It might surprise you that a community bank is the 15th largest SBA lender in the United States. And one of our specialties happens to be your business.
As you explore options for financing your book of business acquisition, there are many different loans to consider. United Midwest Savings Bank business loans with a Small Business Administration (SBA) guaranty are an excellent choice. United Midwest's SBA loans provide financing terms that may not otherwise be available to you in the marketplace.
United Midwest specializes in SBA lending to a group of core businesses in all 50 states, focusing on a few industries we understand completely - insurance agencies being one of them. The staff 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 the 15th largest SBA lender in the country by doing what we do best – financing businesses like yours.
* United Midwest is the 15th largest SBA lender as determined by the Small Business Administration (SBA) based on the number of loans approved in their fiscal year 2018 ending on 9/30/18.
Benefits of an SBA Loan from United Midwest
- Down payments as little as 10%;
- A repayment term of 10 years, rather than a 3- or 5-year term for conventional commercial loans;
- 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.
Nationwide agents will receive a credit on their loan closing costs up to $5,000.
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 and Chad have 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