Firstmerit Credit Life Insurance Company
SBA 7(a) Lending Profile · All Time analysis
Industry Focus
Top industries served by Firstmerit Credit Life Insurance Company · All Time
| NAICS | Industry | Loans | Volume | Avg Loan | Share |
|---|---|---|---|---|---|
| 812112 | Beauty Salons | 1 | $43K | $43K | 50.0% |
Geographic Distribution
SBA lending activity for Firstmerit Credit Life Insurance Company by state
| State | Loans | Volume | Share |
|---|---|---|---|
| Pennsylvania (PA) | 1 | $100K | 50.0% |
| Ohio (OH) | 1 | $43K | 50.0% |
Why Choose Firstmerit Credit Life Insurance Company?
Based on SBA 7(a) lending track record from 2004-2005
- ✓Proven Track Record: 2 SBA loans approved, totaling $143K in financing
- ✓Industry Expertise: Specialized focus on Beauty Salons
- ✓Competitive Terms: Average interest rate of — with flexible term lengths averaging 94 months
- ✓Loan Range: Loan sizes from $43K to $100K, with an average of $71K
- ✓Nationwide Reach: Active lending in 2 states, with strong presence in PA, 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 Firstmerit Credit Life Insurance Company SBA lending
What types of businesses does Firstmerit Credit Life Insurance Company typically finance?
Firstmerit Credit Life Insurance Company specializes in SBA 7(a) lending to specific industries including beauty salons. They have developed expertise in these sectors and understand the unique financial characteristics of each industry.
What are Firstmerit Credit Life Insurance Company's typical SBA loan terms?
Firstmerit Credit Life Insurance Company's SBA 7(a) loans typically feature an average interest rate of — and average term length of 94 months (approximately 8 years). Loan sizes range from $43K to $100K, with an average loan size of $71K.
Do I need a business valuation for a Firstmerit Credit Life Insurance Company SBA loan?
Yes, Firstmerit Credit Life Insurance Company 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 Credit Life Insurance Company compare to other SBA lenders?
Firstmerit Credit Life Insurance Company has originated 2 SBA loans totaling $143K since 2004. 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 Credit Life Insurance Company lend in?
Firstmerit Credit Life Insurance Company provides SBA 7(a) financing with particularly strong presence in PA, 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.
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