Loans or Line of Credits for Growth/hiring of a P&c Shop

infoe

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anyone have luck with big banks, small banks or credit union getting loans for growth and or payroll? I'm looking for 50k-100k and im 3.5 years in with my agency and looking for capital for growth.

Thanks,
 
I thought they were more for acquisitions of agencies...but I will look into them...if you don't mind sharing an experience, how easy or not was it, how much did you ask for? you can pm me if you prefer...but thanks for the response
 
I did $100k you will need to submit your tax returns, carrier 1099s, etc. but you can have the loan funded within 30 days.
 
We do our business banking w/ Wells Fargo and they handed us a $100,000 line of credit just because we had a heart beat. Haven't used a dime of it.
 
We do our business banking w/ Wells Fargo and they handed us a $100,000 line of credit just because we had a heart beat. Haven't used a dime of it.

The Wells Fargo branch I went to said it would "possible but difficult" obviously circumstantial. If you don't mind me asking, how long have you been with Wells Fargo? Did they require a personal guarantee?
 
Funding for agencies is difficult because of the intangible nature of the business.
I'm curious if maybe 1822 got a loc so easily from his bank based on the Cash flow they could see from his business account.
 
Banks love established P&C insurance agencies with $250K or more in commissions. A few of the big ones even have specialized loan programs for them. They rank just below Doctors, Dentists, and Vets as the most desirable businesses to lend to.

If you are not established and only have a $1MM book, you might get a small LOC, but it will be tougher.
 
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