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Best Small Business Loans in Indianapolis, IN

Oct. 22, 2019, 4:20 p.m.

If you’re an entrepreneur or a business owner, eventually you’ll find yourself in need of capital to start or expand your business. A quality business lender provides your company with the funding it needs along with valuable advice and consultation services. Our partners at ConsumerAffairs researched the best business loans in Indianapolis to find the right partner for your business.

Everyone deserves to make thoughtful, informed purchase decisions. The local guides provided on this website are free for consumers. RTV6 may receive compensation from our partners. Learn more.

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#1
RECOMMENDED
Seek Business Capital

Startup Consulting • Business Services

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#1 MOST POPULAR
Seek Business Capital
Seek Business Capital
Features
  • Available in Indianapolis
  • More than 92% funding approval rate
  • Same-day funding approvals
  • Online application available
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#2
Imperial Advance
Imperial Advance
Features
  • Loan specialists offer financial consulting
  • Flexible loan programs for any financial situation
  • Funds are available in 24 hours
  • Available in Indianapolis
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VISIT WEBSITE
CALL IMPERIAL ADVANCE
(888) 633-2083
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#3
National Business Capital
National Business Capital
Features
  • More than $1 bilion in funding secured
  • Multiple financing options available
  • Available in Indianapolis
  • More than 10 years of industry experience
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#4
Indiana Local Biz
Indiana Local Biz
Features
  • Access to more than 4,000 lending partners across the U.S.
  • Offers multiple types of loans
  • Works with you to analyze risk and reward
  • Approves more than 93% of all applicants
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Location
450 E. 96th St., Ste. 500
Indianapolis, IN 46240
(317) 344-8166
#5
Oak Street Funding
Oak Street Funding
Features
  • Established in 2003
  • Provides loans based on your business goals
  • No-obligation quotes available online
  • Loans designed to use little out-of-pocket cash
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Location
8888 Keystone Crossing, Ste. 1700
Indianapolis, IN 46240
(866) 625-3863
USA Business Lending
USA Business Lending
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • usabizlending.com
Location
5645 Castle Creek Pkwy.
Indianapolis, IN 46250
(317) 846-2800
Fifth Third Bank
Fifth Third Bank
Features
  • M-F: 8:30am - 5pm
  • Closed Sat and Sun
  • 53.com
Location
251 N. Illinois Ave.
Indianapolis, IN
(317) 383-2200
Huntington National Bank
Huntington National Bank
Features
  • M-F: 9am - 5pm
  • Closed Sat and Sun
  • huntington.com
Location
45 N. Pennsylvania St.
Indianapolis, IN 56204
(317) 269-4735
GUD Capital
GUD Capital
Features
  • M-Sun: 10am - 10pm
  • gudcapital.com/indiana-business-loans
Location
Serves residents in
Indianapolis, IN
(866) 526-0238
Fast Capital 360
Fast Capital 360
Features
  • M-F: 9am - 6pm
  • Closed Sat and Sun
  • fastcapital360.com/business-loans-indianapolis
Location
Serves residents in
Indianapolis, IN
(866) 442-0689
Headway Capital
Headway Capital
Features
  • M-F: 9:30am - 7pm
  • Closed Sat and Sun
  • headwaycapital.com/indiana-small-business-loans
Location
Serves residents in
Indianapolis, IN
(866) 698-8494

How to get a business loan in Indianapolis

Indy Skyline

Indiana has nearly 493,000 small businesses that employ around 50 percent of the state’s private sector workers. Around 388,000 of these businesses are one-person operations, which gives small businesses in Indianapolis plenty of room to grow.

Whether you want to open a home-based daycare center in the Fountain Square neighborhood, a microbrewery in Broad Ripple or a wine bar in Irvington, business loans can help provide the funding you need to start or expand your company. Many lenders in Indianapolis have loans available that let you renovate your offices, buy out partnerships, purchase inventory, expand marketing or upgrade equipment.

There are numerous types of business loans in Indianapolis. Some of the most popular are:

  • Term loans: Term loans are the most common type. These loans can be long-term or short-term loans, and they provide upfront cash that is paid back over a predetermined period of time.
  • Business lines of credit: Lines of credit are similar to credit cards. Businesses can access funding up to a specified amount and only pay interest on the amount used.
  • Small Business Administration (SBA) loans: SBA loans are offered from third-party lenders and partially secured by the U.S. Small Business Administration. These are generally long-term loans with a rigorous application process.
  • Equipment financing: Equipment loans are used to purchase needed equipment. These loans may require a down payment, and the purchased equipment serves as collateral for the loan.
  • Invoice financing: These loans are ideal for companies that need a quick infusion of cash. The company’s outstanding invoices serve as collateral for the loan.
  • Merchant cash advances: A merchant cash advance gives a company cash upfront that is repaid by withholding a certain percentage of the company’s daily credit card sales.

Many lenders will require a minimum personal credit score, usually around 500, although alternative lenders usually have no credit score requirements. These lenders, often providing online service, focus on the viability of your business model.

When comparing loans, be sure to look for different fees that affect the overall cost of the loans. These include origination and processing fees. A good way to compare business loan offers is to look at the annual percentage rate (APR). Unlike interest rates, the APR includes any fees you incur with the loan.

Seek Business Capital

Seek Business Capital

Seek Business Capital provides funding procurement, comprehensive viability assessments and business consulting for start-ups and small businesses. The company has a 92 percent approval rate for qualified borrowers and offers a business funding estimate within two hours. Customers in Indianapolis say the company’s consultants were knowledgeable and professional.

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Imperial Advance

Imperial Advance

CALL IMPERIAL ADVANCE

(888) 633-2083 VISIT IMPERIAL ADVANCE

Imperial Advance provides loan offers to Indianapolis business owners with no obligation or pressure. The company has an A+ rating with the Better Business Bureau and distributes loans within 24 hours. Imperial Advance also has financial consultants who will work with you to decide which type of financing is best for your business.

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National Business Capital

National Business Capital

National Business Capital will work with all borrowers, regardless of their credit background. The lender’s objective is to help small businesses fill their financing needs quickly, efficiently and without the rigorous application process of traditional bank loans. Indianapolis business owners give the company high marks and say the application process was simple and user-friendly.

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Indiana Local Biz

Indiana Local Biz

Indiana Local Biz offers small business loans and loan alternatives ranging between $10,000 and $1 million. The company also provides lines of credit and solutions for equipment loans or financing. Customers in Indianapolis enjoy working with the company because of its fast approval process and stress-free customer service.

Oak Street Funding

Oak Street Funding

Oak Street Funding provides commercial financing for specific industries, including insurance businesses and franchise restaurants. Its products include retail agency loans, equipment loans and lines of credit. The company has mixed customer reviews in Indianapolis, with some writing of good experiences with the lender and other stating it fell short of expectations.

Our partners independently research and analyze the companies mentioned in our guides and work with subject matter experts to add valuable information that helps consumers make smart purchase decisions. Our partners will not include companies on these guides that do not meet specific quality standards. The compensation we receive from our partners may impact how and where companies appear on our site, including the order in which they appear.

Our partners independently research companies, and use editorial discretion to award companies with special recognition (i.e. Best Value) based on their staff’s judgement or subject matter expert’s judgement. Our partners do this to help you identify companies that will meet your specific buying needs, and do not receive compensation for these designations.