Insurance Agencies and Brokerages acquisitions in Michigan: SBA loan data
Since FY2018, SBA lenders have approved 21 7(a) loans to buy an existing business classified as Insurance Agencies and Brokerages in Michigan, totaling $29.7M. The median loan was $1,452,500. That is 1.3% of the 1,680 acquisition loans in Michigan.
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How Insurance Agencies and Brokerages in Michigan compares
| Measure | Insurance Agencies and... | Michigan, all industries | Insurance Agencies and..., nationwide | All acquisitions |
|---|---|---|---|---|
| Median loan | $1,452,500 | $585,000 | $720,000 | $645,250 |
| Middle half of loans | $515,000 to $1,925,000 | $250,000 to $1,304,625 | $350,000 to $1,323,125 | $283,000 to $1,465,000 |
| Average initial rate | 7.36% | 7.65% | 7.55% | 7.76% |
| Median term | 10 years | 10 years | 10 years | 10 years |
| Charge-off rate (seasoned loans) | n/a | 1.8% | 3.1% | 3.5% |
| Loans in sample | 21 | 1,680 | 832 | 48,902 |
The median for Insurance Agencies and Brokerages acquisition loans in Michigan is $1,452,500, well above the $585,000 median for all Michigan acquisitions, well above the $720,000 median for Insurance Agencies and Brokerages acquisitions nationwide and well above the $645,250 median for all SBA-financed acquisitions nationally.
The middle half runs $515,000 to $1,925,000, 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 7.36%, below the 7.76% national average.
Too few of these loans are old enough to measure a charge-off rate; the national rate for seasoned acquisition loans is 3.5%.
Loan size distribution
| Loan size | Insurance Agencies and... | All acquisitions |
|---|---|---|
| Under $350K | 14% | 30% |
| $350K to under $1M | 19% | 33% |
| $1M to under $2M | 43% | 19% |
| $2M and over | 24% | 17% |
Most Insurance Agencies and Brokerages acquisition loans in Michigan (67%) were $1M or more, and the largest single band is $1M to under $2M at 43%, against 19% 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 48% of Insurance Agencies and Brokerages acquisition loans in Michigan, and the top three lenders together made 67%. 1 of the 10 lenders involved made three or more. Only 1 lender has repeat experience here. That is a rough guide to how many banks have seen this kind of deal before.
Recent activity
In FY2025 and FY2026 combined, 2 Insurance Agencies and Brokerages acquisition loans in Michigan were approved. Fewer than 10 loans were approved in FY2023 and FY2024, so no change is computed. The median was $232,100, well below the $1,452,500 median across all years.
Insurance Agencies and Brokerages acquisition loans in Michigan by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 3 | $1.9M | $484,000 | |
| FY2019 | 0 | $0 | - | |
| FY2020 | 5 | $6.2M | $1,277,000 | |
| FY2021 | 2 | $3.3M | $1,629,150 | |
| FY2022 | 3 | $6M | $2,225,000 | |
| FY2023 | 4 | $8.7M | $2,020,000 | |
| FY2024 | 2 | $3.2M | $1,598,000 | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 2 | $464K | $232,100 |
How often do these acquisition loans fail?
Fewer than 20 Insurance Agencies and Brokerages in Michigan acquisition loans are old enough to measure losses reliably, so no charge-off rate is shown. The benchmark across all SBA acquisition loans in the FY2018 to FY2021 cohort is 3.5% by count. 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 lenders
| # | Lender | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Live Oak Banking Company | 10 | 47.6% | $16M | |
| 2 | Mechanics and Farmers Bank | 2 | 9.5% | $4.6M | |
| 3 | The Huntington National Bank | 2 | 9.5% | $840K | |
| 4 | Renasant Bank | 1 | 4.8% | $1.8M | |
| 5 | United Midwest Savings Bank National Association | 1 | 4.8% | $1.7M |
Top franchise brands
No franchise brands recorded in this combination.
The purchase agreement decides what you bought, not the loan approval.
Request Engagement AssessmentAlex Lubyansky leads every engagement.
Questions buyers ask
How much do SBA loans for Insurance Agencies and Brokerages acquisitions in Michigan run?
The median SBA 7(a) loan was $1,452,500 across 21 loans (FY2018 to FY2026), with the middle half between $515,000 and $1,925,000. The loan excludes the buyer's equity and any seller note and may include working capital, so the price is usually higher than the loan.
Which banks finance Insurance Agencies and Brokerages acquisitions in Michigan?
Live Oak Banking Company (10), Mechanics and Farmers Bank (2), The Huntington National Bank (2), Renasant Bank (1), United Midwest Savings Bank National Association (1). Some lenders repeatedly finance this industry in this state; the counts above show which.
How often do Insurance Agencies and Brokerages acquisition loans fail in Michigan?
Fewer than 20 loans in this combination are old enough to measure losses reliably, so no rate is shown. The national benchmark for all SBA acquisition loans is 3.5% (FY2018 to FY2021 cohort).
Are franchised businesses part of Insurance Agencies and Brokerages acquisitions in Michigan?
None of the 21 loans in this combination were recorded with a franchise brand.
How much do you need down for an SBA loan to buy an Insurance Agencies and Brokerages business in Michigan?
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 in Michigan was $1,452,500, and the middle half ran $515,000 to $1,925,000.
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 2 Insurance Agencies and Brokerages acquisition loans in Michigan in FY2025 and FY2026.
Which banks make SBA loans for an Insurance Agencies and Brokerages business in Michigan?
By loan count, FY2018 to FY2026: Live Oak Banking Company (10), Mechanics and Farmers Bank (2), The Huntington National Bank (2), Renasant Bank (1), United Midwest Savings Bank National Association (1). Live Oak Banking Company made 48% of Insurance Agencies and Brokerages acquisition loans in Michigan. 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
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- Insurance Agencies and Brokerages nationally
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Small samples move a lot: each loan in this combination is 5% of the count. Industry is the NAICS code the lender recorded. See the methodology.
Cite this data
SBA Acquisition Data, "Insurance Agencies and Brokerages in Michigan: SBA acquisition loan data", https://sbaacquisitiondata.com/state/mi/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/state/mi/insurance-agencies-and-brokerages-524210.json.