AKRON, Ohio, Dec. 5, 2013 /PRNewswire/ -- FirstMerit Bank (Nasdaq: FMER) has been named Bank of the Year by Growth Capital Corp. at its 31st Anniversary Annual Meeting and Awards Dinner on December 4, 2013. The award is presented to the lending institution that has originated the most Small Business Administration (SBA) 504 and Ohio Regional 166 loans with Growth Capital Corp. during 2013.
FirstMerit approved eight SBA 504 loans with Growth Capital for a total of $2,603,000 that assisted in $6.3 million in total regional project development.
"We are pleased to be recognized by Growth Capital, the largest community development corporation in Northeast Ohio, for our commitment to small businesses in this region," said Timothy Dixon, SBA program manager at FirstMerit. "Small businesses are the engine of local economies, hiring members of the community and providing a financial stimulus to the surrounding area."
SBA 504 loans can provide funding to businesses with tangible net worth of less than $15 million and an average net income less than $5 after taxes for the preceding two years that may be looking for alternatives to traditional financing.
SBA 403 loans can provide attractive fixed rate funding to businesses that may be looking for alternatives to traditional financing.
About Growth Capital Corp.
Growth Capital Corp., founded in 1982, provides financial assistance to the region's businesses to foster economic growth and jobs creation in Ohio. Focusing on capital financing, Growth Capital Corp. helps businesses determine best funding options, assists in the loan application process and coordinates timely processing with lenders, including government agencies (www.growthcapitalcorp.com).
FirstMerit Corporation is a diversified financial services company headquartered in Akron, Ohio, with assets of approximately $24.1 billion as of September 30, 2013, and 412 banking offices and 440 ATM locations in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania. FirstMerit provides a complete range of banking and other financial services to consumers and businesses through its core operations. Principal affiliates include: FirstMerit Bank, N.A., FirstMerit Mortgage Corporation, FirstMerit Title Agency, Ltd., and FirstMerit Community Development Corporation. For more information, visit us at firstmerit.com.
Media Contact: Robert Townsend/Media Relations Officer
SOURCE FirstMerit Corporation