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Oak Street Funding Partners with SIAA to Build Revenues and Agent Loyalty.

Commission-Based Lending Allows Member Insurance Agencies to Increase Profits Through Expansion and Acquisition

INDIANAPOLIS -- Oak Street Funding, which pioneered commission-based lending for the insurance industry, has entered into a partnership with the Strategic Independent Agents Alliance, a move expected to boost revenues for SIAA and its agencies, while increasing retention. The announcement was made today by Richard S. Dennen, Oak Street Funding's CEO.

By teaming up with Oak Street Funding, SIAA's agencies can use the value of renewal commissions to generate immediate cash for growth, acquisitions, succession planning and more, according to Dennen. "SIAA can now offer its agencies an outstanding value-added service that will increase income and retention and build loyalty for the long term," he said. "For agencies, this is an exciting new avenue for growth."

Bill Fahy, SIAA's executive vice president, said he was thrilled to bring Oak Street Funding's commission-based lending to the table for SIAA's agencies. "Now our members have access to the capital they need that allows them to acquire other agencies, expand and achieve long-term growth." The Hampton, N.H-based SIAA is one of the largest partnering independent insurance agency networks in the country, with 2,100 agency members in 48 states.

Nordhoff tapped to expand marketing partnership program

To help build more partnerships with insurance marketers and affinity groups, Oak Street has hired Lisa Nordhoff as director of sales and marketing, effective April 16. Nordhoff comes with a wealth of experience in insurance marketing, having worked since 1989 on behalf of Conseco, a Fortune 500 insurance provider, in positions including vice president and national sales manager. There she developed many successful new products and helped increase profits for different product lines.

Since its founding in 2003, Oak Street Funding has entered into more than 75 partner programs with agencies, brokerage firms and insurance marketing partners of different sizes -- each tailored to maximize specific opportunities. Through these programs, Oak Street has facilitated more than 150 loans topping $20 million.

Dennen said that Oak Street is always looking for the right type of partners--companies with well-orchestrated marketing and distribution systems, run by leaders with foresight and who practice the highest level of ethics. "Once we find suitable partners, we show our faith in their hidden assets -- anticipated commissions -- and help catapult them to the next level of growth and success."

About Oak Street Funding

Oak Street Funding is an Indianapolis, Indiana-based commercial finance company dedicated to insurance professionals. The company offers commission-based lending to insurance agents, helping them achieve goals such as expansion, growth and succession planning. Through proprietary technology, Oak Street can accurately evaluate the risks of lending. For more information, visit www.oakstreetfunding.com or call Lisa Nordhoff at 866-625-3863.
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Publication:Business Wire
Date:Jun 1, 2007
Words:448
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