How to Get a Loan for Insurance Agencies and Brokerages

Looking for business loans for insurance agencies and brokerages? Try the SBA. This $815,000 insurance agencies and brokerages loan was issued by an Idaho bank.

The SBA helps new or growing businesses raise capital. In this case, an entrepreneur in Sandpoint, Idaho was able to borrow $815,000 from Mountain West Bank. The SBA made the loan possible by guaranteeing $611,250 of this Idaho small business loan.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
SANDPOINT, ID 83864

SBA Loan Lender

MOUNTAIN WEST BANK
125 IRONWOOD DR
COEUR D'ALENE, ID 83814

This lender issued this loan under the 7A SBA program, in which the SBA provides guaranteed loans to small business owners. This lending program was started in 1953. In the early days of the SBA, these loans were issued directly by the SBA. Today, SBA loans are issued primarily through approved banks and lenders.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

6/5/2007

Loan Approval Gross Amount

$815,000

Loan Approval from the SBA

Of the total $815,000 loan amount, the SBA guaranteed $611,250.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. This loan was not for a franchise. At the time of the loan, the company had 15 employees. This SBA loan request indicated that the loan would help retain 15 existing jobs.

Next Steps for Getting an SBA Loan

If you are wondering how to raise money for a business in Sandpoint ID, you ought to talk with a local Sandpoint SBA lender or talk with an out-of-area SBA lender that has previously loaned money to Sandpoint businesses.

There are SBA loan fees that may apply. SBA lenders must pay the SBA a guaranty fee of 1% to 3.5% of guaranteed amount. The SBA will also make the lender pay annual fees amounting to 0.25% of the loan's outstanding balance. The lender is allowed by law to pass these fees to the borrower.

Still, as most small businesses know, these fees are minimal compared to the potential of what capital can do for a business. So, what are you waiting for? Get in touch with an SBA lending bank today!

About This SBA Loan Information:

All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ.

Related Links:

Choosing VC Firms

Find an SBA Lender in Coeur D'Alene, Idaho

Getting a Business Loan in Idaho