Financing for your agency’s future
Whether it’s time for a merger, acquisition, perpetuation, or to bring on a new producer, advancing your agency begins with proper financing from a strategic and trusted partner.
Throughout your agency’s journey, there may be times where you need to obtain a loan or line of credit for working capital or to refinance debt, acquire an agency or book of business, or set up perpetuation planning. When that time comes, having the right plan to achieve new milestones and a financing partner with industry expertise can help promote your agency’s growth and success, while maintaining your cash flow.
Although many financial institutions may not understand the insurance industry or your specialized financing needs, at Westfield Bank, we truly do. A direct extension of Westfield Insurance, we've been in the insurance business for over 170 years. Our team of agency bankers, working solely with insurance agents, specializes in developing loans for insurance agencies that are uniquely suited for your needs.
So, what are some financing options available to advance your agency?
Agency loans & lines of creditAgency loans or lines of credit can provide you with working capital to achieve new milestones and put your strategic business goals into action. Used to start, grow, and sustain your business, this financing empowers your next step and positions your agency for the future. Adding to the value of the partnership your agency loan will bring, Westfield Bank understands that an agency’s most valuable asset is their book of business, so we work with you to leverage that asset.
Acquisition financingIs it the right time for your agency to consider M&A? Expanding your book of business and increasing your company’s operations, power your agency with the capital you need to make an acquisition through a flexible loan structure.
Watch our Sharing Knowledge Series episode on mergers and acquisitions to learn more.
Producer financingTalented producers can promote the productivity, efficiency, and growth of your agency. Having the purchasing power through producer financing allows you to maximize your cash flow, while obtaining top talent to increase sales and acquire new customers.
Premium financingPremium financing provides your agency with funds to cover an insured’s commercial insurance premiums. With this structure, the insured conveniently makes payments back in monthly installments to cover the costs, improving your agency’s overall cash flow.
An asset to your agency
As a full-service banking partner, we’re proud to provide our agency customers with customized financing solutions. Our devoted team of bankers focuses solely on working with insurance agents, providing you with true expertise and dedication to advance your agency every step of the way.