Insurance Agencies and Brokerages acquisitions in Virginia: SBA loan data
Since FY2018, SBA lenders have approved 14 7(a) loans to buy an existing business classified as Insurance Agencies and Brokerages in Virginia, totaling $8.6M. The median loan was $442,500. That is 1.6% of the 849 acquisition loans in Virginia.
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How this compares
The median Insurance Agencies and Brokerages loan in Virginia is 38% lower than the $719,000 median for all Virginia acquisitions, and 39% lower than the $720,000 median for Insurance Agencies and Brokerages acquisitions nationwide (832 loans).
This combination has too few seasoned loans for a reliable charge-off rate. Nationally, 3.1% of seasoned Insurance Agencies and Brokerages acquisition loans were charged off, and 3.6% of seasoned Virginia acquisition loans of any type.
Insurance Agencies and Brokerages acquisition loans in Virginia by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 1 | $715K | $715,000 | |
| FY2019 | 3 | $2M | $249,000 | |
| FY2020 | 2 | $1.2M | $577,000 | |
| FY2021 | 3 | $2.5M | $603,000 | |
| FY2022 | 1 | $1.1M | $1,119,400 | |
| FY2023 | 1 | $250K | $250,000 | |
| FY2024 | 0 | $0 | - | |
| FY2025 | 0 | $0 | - | |
| FY2026 | 3 | $888K | $350,000 |
How often do these acquisition loans fail?
Fewer than 20 Insurance Agencies and Brokerages in Virginia 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 | United Midwest Savings Bank National Association | 4 | 28.6% | $2.9M | |
| 2 | Live Oak Banking Company | 3 | 21.4% | $2.1M | |
| 3 | Mechanics and Farmers Bank | 2 | 14.3% | $1M | |
| 4 | The Huntington National Bank | 2 | 14.3% | $538K | |
| 5 | Blue Ridge Bank National Association | 1 | 7.1% | $1.1M |
Top franchise brands
No franchise brands recorded in this combination.
Seller note standby terms and third-party consents are reviewed before closing.
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Questions buyers ask
How much do SBA loans for Insurance Agencies and Brokerages acquisitions in Virginia run?
The median SBA 7(a) loan was $442,500 across 14 loans (FY2018 to FY2026). 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 Virginia?
United Midwest Savings Bank National Association (4), Live Oak Banking Company (3), Mechanics and Farmers Bank (2), The Huntington National Bank (2), Blue Ridge Bank National Association (1).
How often do Insurance Agencies and Brokerages acquisition loans fail in Virginia?
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 Virginia?
None of the 14 loans in this combination were recorded with a franchise brand.
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Related
- All Virginia acquisitions
- Financing one? How to get an SBA loan to buy an insurance agency
- Insurance Agencies and Brokerages nationally
- Insurance Agencies and Brokerages in Texas
- Insurance Agencies and Brokerages in Florida
- Insurance Agencies and Brokerages in California
- Insurance Agencies and Brokerages in Georgia
- Insurance Agencies and Brokerages in New York
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Small samples move a lot: each loan in this combination is 7% of the count. Industry is the NAICS code the lender recorded. See the methodology.