Main Street Registry

Rizwan Shaikh Insurance Solutions, LLC

Millbrae, CA · Insurance Agencies and Brokerages · NAICS 524210

Rizwan Shaikh Insurance Solutions, LLC is an insurance agency and brokerage located in Millbrae, California. The company was financed with an SBA 7(a) loan for a change of ownership totaling $548,000, approved on May 22, 2024 by First Bank of the Lake.

SBA 7(a) loan, change of ownership, approved May 22, 2024

$548,000 approvedLender: First Bank of the Lake10 years termPaid in fullLoan details
Gross approval
$548,000
SBA-guaranteed amount
$411,000 (75% of the approval)
Lender
First Bank of the Lake, Osage Beach, MO
Processing method
Preferred Lender Program: lender approved under delegated SBA authority
Initial interest rate
11.25%, variable
Term
10 years (120 months)
Estimated maturity
May 22, 2034 (estimated, approval date plus term)
Estimated monthly payment
$7,626 Estimated payment at the initial rate over the full term; actual terms vary.
First disbursement
May 30, 2024
Loan status
Paid in full
Jobs supported
4
Business type
Corporation
NAICS
524210, Insurance Agencies and Brokerages
Project location
San Mateo County, CA
SBA district office
San Francisco District Office
Congressional district
CA-14
Collateral
Yes
Guaranteed portion sold on secondary market
Not reported as sold
Revolving line of credit
No (term loan)
  • Larger than 7% 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 California: $1,688,228.

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.

Is this your company? Claim or correct this listing. See Corrections.

Same industry in California