Main Street Registry

Gorman Insurance Agency, LLC

Minneapolis, MN · Insurance Agencies and Brokerages · NAICS 524210

Gorman Insurance Agency, LLC is an insurance agency and brokerage in Minneapolis, Minnesota, operating in the insurance agencies and brokerages industry. The company was financed with an SBA 7(a) loan for a change of ownership of $818,000, approved on August 28, 2025, through Bank of America, National Association.

SBA 7(a) loan, change of ownership, approved Aug 28, 2025

$818,000 approvedLender: Bank of America, National Association10 years termStatus not reported (SBA exemption)Loan details
Gross approval
$818,000
SBA-guaranteed amount
$613,500 (75% of the approval)
Lender
Bank of America, National Association, Charlotte, NC
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
6.55%, fixed
Term
10 years (120 months)
Estimated maturity
August 28, 2035 (estimated, approval date plus term)
Estimated monthly payment
$9,309 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
Sep 17, 2025
Loan status
Status not reported (SBA exemption)
Jobs supported
5
Business type
Corporation
NAICS
524210, Insurance Agencies and Brokerages
Project location
Hennepin County, MN
SBA district office
Minnesota District Office
Congressional district
MN-01
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 32% 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 Minnesota: $1,482,119.

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 Minnesota