Main Street Registry

Albert Smith Farmers Insurance Agency

San Jose, CA · Insurance Agencies and Brokerages · NAICS 524210

Albert Smith Farmers Insurance Agency is an insurance agency and brokerage located in San Jose, California. The company was financed with an SBA 7(a) loan for a change of ownership, in the amount of $789,000, approved on February 27, 2024 by United Midwest Savings Bank National Association.

SBA 7(a) loan, change of ownership, approved Feb 27, 2024

$789,000 approvedLender: United Midwest Savings Bank National Association10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$789,000
SBA-guaranteed amount
$591,750 (75% of the approval)
Lender
United Midwest Savings Bank National Association, De Graff, OH
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
10 years (120 months)
Estimated maturity
February 27, 2034 (estimated, approval date plus term)
Estimated monthly payment
$10,980 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Mar 27, 2024
Loan status
Status not reported (SBA exemption)
Jobs supported
4
Business type
Individual
NAICS
524210, Insurance Agencies and Brokerages
Project location
Santa Clara County, CA
SBA district office
San Francisco District Office
Congressional district
CA-18
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 29% of acquisition loans in Insurance Agencies and Brokerages on this site.
  • Average acquisition loan in Insurance Agencies and Brokerages: $1,528,335.
  • Average acquisition loan in California: $1,688,228.

Loan amounts are the SBA approval, not a purchase price. Figures labeled estimated are derived on this site and are not published by the SBA.

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Same industry in California