When it comes to maintaining success amid staggering challenges, having someone in your corner goes a long way. In 2023, Merchants Bank’s U.S. Small Business Administration (SBA) lending team made it their mission to be the support system for small businesses across the nation. Recognizing a lack of confidence in the U.S. banking system in recent years, in 2023, we aimed to empower our small businesses and restore trust in how banks operate.
The SBA team at Merchants Bank has proven to be a safe haven for small businesses by assisting companies of every size in managing their businesses, accessing capital and protecting their investments. With banks nationwide tightening their lending processes and continued inflation increasing the cost of inputs in inventory, companies faced additional pressure. Fortunately, Merchants SBA lenders were able to step in and step up in 2023 to alleviate the burden for struggling small businesses.
Through our durability and flexibility, we created more opportunities for success with our clients, witnessing the evolution of their companies despite an ever-changing economic landscape. Our team of expert lenders maintained consistent, top-tier success for our clients in 2023, securing loans for various companies across the country, including.
- A family-owned motorsports company in Indiana, to purchase additional properties supporting their continued growth in the racing industry;
- A lumber company in Texas, specializing in commercial and industrial wood products;
- An environmental services company in Illinois, aiming to increase their business locally;
- A development group in Indiana, receiving financing for a local gas station;
- A commercial cleaning franchise in Florida, planning to use the loan at a single location; and
- A family-owned cabinetry company servicing the West Coast for over 40 years, among many others.
To complement our success, the Merchants Bank SBA team received multiple awards in 2023 for our impact on small businesses nationwide and community development efforts. After securing 29 loans totaling $22.5 million for the 2023 fiscal year, the SBA team was ranked #5 in the list of Indiana's Top 7(a) Lender Rankings, according to the Coleman Report.
Additionally, Merchants’ SBA team was honored with the Bronze Award by the U.S. Small Business Administration for our significant contributions to economic development in Indianapolis.
To learn more about Merchants Bank of Indiana, visit www.merchantsbankofindiana.com or find Merchants Bank on Facebook, LinkedIn, Twitter and Instagram.
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