It might surprise you that a community bank is one of the largest SBA lender in the United States. And one of our specialties happens to be insurance agencies.
If you’re looking to acquire a new agency or a book of business, we can help. United Midwest Savings Bank business loans with a Small Business Administration (SBA) guaranty are an excellent choice for an insurance agent because we are able to consider non-tangible collateral such as the value of a renewal income stream. United Midwest's SBA loans provide financing terms that may not otherwise be available to you in the marketplace. We specialize in SBA lending in all 50 states, focusing on a few industries we understand - insurance agencies being one of them. The team at United Midwest are all experienced in SBA lending, with anywhere from 5 to 40 years of experience. We might be a Midwest community bank based in Columbus, Ohio, but we are also one of the largest SBA lenders in the country by doing what we do best – financing businesses like yours.
Benefits of an SBA Loan from United Midwest
- Purchase your first agency for as little as 10% down
- 100% financing is available for acquiring additional agencies
- Finance commercial real estate for as little as 0% down
- Consolidate existing loans and/or seller notes and reduce your payments--sometimes up to half of what you currently pay
- A repayment term of 10 years, rather than a 3- or 5-year term for conventional commercial loans; commercial real estate loans up to a 25-year term
- Interest rates are similar to conventional financing
- The expertise of an SBA lender like United Midwest. Unlike other banks, we can have your loan approved in a matter of days, not weeks, and closed in under 30 days. We are an SBA PLP lender, which means we have the authority to approve and close loans on behalf of the SBA, saving you valuable time and making the process easier.
Easy to work with
We looked at a number of financing alternatives and by far United Midwest was the most knowledgeable and easiest to work with of any financial institution because they know and understand our insurance agency business. You don’t have to train them on the options or the usage of the loan as they have been lending to insurance agencies for years. They are very flexible and can offer up to 10 years, plus they have the pen on the loan and are not an intermediary. Give them a try and you will see why I say these things!
- Bob Smith –Leavitt Group Midwest
Flexible and knowledgeable
United Midwest has an understanding and appreciation of the insurance agency space. Flexibility and the introduction of fresh ideas on how to look at financing books of business and agencies are important and welcome. It is important that deals are quickly analyzed to determine if they would be a possible fit after the initial analysis, and United Midwest has been very good about that. It is easy to say no; getting to a safe yes takes more skill, which is why we work with United Midwest.
- Sam Patterson, Springtree Group
Understood my business
I was looking to expand and diversify my agency business and United Midwest made the financing process simple. With the nature of the insurance agency business, other lenders wanted my commissions to be sent to them; they wanted to collect their payment and then return the rest to me. I wanted to maintain my own commission schedules. United Midwest’s SBA loan was the only option I found that allowed me to control my cash flow without restrictions. This has allowed my business to grow into other markets and provided a sense of sustainability for both me and my employees.
- Paul M., Nationwide Insurance
