Morllo Faulkner Insurance Agency LLC | Application Preview
Morllo Faulkner Insurance Agency LLC is seeking government grants to support various aspects of its business development. The total funding requested amounts to $186,000, which will be allocated as follows:
- Salaries and Staff: $36,000
- Business Acquisition Loan: $46,000
- Lease: $42,000
- Communication enhancements (phone, internet, CLR service): $6,000
- Marketing and Advertisement: $15,000
- Improved safety and security strategies: $5,000
The agency's business plan emphasizes expanding its marketing reach, targeting both commercial customers and homeowners with higher-than-average incomes. Specific target groups include homeowners with multiple vehicles or children, renters in apartments and homes, and various commercial sectors such as retail, office services, restaurants, and contractors. Additionally, there is a plan to extend the line of business to include health and Medicare services within two years.
The applicant believes they should receive funding based on their educational background—holding degrees in communication, information systems, and a master's in Engineering and Management. They aim to establish a leading insurance agency in Spring, Texas, prioritizing community-oriented, personalized service.
In terms of competition, the agency faces notable challenges, particularly from major companies like State Farm and Allstate, who have recently experienced significant financial losses. The agency's competitive edge lies in its comprehensive service offerings as a one-stop-shop, although raising public awareness about these services remains a key concern. The applicant is determined to clarify and promote its diverse product range, which includes investment portfolios, commercial auto, business insurance, and more.
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General Information
Business Registration Number: 934061689
Location: Spring, TX, United States
Length of Operation: 1-5
Number of Employees: 1-10 Employees
Annual Gross Income: Less than $100k
Annual Gross Expense: Less than $100k
Open to Loans: YES
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Funding Usage
Salaries and Staff - $36000.00 Business Acquisition Loan - $46,000.00 Lease - $42,000.00 Communication enhancements (phoneinternetCLR service) $6,000.00 Marketing and Advertisement - $15,000.00 Improved safety and security strategies: $5000.00
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Business Plan
Increase marketing footprint: customer base target will focus on commercial customers and homeowners above the median income level in each respective market. • Homeowners/Auto • Target Confident Planners • Homeowners with at least 2 autos and/or children in household • Townhomes/Condominiums • Renters (apartment complexes and homes) • Life/Financial Services • Quality consultation on the individual needs of each household • All existing and new business clients will be marketed for all the appropriate products • Commercial • Retail • Office • Service Providers • Restaurants • Contractors • Workers Compensation • Specialty • Motorcycles • Boat Owners • Golf cars and ATV owners Expand Line of Business to include Health and MediCare and Series 63 within 24 months I am driven and will work to accomplish my ultimate goal. I hold a bachelor’s degree in communication from Trinity University, a bachelor’s in information systems, and a master’s degree in Engineering and Management from DePaul University in Chicago, Illinois. My goal is to establish a top-tier insurance agency in Spring, Texas, just 45 minutes northwest of Houston. My unwavering dedication is centered on people, and I am committed to making their desires, needs, and individual preferences the primary focus of my agency. I will be a sound pillar in the community.
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Self Identified Competition
State Farm - Just took a $1.6 B contrition Allstate Insurance- Suffered $1.4 Billions loss in 2022 an remain in the red AAA - Solid A+ rating Farmers Insurance is a one-stop shop. The concern is getting the information to the public. To most of the society, we are known for Home, Auto, and Life. They are unaware of the investment portfolio, commercial auto, Business, Pets, wills, trust...etc.
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Contact Applicant
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