New Agency Funding Needed

Nov 15, 2015

  1. medcounsel
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    medcounsel Expert

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    Does anyone know of a group that offers funding for new agencies?

    I have been in the business for seven years and I am a partner in current agency. I am starting another agency and moving several agents to the new entity. Its a new entity but will have about a $10,000/mo renewal stream,

    I need a lender that can provide some capital up front and will base it off of the renewals.

    Any leads are much appreciated.
     
  2. Josh
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    Josh Retired Agent, Current List Broker

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    The market for alternative small business funding is growing a lot. If you can document the $10k/month will be part of the same business then that'd certainly be enough to qualify for something. You could reach out to DealStruck.com, BondStreet.com, or Fundera.com. All of them are fairly easy to work with, but be prepared for interest rates in the teens and a relatively short term, up to three years at the long end. You may be able to get a SBA loan too, but that's going to be quite the process.

    There is a lot of capital available.
     
    Josh, Nov 16, 2015
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