SBA Loans - 1st Source

Why 1st Source Bank?

We’ve been helping small businesses succeed for generations with local decisions, trusted bankers, and national recognition.

What Makes Us Different:

  • Preferred SBA Lender: We process most SBA loan applications in-house for quicker decisions
  • Local Expertise: Lending teams in Indiana and Michigan understand your community
  • Personal Support: Our bankers guide you from application through funding
  • Award-Winning Performance:
  • 12x Indiana SBA Community Lender “Gold Level” Award (2013–2024)
  • #1 in SBA 504 approvals by the Business Development Corporation of South Bend (2020–2021)

Why Choose an SBA Loan?

SBA loans are partly guaranteed by the federal government, making it easier for small businesses to access affordable financing.

Benefits of SBA Loans:

  • Lower down payments: Keep more capital in your business
  • Longer repayment terms: Improve cash flow with lower monthly payments
  • Interest rate limits: The SBA caps how much lenders can charge
  • No balloon payments or demand notes on amortizing loans
  • No prepayment penalties on loans under 15 years (limited for 15+ years)

Loan Uses Can Include:

  • Purchasing inventory or equipment
  • Starting or expanding your business
  • Commercial real estate
  • Working capital
  • Acquiring another business
  • Refinancing existing debt

The SBA Loan Advantages:

1st Source Bank has been recognized for the following SBA awards:

  • Indiana SBA Community Lender ‘Gold Level Award’ winner 12 straight years (2013-2024)
  • Largest Number of SBA 504 Approvals by the Business Development Corporation South Bend, IN (2020-2021)
  • Largest Dollars of SBA 504 Approvals by the Business Development Corporation South Bend, IN (2020-2021)

Success Stories

1st Source Bank gave me an opportunity to go after my dreams, and helped create a better future for my family.

- Aaron B.

Barnes Chiropractic - Elkhart, IN

Success Stories

Neil Miller and the other banking associates were very helpful. I highly recommend them.

- Richard J.

Judd Lumber - Dowagiac, MI

Tools laying on a piece of plywood with the Judd Lumber carpenter cartoon character engraved.

Success Stories

Jamie Bankert is top-notch! She was so helpful from start to finish.

- Taber O.

Fancy & Staple, LLC - Fort Wayne, IN

Oval Fancy & Staple sign hanging in front of brick building.

Success Stories

Andrea Ehresman and 1st Source were fantastic! Very professional and helpful. And, the loan was approved in less than 24 hours! Highly recommend!!

- Anthony S.

Sessions Services Excavating - Woodburn, IN

Excavator loading dirt into a dump truck.

Success Stories

Lisa was very professional and very prompt in taking care of our needs. Thank you so much!

- Mark S.

Schilling I.T. - Valparaiso, IN

Hard drive being inserted into large server array.

Let’s Get Started! Here’s What You’ll Need

To help us move your SBA loan request forward, please get these items ready.  Your business banker will be happy to answer any questions and guide you through each step.

  • Owner information
    All owners must be listed when you apply, both direct and indirect.
    Anyone who owns 20% or more will need to sign as a guarantor.
    If there’s a non-owner guarantor or someone pledging collateral, we’ll need their personal information as well.

  • Personal Financial Statement (PFS)
    Required for anyone who owns 20% or more of the business.
    The PFS must be less than 60 days old at the time of application.

  • Business Tax Returns
    Please provide your business’s last three years of federal tax returns.

  • Current Financial Statements
    We’ll need an interim balance sheet and income statement that are less than 60 days old.

  • Affiliate Financial Statements
    If your business has affiliates, we’ll need the last three years of federal tax returns for those entities as well.

  • Residency Documentation
    If any owner or guarantor is not a U.S. citizen, please provide current USCIS (INS) documentation.

 

Contact us today