At First Mid Bank & Trust, we offer specialty lending services for insurance agency owners. Why? Because we know that you have unique needs that are different from other small business owners.
Since 2003, we have been providing financing for insurance agents and agencies, including specialized lending products designed to support your next steps in building your future. Whether you want to buy or sell an agency – or want to grow the agency you own – our consultative staff stands ready to be your partner in success. Services we offer include:
- Acquisition Financing
- Working Capital
- Refinance or Consolidate
- Succession Financing
- Special Allstate Programs
If you’re new to working with us or you want to expand your relationship with our lenders, you may have some questions. Here are a few of the key FAQs we hear.
Who do you lend to?
We lend to established insurance agencies and agents with a minimum of three years in the insurance industry. You also need to own your book. If you’re an Allstate agent, we like to see you vested in your TPP. If you are an independent agent, revenue for the agency needs to have had a minimum of $350,000 in annual revenue over the last two years.
How much will you lend?
How much we can lend depends on several factors, some of which include the amount of your commission revenue, the insurance products you sell, the financial profile of the agency (including how much excess cash flow is available to service the debt) and the financial profiles of the agency principal(s). Our minimum loan amount is $50,000.
What if my credit is bad?
The primary source of repayment is your commission revenue. However, although we look at your credit, it is just one of many factors that contribute to our credit decision.
Can you tell me more?
When it comes to insurance agency financing, we know you probably have even more questions. Visit our full FAQ page to find more answers. Or reach out to our team any time.
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