##### 



EXHIBIT 21.1

Subsidiaries of the Registrant

|                                         |  |                                      |  |                                     |  |                             |  | 
|---------------------------------------- |  | ------------------------------------ |  | ----------------------------------- |  | --------------------------- |  | 
|                                         |  |                                      |  |                                     |  | STATE OR OTHER JURISDICTION
|                                         |  |                                      |  |                                     |  | OF INCORPORATION           
|Name                                     |  | OR ORGANIZATION                     
|                                         |  |                                     
|Irwin Union Bank and Trust Company       |  | Indiana                             
|                                         |  | Irwin Home Equity Corporation        |  | Indiana                            
|                                         |  |                                      |  | IHE Funding Corp. II                |  | Delaware                   
|                                         |  | Irwin Union Realty Corporation       |  | Indiana                            
|                                         |  | Irwin Union Collateral, Inc.         |  | Indiana                            
|                                         |  | Irwin Commercial Finance Corporation |  | Indiana                            
|                                         |  |                                      |  | Irwin Business Finance Corporation  |  | Indiana                    
|                                         |  |                                      |  | Irwin Equipment Lease Funding       |  | Delaware                   
|                                         |  |                                      |  | Irwin Franchise Capital Corporation |  | Indiana                    
|                                         |  |                                      |  | Irwin International Corporation     |  | Edge Act                   
|                                         |  |                                      |  | Onset Capital Corporation           |  | Canada                     
|                                         |  |                                      |  | Onset Alberta Ltd.                  |  | Canada                     
|                                         |  | Irwin Union Securities, Inc.         |  | Indiana                            
|                                         |  | Irwin Reinsurance Corporation        |  | Vermont                            
|                                         |  | Irwin Union Insurance, Inc.          |  | Indiana                            
|                                         |  | Irwin Union Advisory Services, Inc.  |  | Indiana                            
|                                         |  | Irwin Mortgage Corporation           |  | Indiana                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|Irwin Union Investor Services, Inc.      |  | Indiana                             
|                                         |  |                                      |  |                                     |  |                             |  | 
|Irwin Union Bank, F.S.B                  |  | Federal                             
|                                         |  |                                      |  |                                     |  |                             |  | 
|Irwin Union Credit Insurance Corporation |  | Arizona                             
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Capital Trust II                     |  | Delaware                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Capital Trust III                    |  | Delaware                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Capital Trust IV                     |  | Delaware                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Capital Trust V                      |  | Delaware                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Capital Trust VI                     |  | Delaware                            
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Statutory Trust VII                  |  | Connecticut                         
|                                         |  |                                      |  |                                     |  |                             |  | 
|IFC Mortgage Corporation                 |  | Indiana                             





---



##### 



|                                       |                           |                 |                        |  |          |                             |  | 
|-------------------------------------- | ------------------------- | --------------- | ---------------------- |  | -------- | --------------------------- |  | 
|                                       |                           |                 |                        |  |          | STATE OR OTHER JURISDICTION
|                                       |                           |                 |                        |  |          | OF INCORPORATION           
|Name                                   |                           | OR ORGANIZATION
|                                       |                           |                
|Irwin Equipment Finance Corporation    |                           | Indiana        
|                                       | Irwin Leasing Corporation |                 | Illinois              
|                                       |                           |                 |                        |  |          |                             |  | 
|Irwin Ventures LLC                     |                           | Delaware       
|                                       | Irwin Ventures SBIC LLC   |                 | Delaware              
|                                       |                           |                 |                        |  |          |                             |  | 
|Irwin Residual Holdings Corporation    |                           | Indiana        
|                                       |                           |                 | Irwin Funding Corp.    |  | Delaware
|                                       |                           |                 | Irwin Funding Corp. II |  | Delaware
|                                       |                           |                 |                        |  |          |                             |  | 
|Irwin Residual Holdings Corporation II |                           | Indiana        
|                                       |                           |                 | IHE Funding Corp.      |  | Delaware