United Midwest Savings Bank deposit products:
FDIC-Insured - Backed by the full faith and credit of the U.S. Government

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. 

FAQ

  • In a word: experience. By focusing on SBA Lending and concentrating on insurance as one of our key industries we're not just an efficient lender, but also a knowledgeable resource. We’re more than willing to spend the time to discuss your financing options and help you find the best financing solution for your business. With United Midwest you get the personal attention you expect from a community bank with the expertise and reach of a national lender.
  • Many traditional banks only want to consider loans to businesses that can provide tangible collateral to secure their loans. Unfortunately, traditional banks do not take into consideration the underlying value of your renewal income stream, and expect you to have commercial real estate or other assets to pledge as collateral. An SBA loan from United Midwest can be a great solution for people looking to finance a business acquisition in which there isn’t much, or any, tangible collateral.
  • Yes! We are a national bank, not a broker. United Midwest Savings Bank lends to businesses in all 50 states.
  • As an SBA PLP lender, United Midwest can have your loan approved in a matter of days, not weeks, and closed in under 30 days. This is often even faster than a conventional business loan.
  • The repayment term is 10 years, with no pre-payment penalties. Interest rates on SBA 7a loans are variable and tied to Wall Street Journal Prime.
  • After filling out the application and providing information included on our checklist, loan approval decisions are then typically made in 4-5 business days for the size of most insurance agency clients. Approvals are often contingent upon additional information you may be asked to provide or other factors, but in most cases you can expect to close on your approved loan within 30 days.
  • United Midwest services your SBA loan from the day it closes to the day it's paid off. We're available to answer any questions or concerns you may have throughout the life of your loan.
  • There are no loan covenants with an SBA loan, but, as with any business loan, you will be asked to provide annual tax returns and a personal financial statement.
  • SBA loan proceeds can be used for any business purpose. Typical uses of funds include business acquisitions, owner-occupied commercial real estate acquisitions or refinance, equipment or inventory purchases, or general working capital needs.

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