Insurance Agency Business Loans

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Loans for Insurance Agents

Insurance agencies need capital to grow just like any other business, and while they are often associated with large sums put aside to pay possible claims, that money isn’t available for working capital. If you’re thinking of acquiring another agency or growing your current business, you’ll likely need to access additional funding.

Applying for insurance agency business financing is fast and easy:

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Can insurance agents obtain business financing?

Yes, insurance agencies can access all of the same funding sources as other businesses such as term loans, business lines of credit, and business credit cards.

Here are a few of the top insurance agency business financing options:

Best Term Loans for Established Businesses: Funding Circle

Funding Circle

Funding Circle

Funding: Borrow $25,000 to $200,000
Minimum Credit Score: 700
Loan term: 6-12 months
Funding turnaround: 24-48 hours

Funding Circle offers affordable business loans with interest rates lower than alternative lenders with monthly repayment schedules for borrowers with good to excellent credit scores.

Interest rates range from 12% to 36% and they are known to fund quickly, usually within 3 days.

  • Minimum credit score: 660
  • Minimum time in business: 2 years
  • Minimum annual revenue: none
  • Must not have a history of bankruptcy within the last 7 years
  • Requires business lien and personal guarantee
  • Not available in Nevada

Best for Short-Term Loans: Kabbage

Kabbage Business Loan Review


Funding: Borrow $1,500 - $150,000
Minimum Credit Score: 640
Loan term: 6, 12 or 18 months
Funding turnaround: As soon as 1-3 business days

Kabbage offers borrowers a credit line up to $150,000 with monthly repayment options and no prepayment penalties. Approval as fast as same business day.

Kabbage offers loans from $500 to $250,000 on a short-term basis of 6 to 12 months.

  • Minimum credit score: 640
  • Minimum time in business: 1 year
  • Minimum annual revenue: $50,000
  • At least 1 year must have passed since a bankruptcy
  • Requires personal guarantee

Best for Equipment Loans: Triton Capital

Triton Capital

Triton Capital

Funding: Borrow up to $250,000
Minimum Credit Score: 600
Best For: Equipment Financing in various industries
Funding turnaround: 1-2 business days

Borrowers seeking equipment financing can obtain a loan up to $250K with Triton Capital and obtain fast funding without prepayment penalties. Personal guarantee is required along with a $250,000 annual income to qualify. Repayment options are flexible and the minimum time in business must be 2 years.

Triton Capital offers some of the best equipment loans with rates as low as 5%. They offer flexible repayment options and generally fund you within 2 days.

  • Minimum credit score: 600
  • Minimum time in business: 2 years (however startups can get funding in some situations)
  • Minimum annual revenue: $250,000
  • Requires personal guarantee and business lien

Best for Business Lines of Credit: BlueVine



Funding: Borrow $5,000 - $250,000
Minimum Credit Score: 600
Loan term: 6-12 months
Funding turnaround: 24-48 hours

With BlueVine, borrowers can get approval as fast as 24 hours and obtain a business line of credit for short term capital needs while only paying interest on the funds you borrow.

APR starts at 15% and they set up lines of credit in as little as 12 hours.

  • Minimum credit score: 600
  • Minimum time in business: 6 months
  • Minimum annual revenue: $120,000
  • Requires personal guarantee and business lien
  • Weekly repayments
  • Not available in the Dakotas or Vermont

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What can you use an insurance agency business loan for?

You can use an insurance agency business loan to pay for:

  • Hiring new employees or a consultant
  • Training employees
  • Expanding your offerings
  • Setting up a new office
  • Marketing and advertising campaigns
  • Equipment (such as computers and phones)
  • Technology (such as new software)
  • Boost cash flow issues
  • Acquire another agency
  • To refinance current debt

What kind of insurance agency business loans are there?

  • Acquisition financing - this is a type of funding you can use exclusively for the acquisition of another company. This will usually come in the form of a bank loan or term loan, but there are other forms of financing available depending on how quickly you need to move. This is a good option if you want to keep your current business’s finances intact while being able to acquire and integrate a new business.
  • SBA loans - there are generally 3 types of loans guaranteed by the SBA (Small Business Administration) that will be relevant for insurance agencies:
    • 7(a) loans: this loan can be used for any business purpose with a maximum loan amount of $5 million. Interest rates are generally between 3-6%.
    • 504 loans: these loans are available for the purchase of large assets, such as real estate. Again you can borrow up to $5 million.
    • Microloans: microloans are generally available to local businesses by a lender in their area to underserved communities or much-needed businesses. Loan amounts are usually small but are available up to $50,000.
  • Bank term loans - A bank term loan is the traditional form of business loan where you borrow a certain amount and pay it back over a defined time, usually 5-10 years for bank loans. These loans have low interest rates but high qualification requirements and can take some time to approve.
  • Term loans - these are term loans offered by online lenders. These loans are typically fast to fund with lower qualification requirements but do have higher interest rates than the lows of SBA and bank loans. They also offer more flexible terms - you can find short-term loans for as little as 3-6 months, though terms are typically 2-5 years.
  • Equipment loans - if you need to borrow to fund the purchase of equipment, like laptops and office equipment, then an equipment loan may be the best choice for you. This type of financing works much like a term loan but the value of the loan is secured against the equipment, which helps to keep interest rates low.
  • Business lines of credit - A business line of credit is where you are given access to a revolving line of credit you can use as you please for any business purpose. You can use as much or as little up to your credit limit and you’ll only pay interest on the money you’ve borrowed.
  • Business credit cards - If you don’t need to borrow for a big investment, a business credit card can be a smart way to manage your cash flow, especially if your credit is good enough to qualify for a rewards card. This is also a good choice for new businesses as they are typically easier to access than other forms of credit.
  • Merchant cash advance - If you process the majority of your payments through a payment processor, they may be able to offer you a merchant cash advance. This is where you borrow a lump sum and repay it through a percentage of every payment you process. An insurance agency usually has extremely predictable income, so your card processing company will be able to know with certainty how quickly you’re likely to pay back a merchant cash advance and be willing to lend to you.

Can you get a loan to start an insurance agency?

It’s always difficult to get a business loan to start a business - most people have to seek startup funding through their personal finances or other sources such as angel investors, crowdfunding, and other options.

You may find that provided you have sufficient funds put aside for your future customers should they need to claim, you can find startup funding through a lender, but you’ll need to research what is available to you.

What are the pros and cons of insurance agency loans?


  • Boost your cash flow
  • Take advantage of time-limited opportunities
  • Take action rather than allowing your business to slow
  • Invest in training or marketing to grow your business
  • Insurance agencies have relatively predictable income, which lenders like
  • Many of these options have affordable interest rates


  • If you’re a new business, it may be difficult to get the financing you need
  • Options can be expensive if you don’t have good personal credit
  • Most options require a business lien and personal guarantee

Do insurance agency business loans require a personal guarantee?

The majority of business loans require both a personal guarantee and a business lien. Some of the alternative ways to borrow like credit cards and equipment loans will likely not require a personal guarantee or business lien.

How much can I borrow with an insurance agency business loan?

Most lenders will offer a maximum of between $1 million and $5 million, though it will depend on the lender, your revenue, and what the loan is for.

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What do you need to qualify for an insurance agency business loan?

Each lender will have different requirements, but you’ll generally need:

  • A personal credit score over 600
  • Annual revenue over $100,000
  • At least 2 years in business

What do you need to apply for an insurance agency business loan?

The process will vary a little depending on what kind of loan you’re applying for and the individual lender. Online lenders will usually have a fast online application and ask for certain documentation there, and they will usually follow that with a phone call before making a decision in the span of just a few days. SBA loans and bank loans may involve a meeting and some additional steps before approval - they can take weeks or even months before you’ll receive your funding.

The documents you’ll need may include:

  • Personal and business tax returns
  • Bank statements
  • Profit and loss statements
  • A business plan

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Ready to find the best insurance agency business loan for you? Compare the best business loans in our tables and when you find the one that best suits your business needs, all you need to do is apply. Many lenders offer fast online applications and can approve your application and provide funding in less than a week.


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