Merchants Bank of Indiana’s SBA Group Provides Financing for Distilling, Septic and National Insurance Companies

The U.S. Small Business Administration (SBA) provides support for America’s small businesses. This includes connecting entrepreneurs across the country with talented SBA lenders who have access to ample funding to help them plan, start and grow their business.

Merchants Bank of Indiana (MBI) is a proud member of the SBA’s Preferred Lenders Program (PLP). This is the most desirable accreditation a lender can receive, as it allows us to make the final credit decision, which in turn speeds up the approval and closing process so you can get the financial support you need, faster and smarter.

As your dedicated and authorized lender, our team will help you determine which type of loan is best suited for your unique needs. Recently, our SBA Group closed on several loans for small businesses like yours, including:

  • Liquor distilling company: We helped this Illinois-based customer during a time of immense need. They had already purchased their real estate when their first bank backed out on providing the required financing due to the risks associated with the COVID-19 pandemic. Stepping in at the last minute, our team was able to get them the financing they needed – a $1.3 million SBA 504 loan. It is being used for the startup construction and renovation of the site, as well as for the purchase and installation of special distilling equipment.
  • Septic service company: Our SBA Group assisted this Chicago-based borrower with the acquisition of a septic service business. We provided the requested $1.5 million SBA 7(a) loan to fund the acquisition and provide permanent working capital for the expenses of the business.
  • National insurance agency: We assisted a borrower in Arlington, Texas, with the acquisition ($950,000) and office building purchase ($420,000) of an existing location of a major national insurance company. At approximately 90 days, our SBA team was able to provide a reasonable quick close and funding timeline for the borrower.

Notably, from now until September, all 7(a) loans have an increased guarantee from 75% up to 90% and a waiver of all borrower guarantee fees under the CARES Act. In addition, SBA will also cover three months’ worth of payments (up to $9,000 a month) on loans approved and fully disbursed before Sept. 30, 2021. Click here to learn more about the 7(a) loan program.

Interested in exploring what Merchants Bank could offer your business? Contact one of our business bankers or SBA lenders for assistance.

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For More Information
Contact One of Our SBA Lenders

Sherwin Patidar Headshot

Sherwin Patidar

Senior Business Development Officer

Headshot of Tony Holtzman

Tony Holtzman

Senior Business Development Officer 317.502.8547

Tony Boddie

Senior Business Development Officer

Robert Stringer

Business Development Officer

Headshot of Mark Harville

Mark Harville

Business Development Officer

Headshot of Jeff Scott

Jeff Scott

President, SBA Lending


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