Main Street Registry

The Morrow Family Trust, dated July 18, 2014

Atascadero, CA · Insurance Agencies and Brokerages · NAICS 524210

The Morrow Family Trust, dated July 18, 2014, is an insurance agency and brokerage located in Atascadero, CA, according to its NAICS code 524210. The business was financed with an SBA 7(a) loan for a change of ownership of $508,000, approved on November 29, 2023 by Columbia Bank.

SBA 7(a) loan, change of ownership, approved Nov 29, 2023

$508,000 approvedLender: Columbia Bank25 years termPaid in fullLoan details
Gross approval
$508,000
SBA-guaranteed amount
$381,000 (75% of the approval)
Lender
Columbia Bank, Lake Oswego, OR
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
10.75%, variable
Term
25 years (300 months)
Estimated maturity
November 29, 2048 (estimated, approval date plus term)
Estimated monthly payment
$4,887 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Dec 5, 2023
Loan status
Paid in full
Jobs supported
8
Business type
Corporation
NAICS
524210, Insurance Agencies and Brokerages
Project location
San Luis Obispo County, CA
SBA district office
Fresno District Office
Congressional district
CA-24
Collateral
Yes
Guaranteed portion sold on secondary market
Yes
Revolving line of credit
No (term loan)
  • Larger than 4% 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