Insurance Agencies and Brokerages Bank Loans

With these bank loans for insurance agencies and brokerages, the SBA guarantees the lender that the loan will be repaid. This insurance agencies and brokerages loan for $552,500 was given to a California entrepreneur in 2005.

This company received financial assistance through the SBA's lending programs back in 2005. They applied for an SBA loan with Lehman Brothers Bank, Fsb, out of Wilmington, Delaware. The loan was granted and they received $552,500 to help grow their Spring Valley, California business.

SBA Loan Borrower

COMPANY TYPE: INSURANCE AGENCIES AND BROKERAGES
SPRING VALLEY, CA 91977

SBA Loan Lender

LEHMAN BROTHERS BANK, FSB
1000 WEST ST, STE 200
WILMINGTON, DE 19801

Note that at the time it made this loan, this bank had achieved Preferred Lender Program (PLP) status from the U.S. Small Business Administration (SBA). PLP is the highest status given by the SBA to qualified lending institutions and gives the lending institution full authority to determine eligibility and credit worthiness of an applicant and to approve loans without prior review by the SBA.

SBA Loan Program Type

This loan was issued as a general business loan.

NAICS Code

524210 - Insurance Agencies and Brokerages

Loan Approval Date

3/3/2005

Loan Approval Gross Amount

$552,500

Loan Approval from the SBA

Of the total $552,500 loan amount, the SBA guaranteed $414,375.

More Information on This SBA Loan

The borrower borrowed this money for an existing business. According to the loan information, this was not a franchise loan. At the time of the loan, the company had 3 employees. The SBA loan application for the borrower indicated that the loan would help retain 3 existing jobs.

Next Steps for Getting an SBA Loan

SBA 7(a) Loans can be used for nearly any business purpose, such as commercial real estate, construction or renovation for owner-users, business acquisition and start-up, franchise refinancing, refinancing for existing debt, equipment purchases, working capital, and inventory.

We can help you find the best banks for small businesses in Spring Valley or anywhere else for that matter. By talking to a number of banks about getting an SBA loan, you will increase your odds of success.

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.

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