire distribution chain with capital, so the company doesn’t need to tap into existing cash flow and can’t take on larger orders and projects without raising traditional capital.

Product Overview 

Rates: None
Terms: No term limits
Fees: 1% to 3% fee for each purchase order.
Credit Standards: All parties need favorable credit history but all credit considered
Processing Times: 1 to 2 weeks to set up then ability to fund purchase orders daily

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Purchase Order Financing

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Apply For Your AdvancePoint Loan Today!

Why Do You Need a Loan? The Most Common Reasons Indiana Businesses Acquire Capital

  • Working Capital – General purpose needs to take advantage of opportunities
  • Cash Flow Shortages – Supports stabilizing cash flow that is dangerously low
  • Expansion – Funds opportunities to expand the company
  • Equipment Purchases – The purchase of equipment essential to the process of the workflow of a business.
  • Advertising/Marketing Costs – Money to implement marketing strategies and methods to increase customer base. 
  • Emergencies – Money for unexpected issues that can arise with any business regardless of Industry. 
  • Business Development Payroll

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