Tuten Agency Inc.
Tuten Agency Inc. is an insurance agency and brokerage located in Auburn, Alabama. The company was financed with an SBA 7(a) loan for a change of ownership of $2.23 million, approved on November 7, 2023 by United Midwest Savings Bank National Association.
SBA 7(a) loan, change of ownership, approved Nov 7, 2023
$2,230,000 approvedLender: United Midwest Savings Bank National Association10 years termStatus not reported (SBA exemption)Loan details
- Gross approval
- $2,230,000
- SBA-guaranteed amount
- $1,672,500 (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
- November 7, 2033 (estimated, approval date plus term)
- Estimated monthly payment
- $31,035 Estimated payment at the initial rate over the full term; actual terms vary.
- First disbursement
- Nov 29, 2023
- Loan status
- Status not reported (SBA exemption)
- Jobs supported
- 5
- Business type
- Corporation
- NAICS
- 524210, Insurance Agencies and Brokerages
- Project location
- Lee County, AL
- SBA district office
- Alabama District Office
- Congressional district
- AL-03
- Collateral
- Yes
- Guaranteed portion sold on secondary market
- Yes
- Revolving line of credit
- No (term loan)
- Larger than 79% 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 Alabama: $1,764,717.
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 Alabama
- Kampakis Insurance Services, Inc., Birmingham
- Candice Marshall Agency Corp, Decatur