FirstMerit Business Loans

Fixed-Term Loans

Purchase fixed assets, restructure debt, or provide for ownership change and recapitalization
Debt can be repaid over a longer term that more closely matches the useful life of the asset being purchased
Longer repayment term can be tied to your company's ability to generate cash, in case of a permanent line conversion or recapitalization
Amortization and maturity dictated by purpose, usually not exceeding five years
Variable or fixed interest rates

To view general qualifiers and download an application. Click Here.

Revolving (Seasonal) Lines of Credit

Borrow money for short-term needs
Increase inventory, carry accounts receivable and pay expenses
Line can be renewed from year to year
Credit limit based on your company's current asset levels. Borrowing availability increases as your assets increase, so that your line grows along with your company
Sweep lines are tied to your business checking account, with automatic line advances and paydowns
Variable interest

To view general qualifiers and
download an application. Click Here.

Business Purpose Home Equity Line of Credit

Small business owners need more than passion and a great concept to generate the financing to launch or grow a company. Lenders require a solid business history and business assets to approve a loan. A FirstMerit Business Purpose Home Equity Line of Credit enables you to use your home as collateral while building credit history in your company's name.

Benefits:

Up to 100% of your equity is available
Flexible - use only when you need it
Low $200 application fee - WAIVED for a limited time (see your business banker for details)
Great way to establish credit in your business name
Checks and access card are in your business name
Simplify booking - separation of use of funds for tax purposes

Commercial Real Estate Loans

Term loans for construction, expansion and leasehold improvements pertaining to owner-occupied real estate
Amortization typically does not exceed 20 years on new construction and 12-15 years on current property expansion
Maturities are typically five-year balloons, but may be longer if needed
Variable or fixed rates that reprice at three, five or seven years