FirstMerit Community Development Corporation
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by FirstMerit Community Development Corporation · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812112 | Beauty Salons | 2 | $70K | $35K | 10.0% |
| 713290 | Other Gambling Industries | 1 | $135K | $135K | 5.0% |
| 541519 | Other Computer Related Services | 1 | $117K | $117K | 5.0% |
| 561910 | Packaging and Labeling Services | 1 | $116K | $116K | 5.0% |
| 541940 | Veterinary Services | 1 | $117K | $117K | 5.0% |
| 541618 | Other Management Consulting Services | 1 | $110K | $110K | 5.0% |
| 812910 | Pet Care (except Veterinary) Services | 1 | $72K | $72K | 5.0% |
Geographic Distribution
SBA lending activity for FirstMerit Community Development Corporation by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Ohio (OH) | 19 | $1.8M | 95.0% |
| Pennsylvania (PA) | 1 | $117K | 5.0% |
Why Choose FirstMerit Community Development Corporation?
Based on SBA 7(a) lending track record from 2002-2005
- ✓Proven Track Record: 20 SBA loans approved, totaling $1.9M in financing
- ✓Industry Expertise: Specialized focus on Beauty Salons, Other Gambling Industries, Other Computer Related Services
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 82 months
- ✓Loan Range: Loan sizes from $30K to $150K, with an average of $97K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in OH, PA
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 Community Development Corporation SBA lending
What types of businesses does FirstMerit Community Development Corporation typically finance?
FirstMerit Community Development Corporation specializes in SBA 7(a) lending to specific industries including beauty salons, other gambling industries, other computer related services, packaging and labeling services. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are FirstMerit Community Development Corporation's typical SBA loan terms?
FirstMerit Community Development Corporation's SBA 7(a) loans typically feature an average interest rate of — and average term length of 82 months (approximately 7 years). Loan sizes range from $30K to $150K, with an average loan size of $97K.
Do I need a business valuation for a FirstMerit Community Development Corporation SBA loan?
Yes, FirstMerit Community Development Corporation 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 Community Development Corporation compare to other SBA lenders?
FirstMerit Community Development Corporation has originated 20 SBA loans totaling $1.9M since 2002. 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 Community Development Corporation lend in?
FirstMerit Community Development Corporation provides SBA 7(a) financing with particularly strong presence in OH, PA. 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.
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