Verdecia Insurance and Financial Inc | Application Preview
Verdecia Insurance and Financial Inc. is applying for government grants to provide initial capital for the startup phase of their business. The funding will help cover expenses until the company can generate its own revenue.
The business plan involves expanding the range of insurance offerings by partnering with multiple carriers, including both personal and commercial lines. This strategy aims to increase sales opportunities and overall revenue.
One key reason for approving the funding is the unique position of the applicant as one of the few Spanish-speaking insurance agents in Louisville, a rapidly growing Hispanic community. Over the past three years, the applicant has generated over $1 million in insurance premiums working with only one carrier, demonstrating a strong commitment to serving the community with affordable insurance products. The establishment of the new agency will enable the applicant to work with over ten carriers, significantly increasing the potential for sales and revenue.
In terms of competition, the applicant asserts that they face little competition, as they will have access to a broader range of insurance carriers than other local Spanish-speaking agents, along with a larger customer base.
The applicant's competitive advantage lies in their personal approach to customer service, fostering strong relationships with clients who view the agent as a family member. This personal care leads to high customer retention and word-of-mouth referrals, creating a steady stream of new clients. The applicant believes this relationship-driven approach will differentiate them in the insurance market.
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General Information
Business Registration Number: 87-2828643
Location: Louisville, KY, United States
Length of Operation: 0 - Just opened
Number of Employees:
Annual Gross Income:
Annual Gross Expense:
Open to Loans: YES
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Funding Usage
I plan on using the funding as capital to be able to jump start my business the first few months, and cover expenses until I'm able to generate revenue.
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Business Plan
I plan on growing my business by adding new insurance carriers including both personal and commercial lines that will expand my ground and allow me to sell more and bring in more revenue. I am one of the few Spanish speaking insurance agents in the city of Louisville which is one of the fastest growing Hispanic cities in the US. For the past 3 years, I've sold over $1million dollars in insurance premiums only working with one company. I've helped my community and my people with affordable car/home/life insurance and taken tremendously good care of them. By doing so, I've amassed a big family that keeps growing every day. I've taken one of the biggest steps of my life by opening my own insurance agency and expanding myself to other companies to help those whom I wasn't able to help before. I will be working with more than ten carriers instead of one, which means that I will be selling 10x more insurance, and bringing in 10x more revenue than I did before.
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Self Identified Competition
I do not have any competitors; I will have access to the same and more insurance carriers than the current few other Spanish speaking insurance representatives in the area, and my customer base is bigger. I take personal care of my customers; they consider me part of their family. In the insurance business world, the goal is for customers to chase you instead of you chasing customers. Word of mouth, or referrals is the key to gain "free" customers and keep a higher customer retention rate. By giving my customers a personal level of care and service, I gain their trust, and they recompense me by sending me their friends and family members to take good care of them as well on a daily basis.
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Contact Applicant
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