Lenders have unique requirements for insurance agencies. Although these requirements may differ among lending institutions, expect most to focus on a few general categories:
It’s important for a lender to understand your motivation for financing to ensure they can meet your needs. Are you looking to:
Lenders will require tax returns and interim financial statements, including:
The lender will ask questions regarding your agency’s tenure in the industry. Then, they will perform a personal credit review. When thinking about your credit, consider the following:
If you have any pending litigation, disclose the details so the lender can determine the potential impact on your financial position.
Make sure you have a strong understanding of the objectives of your loan, then review both your business financial trends and personal credit history. This will make you more prepared for your discussion with lenders.
To learn more about how Providence Bank can help you meet your agency’s goals, call 866-903-1700 today or visit Providence Bank online.