Old Bay Insurance Agency, Inc.
Old Bay Insurance Agency, Inc. is an insurance agency and brokerage located in Annapolis, Maryland, classified under NAICS code 524210. The company was financed with an SBA 7(a) loan for a change of ownership of $1.52 million, approved on December 4, 2023 by Live Oak Banking Company.
SBA 7(a) loan, change of ownership, approved Dec 4, 2023
$1,520,000 approvedLender: Live Oak Banking Company10 years termPaid in fullLoan details
- Gross approval
- $1,520,000
- SBA-guaranteed amount
- $1,140,000 (75% of the approval)
- Lender
- Live Oak Banking Company, Wilmington, NC
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 9.97%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- December 4, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $20,062 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Jan 4, 2024
- Loan status
- Paid in full
- Jobs supported
- 6
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Anne Arundel County, MD
- SBA district office
- Baltimore District Office
- Congressional district
- MD-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 66% 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 Maryland: $1,627,337.
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 Maryland
- The Gerstman Agency LLC, Lutherville Timonium