Insurance Agency Loans

[rockyins]

I am looking to hire a telemarketer and couple of sales people. Does anyone know of some good lending resources? I need some that is going to take into consideration agency revenue and future revenue into the decision making. Thanks for your help.

[tcook23]

Not sure if your still looking, but a colleague of mine used: http://www.premiumfinanceassociates.com/ and didn't have anything bad to say. Might check that out.

[FFA]

Go to your local bank and ask them about an ARC Loan through the SBA. Its $35K loan. Payments start in month 13 so you get one year with out payments. Then, the SBA picks up the interest. Payments will end after 6 years.

This works well for Non Minorities.

If you are a minority, there are piles and piles of grant money availible. Just got to get out there and find it. Google Small Business Grants and you will end up with a long list of companies that actually do the work for a price. Some companies are good some, not so. Check with your local BBB chapter. Do not believe the Ratings on the Net as it could be the owner of the grant company doing the posts.

[tflood]

Try Oak Street Funding. They specialize in developing custom financing programs for Insurance Professionals and agencies. www.oakstreetfunding.com
Personally, I found cheapest financing is borrowing from my personal savings or HELOC. Be sure to post as liability "notes payable" on your balance sheet to track and account for.
Good luck,
TF

[AgencyEquity]

More and more lenders are coming to the plate by providing loans for Insurance Agency Acquisitions. It's best to use a firm that understands Insurance Agencies, the residual income, and the premium values they go for. One thing I like about a firm that specialized in a certain industry is an applicant doesn't have to spend a lot of time explaining the business to the loan officer. A number of different funding options are available, you can find a list of these lenders on my website.

[tomwarren]

There are many ways to find capital to invest in the Social Security Agency. Need money to expand its current operations, increasing the debt of a person or to acquire insurance agencies have several options.

There are several banks, insurance companies, now on the market that specialize in loans against future commissions. In many cases the personal debt is not taken into account, provided that the company is healthy, you can borrow money. If you want to secure the funding to purchase the insurance agency or body to grow organically.

[landersinsurance]

So has anyone had success with just going to your local bank with your business plan and getting a loan?

[Legacyins]

I own a newer agency going on our first year in business. We are doing great providing Florida home and auto ins ect. However, I am so busy and need to hire somebody but am on a budget. Im trying to qualify for a loan to help me hire an employee or two. Any suggestions? Local banks wont do it. Any suggestions about grants or small business loans?

http://www.LegacyInsuranceAgents.com