FirstMerit Bank, N.A.
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by FirstMerit Bank, N.A. · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812310 | Coin-Operated Laundries and Drycleaners | 1 | $230K | $230K | 3.1% |
| 624410 | Child Care Services | 1 | $365K | $365K | 3.1% |
| 423850 | Service Establishment Equipment and Supplies Merchant Wholesalers | 1 | $33K | $33K | 3.1% |
| 621210 | Offices of Dentists | 1 | $125K | $125K | 3.1% |
| 561720 | Janitorial Services | 1 | $150K | $150K | 3.1% |
| 541940 | Veterinary Services | 1 | $144K | $144K | 3.1% |
| 311811 | Retail Bakeries | 1 | $500K | $500K | 3.1% |
| 333922 | Conveyor and Conveying Equipment Manufacturing | 1 | $100K | $100K | 3.1% |
| 713910 | Golf Courses and Country Clubs | 1 | $100K | $100K | 3.1% |
| 484230 | Specialized Freight (except Used Goods) Trucking, Long-Distance | 1 | $1.3M | $1.3M | 3.1% |
Geographic Distribution
SBA lending activity for FirstMerit Bank, N.A. by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Illinois (IL) | 6 | $2.6M | 18.8% |
| Indiana (IN) | 6 | $2.6M | 18.8% |
| Michigan (MI) | 10 | $2.5M | 31.3% |
| Wisconsin (WI) | 9 | $1.2M | 28.1% |
| Ohio (OH) | 1 | $150K | 3.1% |
Why Choose FirstMerit Bank, N.A.?
Based on SBA 7(a) lending track record from 1991-2009
- ✓Proven Track Record: 32 SBA loans approved, totaling $9.0M in financing
- ✓Industry Expertise: Specialized focus on Coin-Operated Laundries and Drycleaners, Child Care Services, Service Establishment Equipment and Supplies Merchant Wholesalers
- ✓Competitive Terms: Average interest rate of 6.25% with flexible term lengths averaging 169 months
- ✓Loan Range: Loan sizes from $23K to $1.5M, with an average of $281K
- ✓Nationwide Reach: Active lending in 5 states, with strong presence in MI, WI, IL
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 FirstMerit Bank, N.A. SBA lending
What types of businesses does FirstMerit Bank, N.A. typically finance?
FirstMerit Bank, N.A. specializes in SBA 7(a) lending to specific industries including coin-operated laundries and drycleaners, child care services, service establishment equipment and supplies merchant wholesalers, offices of dentists. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are FirstMerit Bank, N.A.'s typical SBA loan terms?
FirstMerit Bank, N.A.'s SBA 7(a) loans typically feature an average interest rate of 6.25% and average term length of 169 months (approximately 14 years). Loan sizes range from $23K to $1.5M, with an average loan size of $281K.
Do I need a business valuation for a FirstMerit Bank, N.A. SBA loan?
Yes, FirstMerit Bank, N.A. 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 FirstMerit Bank, N.A. compare to other SBA lenders?
FirstMerit Bank, N.A. has originated 32 SBA loans totaling $9.0M 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 FirstMerit Bank, N.A. lend in?
FirstMerit Bank, N.A. provides SBA 7(a) financing with particularly strong presence in MI, WI, IL, IN, OH. 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.