Colonial Insurance Agency NC, LLC
Colonial Insurance Agency NC, LLC is an insurance agency and brokerage located in Hillsborough, NC. It was financed with an SBA 7(a) loan for a change of ownership of $2.63 million, approved on January 17, 2025, by Bankwell Bank.
SBA 7(a) loan, change of ownership, approved Jan 17, 2025
$2,630,000 approvedLender: Bankwell Bank10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,630,000
- SBA-guaranteed amount
- $1,972,500 (75% of the approval)
- Lender
- Bankwell Bank, New Canaan, CT
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 10%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- January 17, 2035 (estimated, approval date plus term)
- Estimated monthly payment
- $34,756 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Feb 3, 2025
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 3
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Orange County, NC
- SBA district office
- North Carolina District Office
- Congressional district
- NC-04
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 85% 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 North Carolina: $1,952,444.
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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