1st MidAmerica CU
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by 1st MidAmerica CU · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 561740 | Carpet and Upholstery Cleaning Services | 1 | $32K | $32K | 20.0% |
| 812310 | Coin-Operated Laundries and Drycleaners | 1 | $88K | $88K | 20.0% |
| 312120 | Breweries | 1 | $40K | $40K | 20.0% |
| 812210 | Funeral Homes and Funeral Services | 1 | $50K | $50K | 20.0% |
Geographic Distribution
SBA lending activity for 1st MidAmerica CU by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 4 | $178K | 80.0% |
| Missouri (MO) | 1 | $88K | 20.0% |
Why Choose 1st MidAmerica CU?
Based on SBA 7(a) lending track record from 2007-2012
- ✓Proven Track Record: 5 SBA loans approved, totaling $266K in financing
- ✓Industry Expertise: Specialized focus on Carpet and Upholstery Cleaning Services, Coin-Operated Laundries and Drycleaners, Breweries
- ✓Competitive Terms: Average interest rate of 6.53% with flexible term lengths averaging 88 months
- ✓Loan Range: Loan sizes from $32K to $88K, with an average of $53K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in IL, MO
Note: Approval and terms are subject to SBA and lender requirements. This profile is based on historical data and does not guarantee future lending decisions.
Frequently Asked Questions
Common questions about 1st MidAmerica CU SBA lending
What types of businesses does 1st MidAmerica CU typically finance?
1st MidAmerica CU specializes in SBA 7(a) lending to specific industries including carpet and upholstery cleaning services, coin-operated laundries and drycleaners, breweries, funeral homes and funeral services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are 1st MidAmerica CU's typical SBA loan terms?
1st MidAmerica CU's SBA 7(a) loans typically feature an average interest rate of 6.53% and average term length of 88 months (approximately 7 years). Loan sizes range from $32K to $88K, with an average loan size of $53K.
Do I need a business valuation for a 1st MidAmerica CU SBA loan?
Yes, 1st MidAmerica CU typically requires a professional business valuation for SBA loans over $250,000 or for change-of-ownership transactions. A certified valuation helps establish the purchase price, loan amount, and ensures SBA compliance. The valuation typically costs $5,000-$15,000 depending on business complexity.
How does 1st MidAmerica CU compare to other SBA lenders?
1st MidAmerica CU has originated 5 SBA loans totaling $266K since 2007. They distinguish themselves through industry specialization and expertise in their focus sectors. Compare their rates and terms with other lenders in our Commercial Lending Directory.
What states does 1st MidAmerica CU lend in?
1st MidAmerica CU provides SBA 7(a) financing with particularly strong presence in IL, MO. Based on their lending history, they have experience with diverse state-specific business regulations and licensing requirements.
Research Your Target Industry Before Applying
Before applying for SBA financing, research your industry's typical loan sizes, approval rates, and specialized lenders. Understanding industry-specific financing patterns can help you find the right lender and strengthen your application.
Our industry research reports provide comprehensive intelligence for 1,000+ industries including financial benchmarks, growth trends, financing patterns, and which lenders are most active in your sector.
Explore Industry Reports →Need a Business Valuation?
Certified valuations are often required for SBA loans over $250,000.
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