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First Internet Bank of Indiana

SBA Preferred Lender, online bank in Fishers, IN: SBA 7(a) up to $5M, Express to $500K, 9.5% median rate, collateral required, Express decisions in 48 hours. Best for business buyers.

SBA & Government-Backed Loans:
SBA 7(a) LoansSBA Express Loans
Tags:
#$1m+#Working Capital#Secured#Buying A Business

Rates & Cost

What the financing costs, normalized so lenders can be compared.

Estimated APR:
~10.04% APR on a $350K 10-yr SBA 7(a) at the 9.5% median rate incl. 3% guaranty fee (Lender List est.); last-12-month median 9.5%, 9.75% on loans over $350,000
Pricing (as quoted by lender):
Lender does not publish SBA rates; SBA 7(a) FOIA data (as of Jun 30, 2026): 9.5% median starting rate last 12 months; 9.75% median on loans over $350,000
Cost to borrow $100K for 6 months:
≈$6,390 (6 months' interest at 9.5% on a 10-yr SBA 7(a), $4,690, plus $1,700 SBA guaranty fee; bank fees not published)
Fees:
SBA guaranty fee (2% of guaranteed portion up to $150,000; 3% on $150,001 to $700,000); bank closing fees not published
Early payoff:
No prepayment penalty on terms under 15 years (bank); SBA fee on 15+-year terms when ≥25% is prepaid in years 1 to 3 (5%/3%/1%)
Pricing transparency (0-3):
0

Repayment Terms

How and how fast you pay it back, and how flexible it is.

Term:
Up to 10 years (acquisition, working capital, equipment, tenant improvement); up to 25 years for real estate; 120 months on 298 of 339 recent loans
Repayment schedule:
Monthly amortizing payments; 338 of 339 recent SBA loans variable-rate (tied to Prime); all 119 recent SBA Express loans were revolving lines of credit
Flexibility in slow months:
Low — monthly amortizing payments; nearly all variable-rate loans reprice with Prime; 10- to 25-year terms keep payments small

Eligibility & Access

Who qualifies and what you have to put on the line.

Funding amount:
SBA 7(a) up to $5,000,000; SBA Express up to $500,000 (bank). SBA 7(a) FOIA data: $25,000 to $5,000,000 in the 12 months to Jun 30, 2026, median $790,000
Minimum revenue:
Lender does not publish; must meet SBA size standards (for-profit businesses)
Minimum time in business:
Lender does not publish; 15 of 339 SBA loans in the last 12 months funded businesses not yet open, 67 more went to firms 2 years old or younger
Credit check:
Lender does not publish a minimum score; full credit underwriting
Personal guarantee:
Required from owners of 20% or more (SBA rule)
Collateral & lien:
Secured — collateral on all 339 SBA 7(a) loans in the 12 months to Jun 30, 2026; 10%+ equity injection for startups and business purchases (SBA rule)

Speed & Service

How fast you get funded and how the lender treats you.

Time to funding:
SBA Express credit decisions in as little as 48 hours (bank); standard SBA 7(a) often 60 to 90 days to funding, Express about 30 days (NerdWallet); Preferred Lender approval skips the 5 to 10 business-day SBA review
Lender status:
Active (339 SBA 7(a) approvals in the 12 months to Jun 30, 2026; FDIC active)

Company Verification

Who actually stands behind the lender: legal entity, registration, and how long the business and its website have existed. Checked against public registries.

Legal entity:
First Internet Bank of Indiana
Registered in:
Indiana (FDIC cert #34607)
Company formed:
Chartered 1998
Website domain registered:
Jan 1997
Follow:
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Best for: Business buyers and newer owners nationwide who need an SBA 7(a) loan of about $350K to $5M, or SBA Express up to $500K.

Not for: Borrowers who want posted rates, unsecured credit or a branch.

Lender List verdict: First Internet Bank approved 339 SBA 7(a) loans worth $413.7 million in the year to June 2026, nearly two-thirds for business purchases, at a 9.5% median starting rate. Every loan was secured; rates are unpublished.

First Internet Bank at a glance

First Internet Bank
Lender typeOnline state bank (FDIC cert 34607); SBA Preferred Lender
Founded / HQ1998 / Fishers, Indiana
ProductsSBA 7(a) to $5M; SBA Express to $500K
Cost9.5% median starting rate (last 12 months)
Term10 years; up to 25 with real estate
StatusActive

What is First Internet Bank?

First Internet Bank of Indiana is an online bank with no retail branches, based in Fishers, Indiana, chartered in 1998 and owned by First Internet Bancorp. It held $5.5 billion in assets at June 30, 2026, and its SBA borrowers since FY2020 span 49 states.

How First Internet Bank's SBA loans work

First Internet Bank's SBA loans are large, variable-rate and secured, with a $790,000 median last year.

  • Business purchases: 217 of 339 recent loans
  • Size: 142 topped $1 million
  • Collateral: taken on all 339

First Internet Bank's SBA programs

As an SBA Preferred Lender, First Internet Bank approves most 7(a) loans in-house.

  • Preferred Lender 7(a): 217 loans, $338,000 to $5,000,000
  • SBA Express: 119 loans, $25,000 to $500,000
  • FY2025: 487 SBA 7(a) approvals ($712.3 million)

First Internet Bank SBA rates and fees

First Internet Bank's median SBA starting rate was 9.5% in the year to June 2026; Prime is 7.00%. The SBA guaranty fee adds 3% of the guaranteed share on loans of $150,001 to $700,000.

Worked example: a $350,000, 10-year 7(a) at 9.5% costs $4,528.91 a month, or $193,469.74 in interest. The $7,875 guaranty fee lifts the APR to about 10.04%, under the SBA's 11.5% cap; above $350,000 the cap is Prime plus 3%.

First Internet Bank SBA loan requirements

First Internet Bank publishes no credit score minimum.

RequirementFirst Internet Bank minimum
Business sizeMust meet SBA size standards (for-profit only)
Personal credit scoreLender does not publish
Equity injection10%+ for startups and business purchases
Collateral / guaranteeCollateral on all; guarantee from 20%+ owners

Frequently asked questions about First Internet Bank

Is First Internet Bank Legit? Yes. First Internet Bank of Indiana is an FDIC-insured state bank chartered in 1998 with $5.5 billion in assets. It has made 1,881 SBA 7(a) loans since FY2020 with a 1.6% charge-off rate, and its parent files public reports with the SEC.

Is First Internet Bank FDIC Insured? Yes. First Internet Bank of Indiana is an active FDIC-insured bank, certificate 34607, according to FDIC BankFind. Deposits are covered up to standard FDIC limits, and the charter means SBA borrowers deal with a regulated bank, not a loan broker.

How Long Does First Internet Bank Take to Close an SBA Loan? The bank does not publish a closing timeline; industry-typical timing is 60 to 90 days to funding for a standard 7(a) and about 30 days for SBA Express. It cites Express credit decisions in as little as 48 hours, and as a Preferred Lender skips SBA review.

Does First Internet Bank Lend to Startups? Yes. In the year to June 2026, 15 of its 339 SBA loans funded businesses not yet open and 67 went to firms two years old or younger. Expect to bring a business plan, at least 10% equity, collateral and a personal guarantee.

Compare SBA 7(a) lenders, including Midwest Preferred Lender Busey Bank.

Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.

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