Insurance Agencies and Brokerages: SBA business acquisition loan data
832 SBA 7(a) loans since FY2018 financed the purchase of an existing business classified as Insurance Agencies and Brokerages (NAICS 524210), totaling $845M. Median loan $720,000, 12% higher than the all-acquisition median. Annual volume rose 56% from FY2024 to FY2026.
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Reading this industry's numbers
- Deal size. The loan excludes the buyer's equity and any seller note and may include working capital. A loan request far above $1,323,125 would be in the top quarter of SBA acquisition loans in this industry.
- Share of all acquisitions. This industry is 1.7% of all SBA-financed business purchases, ranking #10 of 300 industries tracked.
- Geography. Texas leads with 108 loans; the top five states account for 40% of the industry's acquisitions.
- Jobs. Lenders reported 4,421 jobs supported across these loans, about 5.3 per acquisition, a rough proxy for the size of business changing hands.
How the Insurance Agencies and Brokerages industry compares
| Measure | Insurance Agencies and... | All acquisitions |
|---|---|---|
| Median loan | $720,000 | $645,250 |
| Middle half of loans | $350,000 to $1,323,125 | $283,000 to $1,465,000 |
| Average initial rate | 7.55% | 7.76% |
| Median term | 10 years | 10 years |
| Charge-off rate (seasoned loans) | 3.1% | 3.5% |
| Loans in sample | 832 | 48,902 |
The median for Insurance Agencies and Brokerages acquisition loans is $720,000, slightly above the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $350,000 to $1,323,125, against $283,000 to $1,465,000 nationally; the median term is 10 years, the same as the national median; the average initial rate is 7.55%, below the 7.76% national average.
Seasoned loans were charged off at 3.1%, below the 3.5% rate for all acquisition loans.
Loan size distribution
| Loan size | Insurance Agencies and... | All acquisitions |
|---|---|---|
| Under $350K | 25% | 30% |
| $350K to under $1M | 39% | 33% |
| $1M to under $2M | 25% | 19% |
| $2M and over | 12% | 17% |
Most Insurance Agencies and Brokerages acquisition loans (63%) were under $1M, and the largest single band is $350K to under $1M at 39%, against 33% of all acquisition loans.
Bands are fixed dollar ranges chosen for comparison. They are not SBA program limits.
Lender concentration
Live Oak Banking Company made 25% of Insurance Agencies and Brokerages acquisition loans, and the top three lenders together made 44%. 35 of the 169 lenders involved made three or more. Repeat experience is spread across many banks. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 181 Insurance Agencies and Brokerages acquisition loans were approved. That is 29% more than the 140 approved in FY2023 and FY2024. The median was $690,000, in line with the $720,000 median across all years.
Insurance Agencies and Brokerages acquisitions by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 51 | $38M | $543,000 | |
| FY2019 | 80 | $67M | $391,450 | |
| FY2020 | 127 | $121M | $597,000 | |
| FY2021 | 163 | $178M | $800,000 | |
| FY2022 | 90 | $82.1M | $732,650 | |
| FY2023 | 76 | $98.8M | $956,000 | |
| FY2024 | 64 | $71.3M | $725,350 | |
| FY2025 | 81 | $81.7M | $732,500 | |
| FY2026 | 100 | $107M | $658,000 |
How often do these acquisition loans fail?
Of the 421 Insurance Agencies and Brokerages acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 13 have been charged off by the SBA, a rate of 3.1% by loan count and 0.6% by dollars. 251 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so Insurance Agencies and Brokerages is 12% lower than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
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Top states
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Texas | 108 | 13.0% | $125M | |
| 2 | Florida | 105 | 12.6% | $154M | |
| 3 | California | 61 | 7.3% | $74.2M | |
| 4 | Georgia | 30 | 3.6% | $30.4M | |
| 5 | New York | 29 | 3.5% | $38.2M | |
| 6 | North Carolina | 27 | 3.2% | $23.6M | |
| 7 | Colorado | 25 | 3.0% | $18.2M | |
| 8 | Alabama | 24 | 2.9% | $27.7M | |
| 9 | Illinois | 24 | 2.9% | $23.1M | |
| 10 | Oklahoma | 24 | 2.9% | $19.4M |
Most active lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 204 | 24.5% | $216M | |
| 2 | United Midwest Savings Bank National Association | 112 | 13.5% | $97.7M | |
| 3 | Byline Bank | 48 | 5.8% | $44.2M | |
| 4 | Bankwell Bank | 45 | 5.4% | $104M | |
| 5 | Mechanics and Farmers Bank | 34 | 4.1% | $27.7M | |
| 6 | Pathward National Association | 33 | 4.0% | $46.8M | |
| 7 | The Huntington National Bank | 18 | 2.2% | $9.3M | |
| 8 | MVB Bank, Inc. | 14 | 1.7% | $15.4M | |
| 9 | United Bank of Philadelphia | 14 | 1.7% | $5.7M | |
| 10 | Optus Bank | 14 | 1.7% | $4.4M |
The purchase agreement decides what you bought, not the loan approval.
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Franchise brands in Insurance Agencies and Brokerages
6% of acquisition loans in this industry involved a franchised unit. Brands with the most SBA-financed resales:
| # | Brand | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Farmers Insurance | 14 | 26.9% | $6.1M | |
| 2 | Allstate Home Inspection | 12 | 23.1% | $7.5M | |
| 3 | Goosehead Insurance | 8 | 15.4% | $5.6M | |
| 4 | TWFG Insurance Services | 5 | 9.6% | $1.7M |
Questions buyers ask
How much is a typical SBA loan to buy a business in Insurance Agencies and Brokerages?
Median $720,000 across 832 acquisition loans (FY2018 to FY2026); the middle half ran $350,000 to $1,323,125. That is 12% higher than the $645,250 median for all SBA-financed acquisitions.
Which lenders finance the most Insurance Agencies and Brokerages acquisitions?
Live Oak Banking Company (204), United Midwest Savings Bank National Association (112), Byline Bank (48), Bankwell Bank (45), Mechanics and Farmers Bank (34).
Are businesses in Insurance Agencies and Brokerages often franchised?
Sometimes. 6% of SBA acquisition loans in this industry financed a franchised unit. Top brands: Farmers Insurance, Allstate Home Inspection, Goosehead Insurance, TWFG Insurance Services.
How risky are SBA loans for buying a business in Insurance Agencies and Brokerages?
Of 421 seasoned loans (FY2018 to FY2021), 3.1% charged off, 12% lower than the 3.5% benchmark for all SBA acquisition loans.
What loan terms are common for Insurance Agencies and Brokerages acquisitions?
Median term 10 years, average initial rate 7.55% at approval (blended across years and fixed/variable structures). Terms longer than 10 years usually indicate real estate was included in the purchase.
How much do you need down for an SBA loan to buy a business in the Insurance Agencies and Brokerages industry?
The SBA requires the buyer to make an equity injection, commonly 10% of total project cost, and a lender may ask for more. The SBA file does not record injections, so the figures here are the financed portion: the median for Insurance Agencies and Brokerages acquisition loans was $720,000, and the middle half ran $350,000 to $1,323,125.
How long does an SBA acquisition loan take?
For a change-of-ownership 7(a) loan, 45 to 90 days from application to close is typical. It varies by lender and by how quickly third-party reports, such as the business valuation and appraisal, come back. The SBA file records approval dates, not application dates, so this site cannot measure it. Lenders approved 181 Insurance Agencies and Brokerages acquisition loans in FY2025 and FY2026.
Which banks make SBA loans for a business in the Insurance Agencies and Brokerages industry?
By loan count, FY2018 to FY2026: Live Oak Banking Company (204), United Midwest Savings Bank National Association (112), Byline Bank (48), Bankwell Bank (45), Mechanics and Farmers Bank (34). Live Oak Banking Company made 25% of Insurance Agencies and Brokerages acquisition loans. Counts show past approvals only and do not predict whether a lender will approve a particular deal.
The purchase agreement decides what you bought, not the loan approval.
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Related
Cite this data
SBA Acquisition Data, "Insurance Agencies and Brokerages: SBA acquisition loan data", https://sbaacquisitiondata.com/industry/insurance-agencies-and-brokerages-524210 (data as of September 30, 2026). Source: U.S. Small Business Administration 7(a) loan file, data.sba.gov. Aggregated by SBA Acquisition Data.
The figures on this page are also published as JSON at https://sbaacquisitiondata.com/data/industry/insurance-agencies-and-brokerages-524210.json.