I would like to start my own insurance agency after I make some profit with my initial business. I start my business at home with an initial investment of $500 for licensing exams, internet charges, telephone bills etc. Moving forward I will need $ 10,000 to expand my business. This will include applying for registration of my company, paying insurance for the company, rental charges, office equipment, and hire a part-time employee. I am applying for a loan of $ 10,000 in my bank.
· My professional profile
I have my license taken already and have got 2 customers. I have made a commission of $4,000 with my first business and I am ready to invest that money on my business. I have been with the business for the last 6 months, getting my license from the finance service commission, and training on the products from financial institutions.
I see a good future for my business since I have started my business with my friends. I give a good service to them and maintain a good customer relationship with them. I am expecting to close a minimum of 5 business every month, which can give me $5,000 and more. My expenses for the business including the basic needs such as internet, phone charges, gas, online apps is approximately $1,000. This can give me a profit of $ 4,000 a month.
I have a backup of $ 4,000 and $ 1,000 from my savings which I want to reinvest in my business. Since this is a part- time business, I have enough money to withstand even if I do not make business for more than 3 months. I have another part- time job that helps me pay my other bills
My spouse is working full time and supports me in my business. We both own a home and have built some equity on it. I can sign my personal guarantee and can invest $1, 000 which is 10% of the loan that I am applying for.
