First Midwest Bank
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by First Midwest Bank · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 811111 | General Automotive Repair | 5 | $685K | $137K | 3.4% |
| 621210 | Offices of Dentists | 4 | $672K | $168K | 2.7% |
| 238990 | All Other Specialty Trade Contractors | 3 | $255K | $85K | 2.0% |
| 624410 | Child Care Services | 3 | $300K | $100K | 2.0% |
| 327991 | Cut Stone and Stone Product Manufacturing | 3 | $1.5M | $511K | 2.0% |
| 339992 | Musical Instrument Manufacturing | 2 | $130K | $65K | 1.3% |
| 811192 | Car Washes | 2 | $320K | $160K | 1.3% |
| 541511 | Custom Computer Programming Services | 2 | $160K | $80K | 1.3% |
| 561730 | Landscaping Services | 2 | $138K | $69K | 1.3% |
| 812112 | Beauty Salons | 2 | $180K | $90K | 1.3% |
Geographic Distribution
SBA lending activity for First Midwest Bank by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 129 | $17.6M | 86.6% |
| Indiana (IN) | 19 | $2.1M | 12.8% |
| Wisconsin (WI) | 1 | $250K | 0.7% |
Why Choose First Midwest Bank?
Based on SBA 7(a) lending track record from 1991-2014
- ✓Proven Track Record: 149 SBA loans approved, totaling $20.0M in financing
- ✓Industry Expertise: Specialized focus on General Automotive Repair, Offices of Dentists, All Other Specialty Trade Contractors
- ✓Competitive Terms: Average interest rate of 6.63% with flexible term lengths averaging 82 months
- ✓Loan Range: Loan sizes from $15K to $1.3M, with an average of $134K
- ✓Nationwide Reach: Active lending in 3 states, with strong presence in IL, IN, WI
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 Midwest Bank SBA lending
What types of businesses does First Midwest Bank typically finance?
First Midwest Bank specializes in SBA 7(a) lending to specific industries including general automotive repair, offices of dentists, all other specialty trade contractors, child care services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are First Midwest Bank's typical SBA loan terms?
First Midwest Bank's SBA 7(a) loans typically feature an average interest rate of 6.63% and average term length of 82 months (approximately 7 years). Loan sizes range from $15K to $1.3M, with an average loan size of $134K.
Do I need a business valuation for a First Midwest Bank SBA loan?
Yes, First Midwest 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 Midwest Bank compare to other SBA lenders?
First Midwest Bank has originated 149 SBA loans totaling $20.0M since 1991. 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 Midwest Bank lend in?
First Midwest Bank provides SBA 7(a) financing with particularly strong presence in IL, IN, WI. 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.
Get your certified valuation from Fair Market Value.