Challenge: Klein Insurance Agency, based in Eagle Bend, Minnesota, seeks to grow their business through acquiring firms in the area to provide a full range of insurance services in Western Minnesota.
Role: Working with Wadena State Bank, Northspan was contracted to provide SBA 7(a) packaging services to enhance the bank’s lending abilities. Northspan staff compiled the application materials, ensuring compliance with SBA regulations, and submitted the full application and provided responses on behalf of the bank during the screen-out process.
Results: Since 2016, Northspan has assisted Klein Insurance Agency complete four acquisitions by successfully obtaining SBA 7a guaranties on bank loans, securing more than $2.4 million. In addition, the acquisitions allowed the firm to retain 44 jobs and create 7 new positions.
Reference: Chris Klein, President, Klein Insurance Agency, Inc. chris@kleininsurancemn.com, 320-766-9635
Contact Bob Palmquist at bpalmquist@northspan.org for more information.