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Bank Loans Can Be Difficult For Insurance Agencies
Granted, well-run, highly efficient insurance agencies are profitable. While they take in money consistently, some agencies may have expansion plans and often seek funding for these purposes. There are a lot of agencies that look to banks for funding and loans, and are surprised to find that it is harder than they expected.
“Banks often fail to understand the insurance business. When they see insurance agencies looking for more money, they just don’t understand it,” said Rene Lacape, Marketing Manager for Equote Life Insurance. “There are quite a few lenders out there who do realize that this business is profitable and worth the risk.
There are some new lenders out there that have started to understand this dynamic and the way that it works. Some of these lenders have actually been put together by independent agencies that understand the needs of the agencies themselves. InsurBanc, for example, located in Farmington, Connecticut, is one of the banks that understand the needs of these agencies.
“Because it was started by people who understand the needs of the business, it’s much easier for agencies to get the money that they need,” added Rene Lacape. The banks need to understand why these agencies want the money and use the money. If agencies do not have enough money to cover growth costs, they begin to dip into funds that can lead to bankruptcy. Obviously, these agencies do not want to dip into these funds. The loan gives them the opportunity to take the agency to the next level and not having to depend entirely on internal funding.
For obvious reasons, good agencies are very careful with money. Insurance agencies revolve around taking in money, and paying it out. Lending is a way for agency owners to ensure that they have the money they need and can invest it in ways that will be beneficial to both the bank and the agency itself.
“Before agencies get into borrowing money from the banks that will offer lending support, they need to realize the negatives that exist from the whole situation,” warned Rene Lacape. “It’s not that this is a dangerous and risky move, but the negatives do need to be understood, just to make sure no one gets caught up.”
If a company is looking at borrowing money from a bank, they need to make sure that the loan is a “win” “win” for all parties involved. Borrowing money can be expensive for businesses. The interest rates can often be higher than one might expect, and can catch some agency owners off guard. As long as they understand exactly what they are getting into and understand fully how the monthly loan payment may affect the business, everything should work in favor of the borrower.
“If you are going to secure a loan for your business, make sure that you can pay it off. There is nothing worse than trying to better your position, only to find yourself dipping into funds that can lead to bankruptcy,” said Rene Lacape. “In the end, it’s all about the planning.”
About the Author
Jonathan Carlson is a veteran freelance writer covering the
life insurance industry
.
How can I find out if someone is using my social security number?
I recently was shopping for car insurance and when the company pulled my social security number, they said my name was not the first one to appear. The same thing happened last year and at the place I was working, I was able to get the person’s name and information, however, I do not have that information anymore. I remember the person’s name and guessing from the name, I assume it is an illegal worker using it for work purposes. A few days ago, I got copies of my credit report but it did not have any sucpicious activity. I placed fraud alerts on my number at each of the three credit agencies. Do you know of any way I can get information about the person who is using my social security number. What else can I do to get this matter resolved?
Contact social security.
You will have to provide proof of who you are, they will clear it up pretty fast. I had the same thing happen to me. The guy at the SS office told me the upside to all of it, is the person who is using your SS number, their earnings go towards your SS benefits.
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EDIT
Most of it was handled by fax
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Life is so simple, but we insist on making it complicated
Confucius
551 – 479 BC
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Peace
Jim
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