First Merchants Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Merchants Bank
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 722511 | Full-Service Restaurants | 96 | $15.5M | $161K | 4.8% |
| 236118 | Residential Remodelers | 80 | $15.6M | $196K | 4.0% |
| 238220 | Plumbing, Heating, and Air-Conditioning Contractors | 56 | $12.7M | $227K | 2.8% |
| 561730 | Landscaping Services | 48 | $20.2M | $420K | 2.4% |
| 484110 | General Freight Trucking, Local | 48 | $2.4M | $50K | 2.4% |
| 561720 | Janitorial Services | 48 | $2.9M | $61K | 2.4% |
| 624410 | Child Day Care Services | 40 | $41.9M | $1.0M | 2.0% |
| 611620 | Sports and Recreation Instruction | 40 | $54.7M | $1.4M | 2.0% |
| 236220 | Commercial and Institutional Building Construction | 40 | $8.7M | $218K | 2.0% |
| 236115 | New Single-Family Housing Construction (except Operative Builders) | 32 | $2.4M | $75K | 1.6% |
Geographic Distribution
SBA lending activity for First Merchants Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Indiana (IN) | 1,168 | $241.4M | 58.4% |
| Michigan (MI) | 640 | $224.2M | 32.0% |
| Texas (TX) | 32 | $41.1M | 1.6% |
| Tennessee (TN) | 8 | $36.2M | 0.4% |
| Maryland (MD) | 16 | $26.3M | 0.8% |
| Kansas (KS) | 8 | $18.1M | 0.4% |
| New York (NY) | 8 | $17.1M | 0.4% |
| New Jersey (NJ) | 8 | $14.3M | 0.4% |
| Oklahoma (OK) | 8 | $9.5M | 0.4% |
| Ohio (OH) | 80 | $4.6M | 4.0% |
| Illinois (IL) | 24 | $1.1M | 1.2% |
Why Choose First Merchants Bank?
Based on SBA 7(a) lending track record from 2020-2025
- ✓Proven Track Record: 2,000 SBA loans approved, totaling $633.9M in financing
- ✓Industry Expertise: Specialized focus on Full-Service Restaurants, Residential Remodelers, Plumbing, Heating, and Air-Conditioning Contractors
- ✓Competitive Terms: Average interest rate of 10.09% with flexible term lengths averaging 119 months
- ✓Loan Range: Loan sizes from $15K to $4.5M, with an average of $317K
- ✓Nationwide Reach: Active lending in 11 states, with strong presence in IN, MI, OH
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 Merchants Bank SBA lending
What types of businesses does First Merchants Bank typically finance?
First Merchants Bank specializes in SBA 7(a) lending to specific industries including full-service restaurants, residential remodelers, plumbing, heating, and air-conditioning contractors, landscaping services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Merchants Bank's typical SBA loan terms?
First Merchants Bank's SBA 7(a) loans typically feature an average interest rate of 10.09% and average term length of 119 months (approximately 10 years). Loan sizes range from $15K to $4.5M, with an average loan size of $317K.
Do I need a business valuation for a First Merchants Bank SBA loan?
Yes, First Merchants 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 Merchants Bank compare to other SBA lenders?
First Merchants Bank has originated 2,000 SBA loans totaling $633.9M since 2020. 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 Merchants Bank lend in?
First Merchants Bank provides SBA 7(a) financing with particularly strong presence in IN, MI, OH, TX, IL. 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?
Professional valuations are often required for SBA loans over $250,000.
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