Indiana Feasibility Study: Lender-Grade SBA and USDA Studies

MMCG Invest, LLC prepares feasibility studies for Indiana projects where the underwriting questions reach past the national checklist. Indiana's constitutional circuit breaker caps every commercial property tax bill at 3 percent of gross assessed value, a ceiling the Department of Local Government Finance ties to a matter of constitutional right in every taxing district, turning an open-ended, district-by-district tax estimate into a bounded maximum a national credit committee can accept. The Lilly LEAP cluster in Lebanon, Boone County has drawn $21 billion in Indiana capital commitments since 2020 by Eli Lilly and Company's own account, a demand shock for workforce housing, extended-stay hotels and industrial space across the Lebanon, Zionsville and Whitestown submarket. The U.S. Geological Survey credits Indiana with 25 percent of the nation's raw steel production, the largest state share in the country, setting the wage floor and the industrial land absorption rate for the Gary, Portage and Burns Harbor submarket. The Elkhart RV industry accounts for 49.2 percent of the nation's travel trailer and camper manufacturing jobs in one county, by the Census Bureau's County Business Patterns count, making RV shipment cycles the driver a hotel, apartment or self-storage study in Elkhart or Goshen has to model. The FedEx Indianapolis hub is the second-largest FedEx Express hub in the world by the carrier's own account, sorting 99,000 packages per hour and backed by a planned $1.5 billion expansion that anchors industrial and logistics demand near Indianapolis International Airport. Every engagement is calibrated to the project address, the program of record, and the specific lender, CDC or USDA area office carrying the deal.

Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. A complimentary preliminary Indiana market overview within one business day of submission.

The U.S. Small Business Administration serves Indiana through a single district office, the Indiana District Office at 5726 Professional Circle, Suite 100, Indianapolis, which the agency's own page describes as serving all 92 counties in Indiana. MMCG's computation over SBA's 7(a) and 504 FOIA release as of June 30, 2026, keyed to the project state on each loan record, agrees: 1,235 of the fiscal year 2025 7(a) approvals for Indiana projects carried the Indiana District Office.

On that release, SBA lenders approved 1,239 7(a) loans for Indiana projects in fiscal year 2025 for $564,784,700 in gross approvals, of which 985 had been disbursed at the release date, against 1,321 loans for $587,972,200 in fiscal year 2024. SBA's own 7(a) Lender Activity Report for the fiscal year end, filtered to Indiana projects, gives 1,240 loans and $564,934,700 with $413,740,610 as the guaranteed portion across 124 distinct lenders, and its district worksheet gives 1,237 loans and $564,402,900 for the Indiana District Office, a three-loan gap the report itself does not explain and the study records rather than resolves. The 504 program approved 129 loans for $130,787,000 in fiscal year 2025 through nine Certified Development Companies, supporting an estimated $294,270,750 in total project dollars by the 504 CDC Activity Report's label, and 104 loans for $112,910,000 in fiscal year 2024. Through June 30, 2026, fiscal year 2026 stood at 677 7(a) approvals for $385,680,500 and 80 504 approvals for $81,577,000.

Indiana's 7(a) market pairs one dominant bank with a deep bench of Indiana-chartered lenders. On the FOIA release The Huntington National Bank approved 244 Indiana loans for $56,818,200 in fiscal year 2025, then Northeast Bank with 95 loans for $14,383,100, 1st Source Bank with 68 loans for $25,066,400, First Merchants Bank with 57 loans for $9,087,100, Centier Bank with 46 loans for $11,292,600, Newtek Bank, National Association with 43 loans for $15,100,000, STAR Financial Bank with 35 loans for $8,096,900, Readycap Lending, LLC with 35 loans for $7,322,700, KeyBank National Association with 29 loans for $15,804,400 and Horizon Bank with 28 loans for $13,695,600. The Lender Activity Report's ranking by dollars adds the lenders that write the large real estate files: GBank at $37,635,200 on 10 loans, Live Oak Banking Company at $26,863,000 on 19, First Internet Bank of Indiana at $25,445,000 on 20, Shoreham Bank at $18,785,000 on 8, Old National Bank at $16,973,200 on 24 and Millennium Bank at $16,259,000 on 4. A hotel or self-storage file over $2 million in Indiana is written to that second group's credit memo, and an owner-occupied file under it to Huntington's, 1st Source's or First Merchants'.

On the 504 side, five Indiana-based CDCs wrote 124 of the state's 129 fiscal year 2025 approvals: Indiana Statewide Certified Development Corporation led with 51 loans for $50,653,000, Premier Capital Corporation approved 28 loans for $31,870,000, Regional Development Company 16 loans for $13,626,000, Business Development Corporation (BDC) 15 loans for $8,208,000 and Community Development Corporation of Fort Wayne 14 loans for $14,545,000, with Small Business Growth Corporation, AMPAC Tri-State CDC, Inc., St. Charles County Economic Development Council and Capital Access Corporation - Kentucky writing one or two each from out of state.

Two Indiana-specific SBA items from the last two fiscal years bear on a file now. On March 11, 2025 the SBA Administrator launched the agency's Made in America Manufacturing Initiative (the Office of Manufacturing and Trade's multistate roadshow) in Indiana at Aerodyn Engineering LLC, a small aerospace and defense manufacturer, and a manufacturing-adjacent industrial or flex file in the state is written to that program's roster. On October 21, 2025 the agency's state-level analysis of the federal shutdown reported that Indiana was losing an estimated 26 SBA loans per week and $13,376,379 in weekly loan proceeds while the 7(a) and 504 programs were frozen, a reminder that an approval date is a variable in an Indiana closing calendar. No Indiana disaster declaration, Community Advantage roster or lender-match notice from the two years could be found on the agency's site.

The table below is MMCG's own cut of SBA's 7(a) and 504 FOIA release as of June 30, 2026, restricted to loans whose project state is Indiana, disbursed, approved in fiscal years 2010 through 2026, and grouped by the NAICS codes of the asset classes this firm studies. The charge-off rate is the share of loans with a terminal outcome that ended in a charge-off, on a count basis, shown only where that resolved cohort holds at least 30 loans. Across all industries, Indiana's 17,094 disbursed 7(a) loans for $6,729,627,643 resolved 11,439 with a 6.7 percent charge-off rate, and its 2,125 disbursed 504 loans for $1,247,019,540 resolved 829 at 2.3 percent. Hotels and motels are the state's largest real estate class on the tape: 407 7(a) loans for $897,309,300, resolved 247 at 2.0 percent, and 78 504 loans for $122,943,000. Gas stations and convenience stores resolved 129 of 197 at 1.6 percent; car washes resolved 40 of 57 at 5.0 percent; restaurants, the largest count at 1,175 7(a) loans, resolved 690 at 9.1 percent, while their 153 504 loans resolved 37 with none charged off; fitness and recreational sports centers, 320 loans, resolved 218 at 9.2 percent; child day care services, 95 loans for $78,810,100, resolved 53 at 3.8 percent. Self-storage, 50 7(a) loans and 35 504 loans, and assisted living, 13 7(a) loans, resolved fewer than 30 and carry no rate. The same record puts the trend in one line: 1,321 7(a) approvals for $587,972,200 in fiscal year 2024, 1,239 for $564,784,700 in fiscal year 2025 and 677 for $385,680,500 in the nine months to June 30, 2026, with 504 approvals rising from 104 for $112,910,000 to 129 for $130,787,000 and 80 for $81,577,000 over the same three periods; disbursed counts lag approvals by the release's own convention, 1,149 of the 1,321 and 985 of the 1,239. The caution that travels with every rate: the June 2026 release collapses every open loan, current or stressed, into the single status EXEMPT, so the rate reads the resolved cohort only.

USDA Rural Development's Indiana State Office sits at 5975 Lakeside Boulevard, Indianapolis, telephone (317) 290-3100, under State Director Steve Howell, appointed by the Secretary of Agriculture on May 27, 2025, with Curtis Johnson as Deputy State Director, by the agency's Indiana Contacts page as captured on September 29, 2025. Four area offices work the state: the Northwest Area Office at 1410 South Heaton St., Knox, the Northeast Area Office at 788 W Connexion Way E, Columbia City, the Southwest Area Office at 1484 Executive Blvd, Jasper, and the Southeast Area Office at 2600 Highway 7 North, North Vernon. For Community Facilities the state runs six field areas instead, adding a West Central Field Area at 2032 Lebanon Road, Crawfordsville and an East Central Field Office at the state office covering Marion County and its ring, each with a named Community Programs specialist and a county list the study cites.

The Indiana pages stated these program parameters for fiscal year 2025 approvals: an 80 percent guarantee on Business and Industry, REAP and Community Facilities loans approved in the year, a 40-year maximum term, a 3 percent initial guarantee fee and a 0.55 percent annual retention fee on B&I with a reduced 1 percent fee for qualifying projects, under 7 U.S.C. 1932 and 7 CFR 5001; a REAP guarantee of up to 75 percent of eligible project cost or a grant of up to 50 percent, combined to 75 percent, with renewable energy grants of $2,500 to $1 million and efficiency grants of $1,500 to $500,000, a 1 percent guarantee fee and a 0.25 percent retention fee; and a Community Facilities guarantee capped at $100 million, with a set-aside for places of not more than 20,000 residents of 100 percent of the first $200 million made available, 50 percent of the next $200 million and 25 percent of amounts above $400 million.

Indiana's Rural Development volume by program, by place of performance, from the USASpending.gov data the Treasury publishes under the DATA Act: one Business and Industry guarantee in fiscal year 2025 with a guaranteed loan face value of $12,000,000; 34 Rural Energy for America Program awards obligating $5,180,049 in fiscal year 2025, against 128 awards and $24,261,010 in fiscal year 2024; two Community Facilities awards obligating $768,040 in fiscal year 2025; and seven Water and Waste Disposal awards obligating $11,597,109 in fiscal year 2025 against 14 and $9,300,286 the year before. USDA's own Indiana releases put faces on the REAP figures: on April 23, 2024 the office announced $5,528,421 across 23 projects, among them $534,225 to Berne Hi-Way Hatchery Inc. for a 489.72 kW solar array, $338,904 to Custom Curve Cabinetry, LLC in Bristol and $125,976 to New Generation Dairy, Inc. in Owensville for a dairy chiller; on August 16, 2024 a $1,406,715 Higher Blends Infrastructure Incentive Program grant to Good Oil Company for 19 E15 dispensers and 23 ethanol storage tanks at seven fueling stations from Kokomo to Noblesville; and on October 18, 2024, the first month of fiscal year 2025, more than $12 million in REAP grants to 64 Hoosier farmers and small businesses, including $1 million to Windy Ridge Dairy, LLC in Jasper County for a 1.9 MW solar array and $999,450 to DeKalb Metal Finishing Inc. for a 1,100 kW array. A Business and Industry figure of $23.9 million for fiscal year 2025 circulates in local press without a primary release behind it, and this page does not carry it.

The eligibility shape is set by the 50,000 line and the Census Bureau's own July 1, 2024 city populations: Indianapolis at 891,484, Fort Wayne at 273,203, Evansville at 115,395, South Bend at 103,713, Bloomington at 79,986, Lafayette at 71,757 and Terre Haute at 58,531 are out in their own right, and West Lafayette at 46,338 sits under the line as a place but inside the urbanized area contiguous to Lafayette that the Community Facilities page's own words exclude. The state page also carries a public notice under the rural-in-character provision of 7 U.S.C. 1991, with a petition pending for a Kokomo location, the mechanism by which a unit of local government asks the Under Secretary to treat part of an urbanized area as rural. The study documents eligibility at the parcel and names the area office among the four and the field area among the six.

The state's economic development authority is the Indiana Economic Development Corporation, and its programs reach a commercial real estate borrower through tax credits, infrastructure grants and the Indiana Finance Authority's bonds. The Economic Development for a Growing Economy tax credit is a refundable credit calculated as a percentage, not to exceed 100 percent, of the expected increased withholdings from new jobs, certified annually for up to 20 years. The Hoosier Business Investment Tax Credit under IC 6-3.1-26 is a non-refundable credit of up to 10 percent of a qualified investment, 25 percent for a logistics investment and 15 percent for onsite digital manufacturing equipment, carried forward up to nine years, with accelerated payment capped at $17,000,000 a state fiscal year, on no more than $170,000,000 of qualified investment, for a taxpayer proposing at least $250,000,000 of investment over five years. The Industrial Development Grant Fund under I.C. 5-28-25-1 reimburses a municipality's off-site infrastructure for a job-creating project: sewer, water, roads, sidewalks, rail spurs and fiber. The Redevelopment Tax Credit rewards a qualified investment in a redevelopment site in any of the state's 15 economic regions, and its Small Town Opportunity Initiative reaches a distressed downtown building in a city or town under 30,000; the Regional Economic Acceleration and Development Initiative, READI, funds quality of place projects through the regions. The Indiana Finance Authority issues tax-exempt bonds through its Volume Cap Program, its Large Bond Program for manufacturing facilities and 501(c)(3) entities including health care and child care facilities, and its Small Bond Program for needs of $3 million or less, and runs the State Revolving Fund and the Indiana Brownfields Program.

Indiana's State Small Business Credit Initiative programs are administered by the Corporation. The Legend Fund, a loan participation program funded with up to $29 million of the allocation, buys up to 50 percent of a loan issued by a Community Development Financial Institution, a revolving loan fund or another mission lender, on loans of $5,000 to $1,000,000 for operating capital, and the Venture Capital Investment Program, which the Corporation's own page allocates $99 million, invests in early-revenue companies through the Indiana Angel Network Fund and Elevate Ventures; a Technical Assistance Program funds counseling. Neither reaches a real estate acquisition directly, which is why an Indiana commercial real estate file leans on the SBA record, the tax credits and the Finance Authority's bonds rather than on a state guarantee.

Indiana licenses assisted living twice. A facility that provides residential nursing care or administers physician-prescribed medication is licensed by the Indiana Department of Health as a residential care facility under 410 IAC 16.2-5, on the authority of IC 16-28-1-7 and within the scope of IC 16-28-2; a facility that provides only room, meals, laundry, housekeeping and limited assistance with daily living is not required to hold that licence. Separately, any community that uses the term assisted living must register with the Family and Social Services Administration's Division of Aging as a housing with services establishment under IC 12-10-15-10, defined at IC 12-10-15-3 as an establishment sleeping at least five residents and offering at least one health-related or two supportive services for a fee, by filing State Form 49028 annually, and a memory care unit must file the Alzheimer's and dementia special care unit disclosure, State Form 48896, under IC 12-10-5.5-3. The certificate of need program under IC 16-29-7 reaches comprehensive care beds, the nursing home class, permitting existing beds to move between counties on demographic need with an approved certificate valid for 18 months and capping new comprehensive care beds approved for small house health facilities at one hundred a year, and it cross-references a moratorium chapter, IC 16-28-2.5, whose current force should be confirmed with the state before filing; an assisted living or memory care project sits under the licence and the disclosures, not under the certificate.

Indiana has no statewide hotel operating licence that the research could find in a primary source; what is state-level is the county innkeeper's tax under Title 6, Article 9 of the Indiana Code, imposed on rooms rented for fewer than 30 days, which the Department of Revenue's own rate table puts at 10 percent in Marion County, 8 percent in Allen, St. Joseph and Vanderburgh counties and 5 percent in Lake County, with twenty counties holding their own chapters apart from the uniform one and Parke and Switzerland counties able to adopt one from July 1, 2025.

A car wash answers to the Indiana Department of Environmental Management's wastewater permitting: a facility discharging to a stream or lake needs a National Pollutant Discharge Elimination System permit, applied for at least 180 days before the first discharge and placed on 30 days' public notice, the class of permit the department issued as IN0060160 for a car wash limited to vehicle wash, floor drain and storm water, and a wash on a municipal sewer falls under an industrial pretreatment permit instead. An RV park or campground with ten or more sites for tents, recreational vehicles or park models is licensed by the Indiana Department of Health under 410 IAC 6-7.1, on the authority of IC 16-19-3-4, with a construction or alteration permit before it is built and sewage rules falling back on 410 IAC 6-12, 410 IAC 6-10 or the environmental department's rules where no public sewer serves the site.

An Indiana credit committee reads the study in the order of the programs above. For a 7(a) or 504 file under SOP 50 10 8.1 it wants the market area drawn to the parcel and the competitive set named, the demand case built from public series the underwriter can check, the stabilized-year cash flow at the required coverage, and the equity and collateral mechanics stated, with the state's tax credits and the Finance Authority's bonds modeled where the sponsor qualifies rather than a state guarantee the state does not offer on real estate. For a Business and Industry or Community Facilities file the Indianapolis office reviews, it wants the rural-area determination at the address, the 80 percent guarantee and its 3 percent fee stated, and a market study to the standard in 7 CFR 5001. For every Indiana file it wants the state layer set out above in the lender's own vocabulary: the residential care facility licence and the housing with services registration, the county innkeeper's tax the operation collects, the NPDES or pretreatment permit a car wash carries, the campground licence and construction permit, the circuit breaker cap and the parcel's district rate, and the absence of a published permit clock in the two largest cities. A study that carries each of those with the source named in the sentence is the study an Indiana underwriter can lift into the memo without a second round.

A bankable Indiana feasibility study is built around what actually moves the pro forma: a constitutional tax ceiling with no equivalent next door, a single company's manufacturing build-out in one district, a steel industry anchoring a regional labor market, one county dominating a national manufacturing category, and a cargo hub funded for expansion.

Indiana's circuit breaker caps hold every commercial property tax bill to 3 percent of gross assessed value, a limit the Department of Local Government Finance ties to Article 10, Section 1 of the state constitution, added by Hoosier voters in 2010. Once a nonresidential parcel's bill would exceed 3 percent of its gross assessed value, the county auditor cancels the excess as a matter of constitutional right. A lender can model a bounded ceiling on the property tax line regardless of the local millage, turning a district-by-district estimate into a fixed number a national credit committee can accept.

The Lilly LEAP cluster in Lebanon, Boone County has drawn $21 billion in Eli Lilly and Company's cumulative Indiana capital commitments since 2020, the figure Lilly gave with its May 6, 2026 announcement of a further $4.5 billion across its Indiana manufacturing sites, including Lilly Lebanon Advanced Therapies. A capital plan of this size is a demand shock for workforce housing, extended-stay hotels and industrial space within commuting distance of Lebanon, and a Lebanon, Zionsville or Whitestown study models it against Lilly's own construction and hiring schedule.

The U.S. Geological Survey's Mineral Commodity Summaries 2025 credits Indiana with 25 percent of all U.S. raw steel production in 2024, the largest state share in the country, ahead of Ohio's 12 percent, inside a $120 billion national industry. A steel industry this large sets the wage floor and the industrial land absorption rate for the northwest Indiana submarket, so a feasibility study near Gary, Portage, Burns Harbor or Valparaiso treats integrated steelmaking, not generic manufacturing, as the anchor industry.

The Elkhart RV industry concentrates in a single Indiana county to a degree no other manufacturing cluster in this study matches: the Census Bureau's County Business Patterns count gives Elkhart County 49.2 percent of every travel trailer and camper manufacturing job in the country and 53.6 percent of the industry's payroll. The Bureau of Labor Statistics confirms it from the labor side: production occupations made up 32.8 percent of Elkhart-Goshen employment in May 2024, nearly six times the national average, the highest concentration of any metropolitan area that month. A feasibility study in Elkhart or Goshen models RV shipment cycles, a line unusually sensitive to interest rates and discretionary spending, as the dominant driver of local employment and rooftop demand.

The FedEx Indianapolis hub is the carrier's second-largest FedEx Express hub in the world, behind only Memphis, by FedEx's own account, sorting 99,000 packages per hour and backed by a stated $1.5 billion expansion plan. A cargo hub of this scale is why industrial and logistics product around Indianapolis International Airport underwrites on air cargo adjacency rather than highway access alone, and a warehouse study near the airport models FedEx's own hiring as a named, dated demand driver.

An Indiana study runs to the sections a lender's file expects, each calibrated to the state. The engagement letter and scope name the program of record, the lender or CDC, the Indiana District Office and, for a USDA file, the area office among the four and the Community Facilities field area among the six. The site and market area section places the parcel in its county, its taxing district and its innkeeper's tax chapter, states the rural-area determination where USDA is the program, and draws the trade area from the road network rather than a radius. The demand section builds from the public series this page cites: the Census Bureau's Vintage 2025 estimates for population and its components, the Bureau of Labor Statistics for jobs, the Indiana Destination Development Corporation for visitors and spending, Indianapolis International Airport's own activity report, the National Park Service for Indiana Dunes, County Business Patterns for the competitive stock and the SBA FOIA release for the state's own lending record in the asset class. The competitive set section names the operating properties, their scale and their position. The regulatory section carries the licence, registration and permit sequence with the rule and statute cited from the agency's own document. The financial section runs the stabilized year, the ramp, the operating expenses, the reserves and the discounted cash flow at the lender's coverage, with the property tax line built from the district rate against the 3 percent cap and the personal property exemption, and the innkeeper's tax on a lodging property. The risk section names what could move the numbers, the falling leisure and hospitality payroll, the three-year decline in Indiana Dunes visits, the shutdown exposure SBA measured, the SEA 1 deduction's reach, and says what the sponsor has done about each. The lender package closes with the comparable-loan evidence from the FOIA release and a statement of the standards the study was prepared under.

The method is set out in full in MMCG's feasibility study methodology.

Indiana counted 6,973,333 residents on July 1, 2025 by the Census Bureau's Vintage 2025 estimates, up 38,579 from 6,934,754 a year earlier, and unlike its neighbours the growth is balanced: natural change added 8,561 (79,648 births against 71,087 deaths) and net migration added 30,049, of which 17,852 was international and 12,197 domestic. Indiana gains residents from other states, which is the demand case for self-storage, housing and the suburban services classes.

The labor market is the caution. The Bureau of Labor Statistics' Indiana Economy at a Glance table reports total nonfarm employment of 3,252.2 thousand for July 2026, seasonally adjusted, down 0.5 percent from 3,273.5 thousand a year earlier, an unemployment rate of 3.3 percent, leisure and hospitality employment of 298.7 thousand, down 5.2 percent from 314.8 thousand, and education and health services employment of 531.0 thousand, up 1.5 percent from 522.8 thousand. A hospitality payroll falling 5.2 percent in a year while visitors rise is the tension an Indiana hotel or restaurant study has to weigh directly.

Tourism is growing on the visitor side. The Indiana Destination Development Corporation's 2024 economic contribution study reports 83.3 million visitors, up 1.9 percent from 81.7 million in 2023, more than 99 percent of them domestic, 63 percent day visitors and 37 percent overnight, 86 percent for leisure; visitor spending of $16.9 billion, up 4.7 percent from $16.2 billion, at $203 per trip; taxes of $3.2 billion, up 4.1 percent from $2.8 billion, of which $1.35 billion federal, $1.1 billion state and $740 million local; 210,000 jobs, up 0.8 percent from 208,000; $6.7 billion in wages, up 4.6 percent from $6.4 billion; and a total contribution of $10.9 billion, up 4.9 percent from $10.4 billion. Indianapolis International Airport's own July 2026 activity report counted 989,264 passengers in the month, down 0.7 percent from 995,818, with international passengers up 43.4 percent to 15,997, 6,180,320 passengers year to date against 6,179,812, 5,300,192 enplaned and 5,315,901 deplaned passengers in calendar 2025 and 88,768 tons of cargo in the month, up 7.9 percent. Indiana Dunes National Park, by the National Park Service's own statistics, recorded 2,629,497 recreation visits in 2025, down from 2,705,209 in 2024 and 2,765,892 in 2023, the weakest demand series on this page and the one a lakeshore campground or lodging study has to answer.

An Indiana study is honest about the public record's gaps, because a lender will find them too. No public per-square-foot commercial construction cost index exists for Indianapolis, Fort Wayne or Evansville; the nearest public capital figure is Ivy Tech Community College's $34,999,910 Evansville request, which demolishes 16,789 square feet of the existing Plaza building and is institutional, not commercial. The statutes on this page are read from the Department of Health's own copies of 410 IAC 16.2 and the certificate of need statute, the Department of Revenue's General Tax Information Bulletin #204 and Income Tax Information Bulletin #95, the Family and Social Services Administration's housing with services job aid and the Department of Local Government Finance's June 12, 2025 memo on Senate Enrolled Act 1. The Made in America Manufacturing Initiative launch and the shutdown estimate are the only two Indiana-specific SBA notices found in two fiscal years, and no disaster declaration, Community Advantage roster or lender-match event was on the agency's site. The study says which figure came from which door, uses the county's own rate table and the district's own budget order, and states plainly where a national template would have invented a number.

Two of Indiana's largest committed capital programs sit in this metro. The Lilly LEAP cluster in Lebanon, Boone County has drawn $21 billion in Eli Lilly and Company's cumulative Indiana capital commitments since 2020, and a Lebanon, Zionsville or Whitestown study models Lilly's construction and hiring schedule as the primary demand driver for workforce housing and extended-stay rooms. The FedEx Indianapolis hub, the carrier's second-largest FedEx Express hub in the world by its own account, sorts 99,000 packages per hour and is backed by a planned $1.5 billion expansion, anchoring industrial and logistics demand around the airport.

Indianapolis carries the state's pipeline. The Building Permits Survey's 2025 annual data puts the Indianapolis-Carmel-Greenwood metropolitan area at 11,463 housing units authorized worth $3,975,156 thousand, seven times Fort Wayne's value and seventeen times Evansville's, and the Department of Local Government Finance's 2026 budget order puts the Indianapolis Center taxing district at $2.7291 per $100 of assessed value, under the $3.00 equivalent of the 3 percent commercial cap, while Wayne Outside runs $3.6418 and the cap binds. Marion County's innkeeper's tax is the state's highest at 10 percent since September 1, 2009. The Indiana District Office at 5726 Professional Circle, the state office at 5975 Lakeside Boulevard and the East Central Field Office for Community Facilities all sit in the city, and Indiana Statewide Certified Development Corporation's 51 504 approvals for $50,653,000 and Premier Capital Corporation's 28 for $31,870,000 are largely the metro's. Indianapolis at 891,484 residents is out of every USDA program on its own population, and the SBA's manufacturing initiative was launched here in March 2025; the lodging, car wash, self-storage and quick-service files follow the airport's 6,180,320 year-to-date passengers, 973,267 of them domestic in July 2026 alone, and the Interstate 465 ring, and the study is written to the district rate against the cap and to the county's 10 percent room tax.

Northern Indiana anchors two of the state's largest single-industry concentrations. Elkhart County alone drives the Elkhart RV industry's national output, holding 49.2 percent of the nation's travel trailer and camper manufacturing jobs on the Census Bureau's County Business Patterns count, with production occupations making up 32.8 percent of Elkhart-Goshen employment in May 2024, the highest of any U.S. metro that month by the Bureau of Labor Statistics' own count; a hotel, apartment or self-storage study here models RV shipment cycles as the driver of local demand. To the west, the U.S. Geological Survey credits Indiana with 25 percent of the nation's raw steel production, concentrated at the Lake Michigan mills around Gary, Portage, Burns Harbor and Valparaiso, and an industrial or hotel study there treats integrated steelmaking as the anchor industry.

Northern Indiana is the state's second market and its densest USDA geography. Fort Wayne at 273,203 residents and South Bend at 103,713 are out on their own populations, and the Northwest Area Office at 1410 South Heaton St., Knox and the Northeast Area Office at 788 W Connexion Way E, Columbia City work the counties between and around them; the October 18, 2024 REAP round's largest awards, $1 million to Windy Ridge Dairy in Jasper County and $999,450 to DeKalb Metal Finishing in DeKalb County, and Custom Curve Cabinetry's $338,904 in Bristol, sit here. The Building Permits Survey puts Fort Wayne at 1,641 units worth $559,892 thousand in 2025, Community Development Corporation of Fort Wayne approved 14 504 loans for $14,545,000 and Business Development Corporation (BDC) 15 for $8,208,000, and 1st Source Bank with 68 7(a) approvals, Centier Bank with 46 and Horizon Bank with 28 are the region's banks. Allen County's innkeeper's tax is 8 percent since November 1, 2019, St. Joseph County's 8 percent since October 1, 2021 and Lake County's 5 percent, and the Indiana Dunes' 2,629,497 visits set the lakeshore's lodging and campground demand, down two years running.

Southern Indiana is the Ohio River market and the Southwest and Southeast area offices' territory, at 1484 Executive Blvd, Jasper and 2600 Highway 7 North, North Vernon. Evansville at 115,395 residents and Bloomington at 79,986 are out of the USDA programs on their own populations, Terre Haute at 58,531 narrowly so, and the Building Permits Survey puts Evansville at 825 units worth $234,101 thousand in 2025. Vanderburgh County's innkeeper's tax has stood at 8 percent since September 1, 2007. Ivy Tech Community College's capital request for its Evansville campus, $34,999,910 for a realignment consolidating its School of Health Science into a new building, is the largest public construction figure the research found south of Indianapolis, and the region's B&I file, one guarantee for $12,000,000 in the state in fiscal year 2025, is the profile a Jasper, Vincennes or Madison manufacturer or lodging property is written to. The 89 RV parks and campgrounds County Business Patterns counts statewide are concentrated along the river, in Brown County and around the reservoirs, and each is licensed under 410 IAC 6-7.1 at ten or more sites. For a Community Facilities file the Southwest Field Area lists Cynthia Ferguson as its Community Programs specialist and the Southeast Field Area Charlene Bridgewater, by the program page's own list, with Craig McGowan as Community Programs Director at the state office, and the West Central Field Area at 2032 Lebanon Road, Crawfordsville lists John Magee.

Census County Business Patterns for 2023, the latest year published, counts 1,034 hotels and motels in Indiana (NAICS 721110), 417 car washes (811192), 350 self-storage operators (531130), 187 assisted living facilities for the elderly (623312), 141 continuing care retirement communities (623311) and 89 RV parks and campgrounds (721211), and the same file gives the employment behind the counts: 18,181 in hotels and motels, 3,632 in car washes, 820 in self-storage, 319 in RV parks and campgrounds, 5,944 in assisted living facilities for the elderly and 11,712 in continuing care retirement communities. Read against the SBA record above, three classes stand out. Hotels pair the largest establishment count with the state's largest SBA dollar volume, $897,309,300 across 407 7(a) loans at a 2.0 percent charge-off rate, a visitor economy growing 4.7 percent to $16.9 billion, and an airport adding international passengers at 43.4 percent, against a hospitality payroll down 5.2 percent that the study weighs directly. Self-storage pairs 350 establishments with 12,197 net domestic in-migrants and 38,579 new residents, and with 50 7(a) and 35 504 loans on the release. Senior housing pairs 187 assisted living facilities and 141 continuing care communities with a health-linked sector growing 1.5 percent to 531.0 thousand jobs while the state's total payroll fell, and with a licensing regime that has no certificate of need and a Senate Enrolled Act 1 deduction that reaches long-term care property. Car washes, 417 establishments and a 5.0 percent charge-off rate on 40 resolved loans, are written to a saturation test and the NPDES permit; RV parks, 89 establishments and 12 7(a) loans, to the lakeshore's falling visits and the campground licence.

Beyond the classes above, MMCG produces SBA, USDA and conventional-grade feasibility studies for the full range of commercial property types financed in Indiana. Restaurants are the largest count in the table, 1,175 7(a) loans for $431,844,300 at a 9.1 percent charge-off rate and 153 504 loans with none charged off among 37 resolved, which is why an Indiana restaurant study is written to a saturation test and, where the file is a 504, to the debenture. Gas stations and convenience stores, 197 loans for $172,731,600 at 1.6 percent, carry one of the cleanest records in the table along Interstate 65, Interstate 70 and Interstate 69. Fitness and recreational sports centers, 320 loans for $112,059,200 at 9.2 percent, carry the weakest. Child day care services, 95 loans for $78,810,100 at 3.8 percent, follow Hamilton, Hendricks and Johnson counties. Industrial and logistics files follow the Made in America Manufacturing Initiative launched in the state, the Hoosier Business Investment Tax Credit's 25 percent logistics rate and the Industrial Development Grant Fund's rail spurs and sewer; medical office files follow the 531.0 thousand education and health services jobs and the Finance Authority's Large Bond Program for health care facilities; retail and multifamily files follow the Redevelopment Tax Credit and its Small Town Opportunity Initiative under 30,000; glamping and short-term rental files carry the county innkeeper's tax and the campground rule; marinas on Lake Michigan, Lake Monroe and the Ohio are a small SBA class, five 7(a) loans for $927,400, written to the water and the season; and Community Facilities Program files for nonprofit and public borrowers are written to the field area's specialist and the 20,000-resident set-aside the Indiana page states.

Standard delivery is 9 to 16 business days from data receipt, and rush turnaround is available from 5 business days. The seven steps below are what happens in that window, from the project brief to lender review.

MMCG delivers Indiana feasibility studies in 9 to 16 business days from data receipt, with a complimentary preliminary market overview within one business day of submission. Pricing starts at $4,900 with a 50/50 fee schedule. Reports are formatted for SBA, CDC, USDA and conventional lender file submission and incorporate the analytical layers Indiana credit committees expect: the Indiana District Office's roster and the state's own FOIA cohort by asset class, the 50,000-inhabitant rural-area test on the Census Bureau's city populations and the Indianapolis state office's guarantee terms, the Economic Development Corporation's credits and the Finance Authority's bonds, the residential care facility licence and the housing with services registration with no certificate of need, the county innkeeper's tax, the NPDES or pretreatment permit on a car wash, the campground licence, the circuit breaker cap and the parcel's district rate, and the permit clock as the city gives it. Sponsor inquiries that involve a residential care facility licence, a Redevelopment Tax Credit site or a lakeshore seasonal property typically require the upper end of the standard range.

Engagements typically begin with the project address, asset class, capital stack, sponsor experience, and the specific lender, Certified Development Company or USDA area office carrying the deal. From there, MMCG calibrates scope to the program of record, whether SBA 7(a), SBA 504, USDA Business and Industry, REAP, Community Facilities or conventional.

Send the project address. Receive a free Indiana market overview within one business day. Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. A senior analyst responds within 12 business hours.

MMCG Invest, LLC is a commercial real estate feasibility consulting firm specializing in SBA and USDA feasibility studies across asset classes including hotels, assisted living, car washes, self-storage, RV parks, gas stations, restaurants and agritourism. Our analyses serve lenders, CDCs, investors and developers seeking institutional-quality market intelligence for underwriting and investment decisions. Engagements are led by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute. Feasibility studies are prepared under USPAP discipline, aligned with SBA SOP 50 10 8.1 for 7(a) and 504 loans and with 7 CFR Part 5001 for USDA Business and Industry, REAP and Community Facilities financing. Engagements start at $4,900 with fixed-fee scoping. Standard delivery is 9 to 16 business days, with rush turnaround available from 5 business days. A senior analyst responds to proposal requests within 12 business hours from the firm's San Francisco office.

Every state page MMCG publishes is listed on the state index; the neighbouring states are linked at the end of this page. The Indiana cities and counties served:

Central Indiana: Indianapolis, Carmel, Fishers, Noblesville, Westfield, Greenwood, Franklin, Plainfield, Avon, Brownsburg, Zionsville, Lebanon, Anderson, Muncie, Kokomo, Lafayette, West Lafayette, Crawfordsville, Columbus, Shelbyville, Greenfield, Richmond.

Northern Indiana: Fort Wayne, South Bend, Mishawaka, Elkhart, Goshen, Warsaw, Columbia City, Huntington, Auburn, Angola, Valparaiso, Portage, Hammond, Gary, Merrillville, Crown Point, Michigan City, La Porte, Plymouth, Knox, Rochester, Logansport.

Southern Indiana: Evansville, Newburgh, Jasper, Vincennes, Washington, Terre Haute, Bloomington, Bedford, Seymour, North Vernon, Madison, Jeffersonville, New Albany, Clarksville, Corydon, Tell City, Nashville, French Lick.

Counties: Adams, Allen, Bartholomew, Benton, Blackford, Boone, Brown, Carroll, Cass, Clark, Clay, Clinton, Crawford, Daviess, Dearborn, Decatur, DeKalb, Delaware, Dubois, Elkhart, Fayette, Floyd, Fountain, Franklin, Fulton, Gibson, Grant, Greene, Hamilton, Hancock, Harrison, Hendricks, Henry, Howard, Huntington, Jackson, Jasper, Jay, Jefferson, Jennings, Johnson, Knox, Kosciusko, LaGrange, Lake, LaPorte, Lawrence, Madison, Marion, Marshall, Martin, Miami, Monroe, Montgomery, Morgan, Newton, Noble, Ohio, Orange, Owen, Parke, Perry, Pike, Porter, Posey, Pulaski, Putnam, Randolph, Ripley, Rush, St. Joseph, Scott, Shelby, Spencer, Starke, Steuben, Sullivan, Switzerland, Tippecanoe, Tipton, Union, Vanderburgh, Vermillion, Vigo, Wabash, Warren, Warrick, Washington, Wayne, Wells, White, Whitley.