J ALEJANDRO FUENTES INSURANCE AGENCY LLC | Application Preview
J Alejandro Fuentes Insurance Agency LLC is seeking government grant funding primarily for operational expenses as it transitions from a traditional insurance agency to a brokerage. With over 30 years of experience in the insurance and financial sectors, the owner aims to rebuild the business and plans to hire sub-producers to accelerate growth.
The business strategy involves creating a network of real estate professionals, such as realtors and lenders, to provide a variety of insurance options to their clients. The goal is to establish a team of at least 10 sub-producers within five years, starting with two by the end of the current year, each expected to generate substantial annual revenue for the agency. By projecting revenues of $500,000 in five years, the business is optimistic about its growth potential.
The application emphasizes the owner's previous success with a captive insurance agency, which was limited in offering options to clients. In contrast, the new brokerage allows for offering multiple insurance products from around 40 different providers, along with complete ownership of the business. This ownership provides the opportunity for future sales or inheritance.
The competitive landscape highlights that the agency is the only Spanish-speaking insurance broker in Greater Milwaukee, giving it a unique position, especially in serving the Hispanic community. The owner has a proven track record of working with first-time homebuyers through extensive networking and educational outreach, particularly in the Hispanic real estate sector. This combination of experience, community involvement, and customer-focused service is presented as a strong reason to approve the grant funding.
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General Information
Business Registration Number: 832113604
Location: Grafton, WI, 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
Mostly operational expenses, I have over 30 years of insurance and financial experience but I recently converted my insurance agency into a brokerage and I am starting over to build my book of business, with this grant I can grow my company to where it was and also will allow me to hire sub-producers for a faster growth
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Business Plan
I am building a network of real estate professionals (realtors, lenders, contractors, etc) to offer their clients several insurance options so they don't have to shop anywhere else. Within 5 years I am planning on having at least 10 sub-producers that will help me grow my agency. Starting with 2 by the end of this year, each producer should be able to bring between $20,000 to $30,000 of revenue a year to the agency. In 5 years I am expecting to be in a $500,000 annual revenue according to my projections based on actual producing numbers Although I just acquired this brokerage business, I am not new to insurance, I used to own a very successful insurance agency with Country Financial as a captive agent. But it offers no options to my clients and no ownership on the book of business. With this new business I can offer my clients options with around 40 different insurance companies and I have complete ownership over my book of business, I can sell it or leave it to my children if I want to. With my extensive insurance and sales manager career, I can also build a highly trained and efficient sales force, making sure to give my sub-producers all the tools they need to become successful insurance agent within my agency.
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Self Identified Competition
I am actually the only Spanish speaker insurance BROKER (not agent) in the whole Greater Milwaukee area. There are other Spanish insurance agents but not with the amount of insurance carriers I have. I built a successful insurance agency already, and I specialized it in first time home owners because that is an untapped market in the Hispanic community. I did this with heavy networking efforts specially with Hispanic professionals in the real estate business and offering an outstanding services to their clients. I am also the main insurance educational speaker for non-profit organizations such as Housing Resources and United Community Center.
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Contact Applicant
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