First Farmers & Merchants National Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Farmers & Merchants National Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 333111 | Farm Machinery and Equipment Manufacturing | 5 | $900K | $180K | 12.2% |
| 621310 | Offices of Chiropractors | 2 | $220K | $110K | 4.9% |
| 722511 | Full-Service Restaurants | 1 | $265K | $265K | 2.4% |
| 541940 | Veterinary Services | 1 | $80K | $80K | 2.4% |
| 524210 | Insurance Agencies and Brokerages | 1 | $50K | $50K | 2.4% |
| 445110 | Supermarkets and Other Grocery Retailers (except Convenience Retailers) | 1 | $27K | $27K | 2.4% |
| 561730 | Landscaping Services | 1 | $40K | $40K | 2.4% |
| 811111 | General Automotive Repair | 1 | $78K | $78K | 2.4% |
| 333515 | Cutting Tool and Machine Tool Accessory Manufacturing | 1 | $134K | $134K | 2.4% |
Geographic Distribution
SBA lending activity for First Farmers & Merchants National Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Minnesota (MN) | 36 | $4.9M | 87.8% |
| South Dakota (SD) | 4 | $302K | 9.8% |
| Iowa (IA) | 1 | $49K | 2.4% |
Why Choose First Farmers & Merchants National Bank?
Based on SBA 7(a) lending track record from 1994-2018
- ✓Proven Track Record: 41 SBA loans approved, totaling $5.2M in financing
- ✓Industry Expertise: Specialized focus on Farm Machinery and Equipment Manufacturing, Offices of Chiropractors, Full-Service Restaurants
- ✓Competitive Terms: Average interest rate of 5.75% with flexible term lengths averaging 95 months
- ✓Loan Range: Loan sizes from $27K to $755K, with an average of $127K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in MN, SD, IA
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 First Farmers & Merchants National Bank SBA lending
What types of businesses does First Farmers & Merchants National Bank typically finance?
First Farmers & Merchants National Bank specializes in SBA 7(a) lending to specific industries including farm machinery and equipment manufacturing, offices of chiropractors, full-service restaurants, veterinary services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Farmers & Merchants National Bank's typical SBA loan terms?
First Farmers & Merchants National Bank's SBA 7(a) loans typically feature an average interest rate of 5.75% and average term length of 95 months (approximately 8 years). Loan sizes range from $27K to $755K, with an average loan size of $127K.
Do I need a business valuation for a First Farmers & Merchants National Bank SBA loan?
Yes, First Farmers & Merchants National Bank 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 First Farmers & Merchants National Bank compare to other SBA lenders?
First Farmers & Merchants National Bank has originated 41 SBA loans totaling $5.2M since 1994. 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 First Farmers & Merchants National Bank lend in?
First Farmers & Merchants National Bank provides SBA 7(a) financing with particularly strong presence in MN, SD, IA. 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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