McIntosh Agency

Hello!

My name is Trevor McIntosh and I'm an insurance agency owner looking to expand my business in central California. I need a short term loan to cover payroll, marketing/lead generation costs, and an office space. Currently on my own I am generating around $4,000-$8,000 a month in business. I am looking to hire 5-10 sales associates in the next few months. I have already hired two experienced sales associates to join my agency, they start on October 1st.

Here is the breakdown of why I want to hire a sales associate:

For every sales associate I hire, my agency will get an additional $20,000 - $50,000 in premium for home and auto insurance. I am currently on a 35% contract while building my agency, meaning for every sales associate I add, my revenue increases by $7,000 - $17,500. An average salesman will sell around 20k/month, a good salesman will sell over 50k/month. I pay my sales associates 15% commission on P&C sales. So at the low end, my net profit after paying my sales associate is $4,000 - $10,000.

In summary, at the minimum my profit per employee = $4,000

At the high end my profit per sales associate hired = $10,000

5 sales associates at $4000 per associate = $20,000/month in profit

Now, the reason I need funds is to pay out these employees, pay for marketing costs, and get an office for my associates to work at. Also, I will be fully focused on training these associates and marketing to get them leads, so I will not be able to sell myself. Commission is payed out once of month on the 15th for the previous month's premium. I am offering my sales associates weekly pay and I don't have the funds to do that right now.

I am asking for a short term loan for $25,000. I need funding by the end of September. I have not been able to secure a loan from the bank because my business hasn't been operating for a year. My agency started in May, I had three months of training from my company before then. The company my agency represents is American National.