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With the latest technology, most specifically the internet, a consumer can easily browse the web and purchase their insurance directly from the insurance company. In addition, a consumer can easily compare and purchase insurance plans through the use of online platforms and portals. That’s why we understand that these have put huge stress on small independent insurance agency who are doing their best to adjust to the transformation in the way insurance coverage is being supplied. So if you’re ready to keep up and transform your insurance agency to the next level, here are the top 15 banks for SBA insurance agency loans:
1) Live Oak Banking Company — Wilmington, NC
2017: 70 loans, $891,614 average loan, average interest rate of 6.8%
Live Oak Banking Company offers insurance agency loans for agents, MGAs, wholesalers and program administrators.With a team that has over 40 years of experience in agency operations, financing and mergers and acquisitions, Live Oak Banking Company is no doubt in well position to help you grow.
2) Carver State Bank — Savannah, GA
2017: 61 loans, $187.830 average loan, average interest rate of 6.7%
Carver State Bank has remained a financial services leader for all sectors of the Savannah community throughout its 85 years and is the only bank in the area with an outstanding Community Reinvestment Act Rating.
3) TD Bank, National Association — Wilmington, DE
2017: 41 loans, $45,256 average loan, average interest rate of 9.4%
Being a Preferred SBA Lender, TD Bank is also able to guide you through the process with faster decision times for loan approvals. Their SBA Business Development Officers have broad and diverse industry experience building relationships with small businesses such as veterinary, pharmacy, and law firm. TD Bank takes pride in offering a simple and hassle-free SBA loan experience.
4) Wells Fargo Bank — Sioux Falls, SD
2017: 27 loans, $227,104 average loan, average interest rate of 8.0%
Wells Fargo is one of the largest banks in the world and takes pride in being the #1 SBA 7(a) lender by dollars according to the U.S. Small Business Administration as of September 30, 2014. With their years of experience working with thousands of customers, they can offer a deep understanding of business needs, insurances, and benefits you won’t find anywhere else. Wells Fargo Bank offers long repayment terms for lower monthly payments, and lower down payments that make upfront costs more affordable.
5) Crestmark Bank — Troy, MI
2017: 26 loans, $877,981 average loan, average interest rate of 6.6%
With an experienced team dedicated to providing SBA loans, there’s no surprise that Crestmark Bank is #1 in our list. This bank located at Troy, Michigan can provide you cash to fund opportunities such as growth, expansion, acquisition or restructuring, or even when your insurance agency needs specialized financing to support growth, Crestmark’s dedicated team can definitely help.
Still didn’t find the right bank that suits your insurance agency business? Here’s the complete list of our top banks for insurance agency small business SBA Loans:
|Rank||Bank||City||ST||# Loans||Avg Loan||Avg Int|
|2||Carver State Bank||Savannah||GA||61||$187,830||6.7%|
|4||Wells Fargo||Sioux Falls||SD||27||$227,104||8.0%|
|6||JPMorgan Chase Bank||Columbus||OH||23||$262,752||6.4%|
|7||Independence Bank||East Greenwich||RI||21||$107,619||7.3%|
|8||The Huntington National Bank||Columbus||OH||20||$196,930||6.5%|
|10||First Home Bank||Seminole||FL||17||$214,706||6.9%|
|11||Celtic Bank||Salt Lake City||UT||12||$96,250||6.9%|
|12||Zions Bank||Salt Lake City||UT||11||$109,027||7.7%|
|13||United Midwest Savings Bank||De Graff||OH||9||$601,944||6.6%|
|17||Stearns Bank||Saint Cloud||MN||6||$302,750||5.8%|
|19||Readycap Lending, LLC||New Providence||NJ||6||$941,033||6.9%|
|20||Bank of the West||San Francisco||CA||5||$440,000||6.0%|