1st Source Bank
1st Source Bank is an active SBA lender in Indiana, a bank offering SBA-guaranteed small-business loans. Currently rated 4.2 stars across 28 Google reviews.
$383M
in SBA approvals since 2010
2,123
SBA loans funded
Manufacturing · Restaurants & Food Service · Construction & Contractors
Top industries financed
Source: U.S. SBA 7(a) & 504 FOIA loan-approval records (FY2010–present).
About 1st Source Bank
Offering comprehensive SBA lending solutions, this financial institution specializes in supporting small businesses through various loan programs, including the SBA 7(a) program. Located in South Bend, Indiana, it provides tailored financing options to help entrepreneurs grow and expand their operations. With a focus on small business needs, the bank offers competitive approval amounts, with the largest recorded approval reaching over $200,000. Their experienced team guides clients through the application process, ensuring clarity and support at every step. They serve a wide range of industries, emphasizing their commitment to local economic development and small business success. Whether you're seeking startup funding, expansion capital, or working capital loans, this bank is equipped to assist with flexible terms and personalized service. Their expertise in SBA lending makes them a reliable partner for small business owners looking to access government-backed financing to achieve their business goals.
Serves SBA borrowers in 6 states
1st Source Bank has funded SBA loans for businesses in these states, by borrower location. Tap a state to see every lender serving it.
Industries 1st Source Bank finances
Business types 1st Source Bank actively lends to, from its SBA loan history. Tap one to see every lender serving it.
Common questions about 1st Source Bank
What is this place and what can I find here?
This is a bank that offers SBA loan programs and small business financing solutions, providing support for entrepreneurs and local businesses.
Do I need an appointment or can I walk in?
It is recommended to schedule an appointment to ensure dedicated assistance, but walk-ins may be accommodated depending on availability.
What are the hours of operation?
1st Source Bank's South Bend Main Office is open 9:00 AM to 5:00 PM Monday through Friday. Please confirm hours and any holiday closures directly with the bank.
Is there a fee to use this?
There are no fees for initial consultations; however, loan processing fees and closing costs may apply depending on the loan terms.
Who is this open to — anyone, or only residents/members?
This bank primarily serves local residents and small business owners within the region, with some services available to non-residents upon qualification.
What minimum personal credit score does this bank look for in a guarantor?
A minimum personal credit score of 640 is generally preferred, but approval depends on the overall financial profile and collateral.
How long does the traditional underwriting process take from start to close?
The underwriting process typically takes between 30 to 60 days, depending on the complexity of the application and completeness of documentation.
Is this open on weekends?
No, 1st Source Bank is closed on weekends. The South Bend Main Office operates only Monday through Friday from 9:00 AM to 5:00 PM.
How do I get there and where do I park?
1st Source Bank is located in Indiana — see the contact card for the full address. Most bank locations offer free on-site or nearby street parking for visitors. For exact directions, the entrance, and accessible parking, use the listed address or call ahead and staff can point you to visitor spaces.
Who owns or operates this listing?
This page is an independent directory listing for 1st Source Bank, an SBA-participating bank. It is maintained by SBA Lenders USA to help borrowers compare lenders — not by 1st Source Bank itself, which runs its own lending under its own ownership. If you work at 1st Source Bank, you can claim this listing from this page to manage it.
How current is the information on this page?
The core details for 1st Source Bank — name, location, contact, and lender type — are compiled from public records and reviewed periodically. Rates, programs, credit policies, and hours change often and are not guaranteed here, so always confirm the latest terms directly with 1st Source Bank before applying. If you represent 1st Source Bank, claim this listing to keep its information up to date.
How do I contact this listing directly?
You can reach 1st Source Bank by phone at (574) 235-2260 or online at 1stsource.com — the details are in the contact card on this page. For SBA loans specifically, ask for their business lending or SBA department. Treat this directory page as a starting point and confirm hours and contact details with 1st Source Bank before relying on them.
What core industries does this commercial bank traditionally choose to finance?
Based on its approved SBA loans, 1st Source Bank most often finances businesses in transportation & trucking, manufacturing, restaurants & food service, construction & contractors, general retail, and wholesale & distribution. This reflects 1st Source Bank's real SBA 7(a) and 504 lending history rather than a stated policy — it can still consider other industries and sets its own current preferences, so confirm with 1st Source Bank which sectors it actively lends to before you apply.
Can I apply for an SBA Express line of credit at this branch?
SBA Express offers lines of credit and term loans up to $500,000 with a faster turnaround than standard 7(a) loans. Whether 1st Source Bank participates in SBA Express depends on its specific SBA lending authority. Contact 1st Source Bank and ask if it offers SBA Express and what the current limits and terms look like for your situation.
Does this bank have Preferred Lender Provider status with the government?
SBA Preferred Lender Program (PLP) status lets a lender approve loans in-house without sending each one to the SBA first, which usually means faster decisions. Many established banks hold PLP status, but it varies by institution. 1st Source Bank can confirm its current PLP standing — ask before you apply if speed matters to you.
Are start-up companies eligible for financing at this traditional institution?
The SBA does fund start-ups, but many traditional lenders prefer at least two years of operating history and may ask newer ventures for a larger equity injection or stronger collateral. 1st Source Bank's appetite for start-ups is set by its own credit policy. If you are early-stage or pre-revenue, ask 1st Source Bank directly whether it considers start-up loans.
What are the typical down payment expectations for commercial real estate acquisitions?
For SBA 7(a) and 504 commercial real estate loans, borrowers typically contribute around 10% to 20% as a down payment or equity injection, depending on the property and the deal. Exact requirements vary with your credit, the business, and the lender's policy. Ask 1st Source Bank what down payment it expects for your specific commercial real estate purchase.
Does this bank impose prepayment penalties on short-term working capital facilities?
SBA 7(a) loans with terms under 15 years generally carry no prepayment penalty, while longer real estate loans can have one in the early years. Short-term working capital lines often have no penalty, but terms vary by lender. Review your loan agreement and ask 1st Source Bank to spell out any prepayment penalties before you sign.
Can I use loan proceeds from this bank to buy out an existing equity partner?
SBA loans can be used for a partner or owner buyout, including buying out an existing equity partner, when the deal is structured to meet SBA rules — for example, the remaining owner generally must stay actively involved. Approval depends on the specifics, so discuss your buyout plan with 1st Source Bank to confirm it qualifies and how to document it.
Will historical personal bankruptcies automatically disqualify my loan application here?
A past personal bankruptcy does not automatically disqualify you from an SBA loan. Lenders look at how long ago it was discharged, the circumstances, and how your credit has recovered since. 1st Source Bank weighs this case by case under its own policy, so be upfront about your history and ask 1st Source Bank how it evaluates prior bankruptcies.
