Insuring his future: a small business insurance agency acquisition
A Broward County, Florida borrower came to Ready Capital with the goal of purchasing a national insurance agency location.
The Small Business
The Financing Challenge
The Florida-based borrower made his career in the home mortgage industry, and he was feeling the effects of market volatility coupled with the effects of the Covid-19 pandemic. It was time for a change. He’d done book work for his dad, an insurance agent, and he was ready to take the leap to insurance agency owner.
SBA 7(a) Loan Scenario
Here's what our borrower brought to Ready Capital
Related, but indirect experience in the insurance industry.
Less than desirable credit and no outside collateral.
A tight closing deadline of March 31st for an April 1st transfer date.
The Non-Bank SBA Preferred Lender Difference
A small business loan is not an empty box like a checking or savings account. No two small businesses are alike when it comes to their financing needs. This means that small business financing requires out-of-the-box thinking and capabilities many banks simply can’t offer.
Ready Capital is a non-bank, SBA preferred lending partner (PLP). We speak fluent small business and have the process in place to help them reach their goals the first time.