Opened in 1999 in Indiana, First Internet Bank was the first state chartered, FDIC insured institution to operate entirely online, and it still runs without branches while serving customers in all fifty states. The small business side covers SBA 7(a) and 504 lending, franchise finance, commercial real estate and equipment loans, and the bank ranks among the more active SBA originators for an institution of roughly five billion dollars in assets. Business money market accounts pay competitive rates.
Works for owners who are comfortable sending documents electronically and want a rate driven deposit account with a lending desk attached. It does not work for cash handling, and the product set assumes a straightforward corporate structure. Service is handled by a small team, so response times depend on the queue rather than a dedicated relationship manager for smaller accounts.
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