Exclusivefocus Summer 2012.pdf - National Association of ...

obtaining a loan is so unlikely; it’s noteven worth going through the applicationprocess.FICO. The economic recession andsoft insurance market hit many agencieshard over the last few years. As a result,finances have suffered and agencyowners believe a less-than-stellar creditscore will completely bar them fromgetting a loan.Dread. The application process for abusiness loan is an arduous task if agenciesaren’t disciplined about maintainingcurrent and accurate documents – formanagement and finance purposes. Theywould rather avoid it.Money. Owners believe a sizeable outlayof cash is initially required for a loan,and they simply don’t have it.Is their aversion justified?The fear or avoidance of loans by agencyowners may be somewhat unwarranted.For example, some lenders provideloans to borrowers who have a decentor respectable FICO score, even thoughthey may not fall within the top tier ofscores or they weren’t fortunate enoughto avoid some negative history. Lenderswill also use an agency owner’s futurecommission stream as collateral eventhough it’s an intangible asset. What’smore, lenders can work with borrowersto meet their needs, like providing aninterest-only loan with smaller first-yearpayments to an agency owner who maynot see the results of an additional producerfor several months or a year.It is true; the process for obtaininga business loan can be a long one, andsometimes complicated. But it doesn’thave to be. First, some lenders really understandthe insurance agency business,how to value commissions and what theunique needs of the agency owner are.This simplifies the process and makes itless painful for borrowers. Second, theprocess can be improved when ownerslearn the requirements ahead of time andtake steps to prepare the documentationin advance. In fact, some loans can fundwithin three to four weeks if proper documentationis provided in a timely way.There are no guarantees for securing abusiness loan from a financial institution,but trepidations can be overcome. Thepossibilities in the insurance agency marketare endless. While many successfulinsurance agencies are thriving despiteonly recent signs of economic and industryimprovement, some haven’t been ableto find resources to grow. Agency ownersshould know there are viable fundingoptions available that will allow them tomeet their goals. EfCarissa Newton is the Director of Marketingat Oak Street Funding and has over 17years experience working with insurance andfinancial services professionals nationwide.Loans and lines of credit subject to approval.Rate may vary at any time. CA residents:Loans made pursuant to a Department ofCorporations California Finance LendersLicense. Potential borrowers are responsiblefor their own due diligence on acquisitions.The materials in this article are for informationalpurposes only. They are not offeredas and do not constitute an offer for a loan,professional or legal advice or legal opinionand should not be used as a substitute for obtainingprofessional or legal advice. The useof this article, including sending an email,voice mail or any other communication toOak Street, does not create a relationship ofany kind between you and Oak Street.RHINOTEKProviding Premium Imaging Supplies for Over 28 Years!RHINOTEK is a preferred NAPAA supplier for ink and toner products.Great Savings - Group Buying DiscountsGuaranteed Quality - Higher Page YieldsFree Shipping - 30 Day Net TermsHelp the Environment - Save the RhinoWe provide our customers with value every step of the way!• A vast selection of 6500 compatible and OEM imaging supplies• Over 28 years as an industry leader of premium inkjet and toner supplies• High-quality output, vivid colors and exceptional yields• Compelling price to performance value• A knowledgeable sales team focused on your growth through savingsTRYING TO SAVE MONEY BY MAKING WISE PURCHASING DECISIONS?A RHINOTEK NEW LIFE PRINTER and PREMIUM TONER CARTRIDGE IS YOUR BEST SOLUTION.Part Number Product Description NAPAA PriceNA13MS-Q5927A RHINOTEK CERTIFIED PRE-OWNED HP LaserJet 1320 with 13 Month Warranty $255QH-1320 RHINOTEK Compatible HP Laserjet Black Toner Cartridge - 7000 yield $72Call your representative today at (800) 695-RHINO for special NAPAA pricing on all Rhinotek branded ink, toner and maintenance kits.Don’t forget to ask about our complete line of Certified Pre-Owned New Life Printers.Rhintotek Computer Products, Inc. 2301 E. Del Amo Blvd., Carson, CA 90220 (800) 695-RHINO www.rhinotek.com/napaa.htmSummer 2012 Exclusivefocus — 31