The Ellison Group Insurance Agency L.L.C.
The Ellison Group Insurance Agency L.L.C. in Plymouth, Michigan, operates in the insurance agencies and brokerages industry (NAICS 524210). It was financed with an SBA 7(a) loan for a change of ownership of $1,739,000, approved on February 26, 2024, through United Midwest Savings Bank National Association.
SBA 7(a) loan, change of ownership, approved Feb 26, 2024
$1,739,000 approvedLender: United Midwest Savings Bank National Association90 months termStatus not reported (SBA exemption)Loan details
- Gross approval
- $1,739,000
- SBA-guaranteed amount
- $1,304,250 (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
- 7 years, 6 months (90 months)
- Estimated maturity
- August 26, 2031 (estimated, approval date plus term)
- Estimated monthly payment
- $28,692 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 29, 2024
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 7
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Wayne County, MI
- SBA district office
- Michigan District Office
- Congressional district
- MI-07
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 72% 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 Michigan: $1,645,728.
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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