The Gerstman Agency LLC
The Gerstman Agency LLC is located in Lutherville Timonium, MD, and the SBA lists its industry as Insurance Agencies and Brokerages. It was approved for an SBA 7(a) loan of $650,000 for a change of ownership on October 5, 2023.
SBA 7(a) loan, change of ownership, approved Oct 5, 2023
- Gross approval
- $650,000
- SBA-guaranteed amount
- $487,500 (75% of the approval)
- Lender
- United Midwest Savings Bank National Association, De Graff, OH
- Processing method
- Preferred Lender Program: lender approved under delegated SBA authority
- Initial interest rate
- 11.25%, variable
- Term
- 10 years (120 months)
- Estimated maturity
- October 5, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $9,046 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Oct 31, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 15
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Anne Arundel County, MD
- SBA district office
- Baltimore District Office
- Congressional district
- MD-02
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 15% 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 Maryland: $1,627,337.
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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Same industry in Maryland
- Old Bay Insurance Agency, Inc., Annapolis