Are you about starting a cash advance company? If YES, here is a complete sample merchant cash advance business plan template & feasibility report you can use for FREE.
Okay, so we have considered all the requirements for starting a merchant cash advance business. We also took it further by analyzing and drafting a sample cash advance service marketing plan template backed up by actionable guerrilla marketing ideas for cash advance businesses. So let’s proceed to the business planning section.
Table of Content
- 1 Why Start a Merchant Cash Advance Business?
- 2 Merchant Cash Advance Business Plan – Executive Summary
- 3 Merchant Cash Advance Business Plan – SWOT Analysis
- 4 Merchant Cash Advance Business Plan – MARKET ANALYSIS
- 5 Merchant Cash Advance Business Plan – SALES AND MARKETING STRATEGY
- 6 Merchant Cash Advance Business Plan – Publicity and Advertising strategies
- 7 Merchant Cash Advance Business Plan – Financial Projection and Costing
- 8 CASH ADVANCE BUSINESS GROWTH: Sustainability and Expansion Strategy
Why Start a Merchant Cash Advance Business?
Starting a business or becoming a seasoned entrepreneur is all about you discovering and filling vacuum and providing solutions. Many individuals, be it businesses are ready to pay you when you can take their problems away. As we all know, people go through a lot of stress and difficulties when raising funds to take care of their problems immediately. Thereby creating a business idea for you if you have the financial strength or if you can easily get loans from your bank.
This business is the Cash Advance Business. This business is a business that requires giving out quick loans to individuals who might not be able to get from the bank due to lack of collaterals or incentives, and individuals who need funds urgently and can’t afford to wait for the rigorous process of acquiring loans from banks. In this business, the interest rate varies and it’s always higher than what one can get from the bank due to the risk involve.
It is worthwhile to note that this industry is capital intensive and it requires big start – up capital. The cash advance business is a lucrative but highly risky business, because there is chance that your money will be going down the long pipe due to the absence of collateral. But the cash advance business is highly lucrative because individuals or businesses will always need to take care of some emergencies.
You will also need to write a business plan. Here is a sample cash advance business plan that will aid you in writing yours;
A Sample Merchant Cash Advance Business Plan Template
- Business Overview
Cash Advance loans are unsecured short term loans that is also known as payday advances or small dollar loans. This loan services first started in the United States in early 1990s and has since then been on the increase due to the troubles in our lives as humans.
Cash Advance loans are now being used as short-term borrowing needs in different cities in America and all over the world. It has been estimated that there are 20,600 cash advance businesses in the United States alone, that extend around $38.5 billion in credit relating to short term loans. The loans are being used by working class citizens in 10 million houses who have fund or Cash issues.
This industry also in a good range contributes to the economy of the United States. This industry alone employs nothing less than 50,000 U.S. citizens earning wages of $2 billion. This further leads to a generation of $2.6 billion and more in local, state, and federal taxes. The consistency in this industry has enabled it to perform well during the recession. Because as individuals struggled during hard economic times, the cash advance industry tend to provide quick solutions to the immediate problems.
It is believed that as the economy continues to recover and the wallets of individual s keep getting fat within the five years to 2021, the cash advance industry will keep declining. Also the regulations in the industry have been increasing, reducing revenue growth and profit margins for businesses in this industry. The cash advance industry when compared to other financial services industries has low barriers of entry.
Merchant Cash Advance Business Plan – Executive Summary
West Gate loans, LLC is a licensed and well registered cash advance loan firm that will be based in New York City – New York. We will be offering our prospective customers short term loans and other related services like consolidated loans, short mortgage loans, car loans, appliance loans, student loans, personal loans, and Small business loans etc. West Gate loans, LLC is a firm that is client – focused and result, a loan firm that was established to give quick solutions while also maximizing our profits to remain relevant in the loan market.
West Gate loans, LLC plans to offer quick abort loan services to all our prospective customers, be it individuals, corporate clients at local, state, national, and international level. We will work hard in order to make sure that we meet and present quick solutions to our clients.
We also hope to always make sure that our client’s best interest would always be our utmost priority. We will also make sure that we employ professionals who have good track records and are highly experienced in the loan industry to aid us with providing solutions in a business-like and zealous way.
We also plan to always show our goodwill and sincere commitment to sustainability, as a loan firm and also individually. We hope to do this by participating actively in our location and induce our vision and professional ethics everywhere we go. West Gate Loans, LLC will also go the extra miles to make sure we provide our clients with quick solutions and also hold ourselves In charge of any mistakes and delays in directly achieving our goals. We will also create a perfect work environment that brings out the best from both our employees and clients.
West Gate loans, LLC was established to be the back bone of the United States, to become the business known for providing quick solutions at the point of all our client’s needs. We hope to build a business that will be the lead player in the loan industry within the next ten years.
A West Gate loan, LLC is the business of Mr. Alfred Ferguson and Mr Marshall Grant who has been business partners for many years. Both of them can boost of having 20years experience each in the loan industry. Mr Alfred Ferguson is an Accounting Graduate of the University of Illinois and Mr Marshall Grant graduated from Harvard University (B. SC economics). They have both worked together in different capacity in the loan industry and they have created a connection that will guarantee success in anything they do.
- Our Products and Services
WestGate loans, LLC will be providing cash advance loans to individuals that are living within the firm’s target market, and which it is authorized to do business. We have also found out that this target market we are so interested in is immensely large among lower income borrowers and the unbanked. Our intention at WestGate loans, LLC is to build a firm that will be the leading lending business in the United States and provide adequate solutions to the problems of our clients.
West Gates loans, LLC was also established to make profits and actualize our goals in the lending industry and we plan to do all this within the proximity of the law in the United States of America. Our business offering are listed below;
- Provide cash advance loans
- Provide consolidated loans
- Provide short mortgage loans
- Provide car loans
- Provide bridge loans
- Provide credit card loans
- Provide money markets
- Provide appliance loans
- Give out student loans
- Provide personal loans
- Provide Small business loans
- Consultancy on relevant fields
Our Vision Statement
Our vision is at West Gate loans LLC is to establish a firm that will provide adequate lending options to the whole of New York City – New York. Our values, zeal, service, excellence and teamwork will actually display explicitly our vision to become the best among the best.
- Our Mission Statement
WestGate loans, LLC mission is to become the recognized leader in our target market for providing short term loans and lending services.
- Our Business Structure
Since we plan to position West Gate loans, LLC as a firm established to be known immediately from its roots, we have created an unadulterated plan to make sure we do not leave any stone unturned, which is why we have decided to employ qualified, competent, honest and hardworking workers who have the same goal as ours.
WestGate loans, LLC is a business we believe will stand the test of time and we have decided to give it the very best we can in this age, which explicitly defines the amount we are willing to pay for the best hands available in and around New York and environs. Listed below are the business structures we hope to start West Gate loans, LLC with;
- Chief Executive Officer
- Loan and fund manager
- Human Resource and Admin Manager
- Risk analysis expert
- Marketing and Sales Executive
- Company Accountant
Roles and Responsibilities
Chief Executive Office
- Will be in charge of Increasing management’s effectiveness by recruiting, selecting, orienting, training, coaching, counselling, and disciplining managers; communicating values, strategies, and objectives; assigning accountabilities; planning, monitoring, and appraising job results; developing incentives; developing an environment for giving out information and opinions; providing educational opportunities.
- Will be charged with Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. leading the development and implementation of the overall organization’s strategy.
- In charge of fixing prices and signing business deals
- In charge of providing direction for the business
- Tasked with Creating, communicating, and implementing the organization’s vision, mission, and overall direction – i.e. Chairing the development and implementation of the overall organization’s strategy.
- In charge of signing checks and documents on behalf of the company
- Tasked with calculating the success of the organization
Loan and fund Manager
- Tasked with approving loans within specified limits, and refer loan applications outside those limits to management for approval.
- Obligated to meet with applicants to obtain information for loan applications and to answer questions about the process.
- In charge of analysing applicants’ financial status, credit, and property evaluations to determine feasibility of granting loans.
- In charge of explaining to customers the different types of loans and credit options that are available, as well as the terms of those services.
- Charged with obtaining and compiling copies of loan applicants’ credit histories, corporate financial statements, and other financial information.
- Would Review and update credit and loan files.
- In charge of reviewing loan agreements to ensure that they are complete and accurate according to policy.
- Compute payment schedules.
- Should stay alert of new types of loans and other financial services and products in order to better meet customers’ needs.
Human Resource and Admin Manager
- In charge of overseeing the smooth running of HR and administrative tasks for the organization
- Obligated to design job descriptions with KPI to drive performance management for clients
- In charge of holding meetings with key stakeholders to review the effectiveness of HR Policies, Procedures and Processes
- Tasked with maintaining office supplies by checking stocks; placing and expediting orders; evaluating new products.
- Makes sure operation of equipment by completing preventive maintenance requirements; calling for repairs.
- Double be in charge of defining job positions for recruitment and managing interviewing process
- Tasked with carrying out staff induction for new team members
- In charge of training, evaluation and assessment of employees
- In charge of arranging travel, meetings and appointments
- Tasked with updating job knowledge by participating in educational opportunities; reading professional publications; maintaining personal networks; participating in professional organizations.
- In charge of overseeing the smooth running of the daily office activities.
Risk Analysis expert
- In charge of planning, designing and implementing an overall risk management process for the organization;
- Charged with analysing risks as well as identifying, describing and estimating the risks affecting the business;
- In charge of comparing estimated risks with criteria established by the organization such as costs, legal requirements and environmental factors, and evaluating the organization’s previous handling of risks;
- Tasked with Establishing and quantifying the organization’s ‘risk appetite’, i.e. the level of risk they are prepared to accept;
- In charge of risk reporting in an appropriate way for different audiences, for example, to the board of directors so they understand the most significant risks, to business heads to ensure they are aware of risks relevant to their parts of the business and to individuals to understand their accountability for individual risks;
- Corporate governance involving external risk reporting to stakeholders;
- Charged with purchasing out processes such as purchasing insurance, implementing health and safety measures and making business continuity plans to limit risks and prepare for if things go wrong;
- Is in charge of conducting audits of policy and compliance to standards, including liaison with internal and external auditors;
- Will also provide support, education and training to staff to build risk awareness within the organization.
Marketing and Sales Manager
- Tasked with Identify, prioritize, and reach out to new partners, and business opportunities et al
- In charge of Identifying development opportunities; follows up on development leads and contacts; participates in the structuring and financing of projects; assures the completion of relevant projects.
- Charged with writing winning proposal documents, negotiate fees and rates in line with company policy
- In charge of handling business research, marker surveys and feasibility studies for clients
- In charge of supervising implementation, advocate for the customer’s needs, and communicate with clients
- Charged with Developing, executing and evaluating new plans for expanding increase sales
- Tasked with Documenting all customer contact and information
- Represents the company in strategic meetings
- Aids to increase sales and growth for the company
- In charge of for preparing financial reports, budgets, and financial statements for the organization
- Tasked with creating reports from the information concerning the financial transactions recorded by the bookkeeper
- In charge of preparing the income statement and balance sheet using the trial balance and ledgers prepared by the bookkeeper.
- Also provides managements with financial analyses, development budgets, and accounting reports; analyses financial feasibility for the most complex proposed projects; conducts market research to forecast trends and business conditions.
- In charge of financial forecasting and risks analysis.
- Tasked with performing cash management, general ledger accounting, and financial reporting for one or more properties.
- In charge of developing and managing financial systems and policies
- In charge of administering payrolls
- Ensuring compliance with taxation legislation
- In charge of all financial transactions for the company
- Serves as internal auditor for the company
- In charge ofwelcomi7guests and clients by greeting them in person or on the telephone; answering or directing inquiries.
- Makes sure that all contacts with clients (e-mail, walk-In centre, SMS or phone) provides the client with a personalized customer service experience of the highest level
- Interact with clients on the phone, using every opportunity to build client’s interest in the company’s products and services
- Tasked with managing administrative duties assigned by the manager in an effective and timely manner
- Consistently stays abreast of any new information on the company’s products, promotional campaigns etc. to ensure accurate and helpful information is supplied to clients
- Receives parcels / documents for the company
- Will also share mails in the organization
- Tasked with protecting the firm and its environs
- Tasked with Controlling traffic and organize parking
- In charge of providing security tips when necessary
- Patrols around the building on a 24 hours basis
- Also security reports weekly
- Tasked with cleaning the firm at all times
- Charged with making sure that toiletries and supplies don’t run out of stock
- Cleans both the interior and exterior of West Gate loans, LLC
- Other duties as assigned by the manager
Merchant Cash Advance Business Plan – SWOT Analysis
West Gate loans, LLC hired a core professional in the field of business structuring to help our firm in establishing a lending business that can compete wholly and favourably in the lending industry, which we all know is competitive. The said consultancy firm in order to get the best available result for us, worked with the management of West Gate loans, LLC to submit the SWOT Analysis whose summary is outlined below;
From the SWOT Analysis, it was explicitly explained that our sole strength at West Gate loans, LLC is our workforce. Our workforce is made up of experienced, zealous, competent, and ever result oriented workers who will go extra miles to give our clients the best services.
Our weakness as it was explained in the SWOT Analysis for West Gate loans, LLC is the time and duration it will take for our advertising and publicity to show that we are in the market. New York City is filled with businesses that are always willing to sell their brands by investing solely in advertising. We see this as a weakness we can overcome within the first few days of opening our doors to clients.
The economic recession that occurred within the past few years left a lot of people shut of fund but not short of ideas. The only hindrances to these individuals implementing their ideas are the funds and financing. This we see as a substantial opportunity in the city of New York.
The threats we believe we will be facing at West Gate loans, loans is the fact that short loans require little or no collateral at all. This we believe creates a chance for individuals to scamper with our funds. We also believe that the unfavourable government policies in the lending industry, especially the cash advance sector will go a long way in affecting our business proceedings. Being a business willing to be synonymous with the economy of the United States, we do not see all these as threats but as opportunities to build a better lending firm.
Merchant Cash Advance Business Plan – MARKET ANALYSIS
- Market Trend
At present, the economic market condition in the United States is recovering from recession. The downturn in the economy has in many ways impact real estate sales, which also has reduced to historical lows. Experts believe that the economy is going through a prolonged recovery period.
There are several pieces of legislation that are being debated on both the federal and state level that will largely reduce the interest rates charged to low income borrowers for emergency credit services. The short loan industry generates interest rates of 100% to 600% (on an annual rate) to its customers.
The United States alone has sufficient businesses that operate as non-depository credit institutions. Within these businesses, an aggregates receipt over each of the last five years has been in excess of $229 billion dollars of interest revenue. These businesses employ over 500,000 people and actualize a gross annual payroll in excess of $22 billion dollars. Close to 5,000 of these businesses work within a similar capacity as that of the West Gate loans, LLC.
The loan industry has also of recent undergone a serious revolution with the advent of the Internet. With instant access to customer verification, people can seamlessly borrow capital from banks that conduct business on the Internet. This part of the industry is expected to grow at a rate of 10% per year for the next five years. We plan to makes use of this trend.
It is also worthwhile to note that without the services of players in the lending industry, most individuals and businesses won’t be able to achieve their drams due to the long and rigorous process involved with getting loans from banks. The lending industry will always continue to flourish and remain lucrative, because they are the backbone of the business world.
- Our Target Market
Cash advance businesses are some of the very few in demand businesses today. Most individuals today find themselves in an emergency and in dire need of money and usually go to cash advance companies for small and quick loans.
Starting a cash advance firm requires large capital but that doesn’t makes it a sector for only the rich and accredited investors to cash in on it. Cash advances are open to individuals in need of fast cash to settle or get quick solutions as fast as they can.
West Gate loans, LLC being a well designed and standard lending firm will be offering a wide range of short loan services, with a well equipped and experienced workforce. Our target market will flow across businesses and individuals that have the need for quick funds for emergencies and are fit to pay back in due time.
West Gate loans, LLC will cater to a large audience of lower income people that have limited access to banking services and/or credit. We are also developing quickly our credit manual to develop guidelines regarding our cash advance loans and other short loans.
The business has already employed several techniques to ensure that credit default is kept to an absolute minimum. In regards to our lending services, we will require authorization to debit the customer’s account on the day that the loan becomes due.
- Our Competitive Advantage
The cash advance business is indeed a lucrative business and without doubt a risky on. Driving through the roads of New York City, you will not be so surprised to see lending businesses in all turns and corners of the ever busy city. Surviving in this business has gone beyond have the funds or loans to give out, but accurate advertising strategies that are getting directly to your target market.
We all at West Gate loans, LLC understand how competitive the lending industry is and how small businesses are slowly taking over the short loan sector, but we have plans right from the onset to become relevant immediately and take over the market.
We might be new in the lending market but just as our SWOT Analysis rightly said, our workforce are filled with individuals who have been through the rumbles of the lending market and are well experienced. These individuals are core professionals, who are licensed and highly qualified to catapult West Gate loans, LLC in the industry limelight. This without argues out strongest competitive advantage.
We at West Gate loans, LLC also plan to make our employees the happiest in the lending industry, by creating welfare packages and inculcating them entirely in the decisions we make in this firm. We hope to keep the comfortable and willing to give their all in making West Gate loans, LLC the leading figure in the lending industry.
Merchant Cash Advance Business Plan – SALES AND MARKETING STRATEGY
West Gate loans, LLC believe in what our workforce can offer and we hope to keep bring in the best hands. Our sales and marketing team will be employees solely on how experienced and innovative they are or have been in the lending industry and we hope to train them In anticipation of what they should be facing in the industry, thereby making them the war Vanguard of our firm.
On a regular basis so as to be well equipped to meet their targets and the overall goal of the organization. West Gate loans, LLC has come to stay and we hope to become the leading lending business in the United States, and we can’t do that if we don’t have the best sales and marketing team.
Our Vision at West Gate loans, LLC has exceeded just the need to provide short loans to the citizens of the United States, but to become the power house of the lending industry. We have hopes and we have after extensive research and feasibility studies decide on the accurate strategies to use for our firm.
Outlined below are the few strategies we hope to use in bringing our firm closer to the good people of the United States;
- We plan to Establish relationships with check cashing locations that do not provide short loans within our targeted market
- We plan to implement a local campaign with our targeted market via the use of flyers, local newspaper advertisements, and word of mouth advertising.
- We plan to develop an online presence by developing a website and placing the Company’s name and contact information with online directories.
- We will also introduce our business by sending introductory letters alongside our brochure to corporate organizations, accredited investors, top corporate executives and key stake holders in New York City and other cities in The United States
- We also advertise our business in relevant financial and business related magazines, newspapers, TV stations, and radio station.
- We hope to list business on yellow pages ads (local directories)
- We will also attend relevant international and local finance and business expos, seminars, and business fairs et al
- Create different packages for different category of clients (start – ups and established corporate organizations) in order to work with their budgets and still deliver good returns on investment
Merchant Cash Advance Business Plan – Publicity and Advertising strategies
We at West Gate loans, LLC intends on using a number of publicity strategies that will allow us to easily target men and women within our target market. These strategies we believe will include;
- Traditional print advertisements and ads placed on search engines on the Internet
- . We will also use an internet based strategy. This is very important as many people seeking local services, such as cash advance lenders, now use the Internet to conduct their preliminary searches.
- We plan to register West Gate loans, LLC with online portals so that potential customers can easily reach us.
- We will also develop our own online website, which may include functionality for allowing customers to directly acquire loans over the internet.
- We will also maintain a sizable amount of print and traditional advertising methods within local markets to promote the cash advance loans and short term loans we offer.
All our goals and vision at West Gate loans, LLC is centred on how directly our publicity and advertising strategies get to our targeted audience. We believe that we can achieve all these goals no matter how huge and unrealistic they are, we believe that our owners and workforce are very much prepared to make West Gate loans, LLC the leading figure in the next five years.
- Our Sources of Income
West Gate loans, LLC is a firm created not as a trial and error business, but a business that we plan will stand the test of time. We plan that the firm will be the leading figure in the lending market, and a business that can solely fend and cater for itself with the income of generates.
We have created the basic foundation to make outstanding profits in this line of business and also survive comfortably no matter the situation of the economy. Listed below are the few business offerings we hope to offer at West Gate loans, LLC;
- Provide cash advance loans
- Provide consolidated loans
- Provide short mortgage loans
- Provide car loans
- Provide bridge loans
- Provide credit card loans
- Provide money markets
- Provide appliance loans
- Give out student loans
- Provide personal loans
- Provide Small business loans
- Consultancy on relevant fields
We all know that all fingers can never be equal, so it is that not everyone will have the required incentives they need to take care of their problems. We believe from our extensive research and studies that this industry is like am ever flowing river that will never run dry.
As long as the banks and other financial institutions continue with the rigorous process they are known for. West Gate loans, LLC right for its foundation has been prepared to take over the lending market in New York City and other key cities in the United States of America, and no matter how unrealistic it might be, we believe in what we have, what we have to offer and our competitive advantage.
We at West Gate loans, LLC during our extensive research have been able to provide a sales forecast we believe is obtainable within the specified duration. This projection we believe cam be achieved with all that we have at West Gate loans, LLC. Our dreams are slowly becoming reality and our workforce is always devising ways to add more vibe to the firm.
The sales forecast of West Gate loans, LLC for the next three years is outlined as follows;
- First Year-: $400,000
- Second Year-: $1,100,000
- Third Year-: $2,000,000
Note: The sales forecast of West Gate loans, LLC was done based on what we believe is obtainable in the lending industry and with the belief that all our threats will serve as a mere stepping stone for us. It is worthwhile to note that the above projection might be lower and at the same time it might be higher as time goes on.
- Our Pricing Strategy
As we already know, lenders make their money from the interest and commissions they charge their client when they come for quick loans or short loans they offer. We at West Gate loans, LLC plan to make sure we keep our interests and commissions below the average market rate for all of our clients and we hope to keep a more free business procedure to attract more customers or clients.
- Payment Options
We understand that as the countenances of humans differ, so do their wants and the way they prefer to do their basic transactions also differs. We at West Gate loans, LLC hope to create a platform that will suit our diverse clients at different times. We have also partnered with a renowned banking platform to entrust serve our clients very well and comfortably. We hope to make available the following payment options for our clients;
- Payment by via bank transfer
- Payment via online bank transfer
- Payment via check
- Payment via bank draft
- Payment with cash
Merchant Cash Advance Business Plan – Financial Projection and Costing
It is worthwhile to note that the start up cost of starting a lending business is solely divided into three folds; the cost of organising your office structure, the capital meant for investment, and the cost of other issues like advertising and business registration.
We at West Gate loans, LLC have been very careful to research and understand the basic things we need to start a business that will be the best in little or no time. The financial projection and costing of West Gate loans, LLC is outlined as follows;
- Cost of incorporating the Business – $750.
- Cost for basic insurance policy covers, permits and business license – $10,000
- The cost of acquiring a suitable Office facility in a business district 6 months (Re – Construction of the facility inclusive) – $55,000
- The budget for equipping the office (computers, software applications, printers, fax machines, furniture, telephones, filing cabins, safety gadgets and electronics et al) – $5,000
- The price of purchasing of the required software applications (CRM software, Accounting and Bookkeeping software and Payroll software et al) – $12, 000
- The Cost of Launching our official Website – $600
- Our budget for paying at least three employees for 6 months plus utility bills – $36,000
- Additional Expenditure (Business cards, Signage, Adverts and Promotions et al) – $2,500
- Our Investment fund – $5,000,000
- Miscellaneous: $1,000
From our cost analysis above, you will understand that West Gate loans, LLC is not a trial and error business but a firm with power, plan and opportunities. We believe we will need $122,850 and our $5million investment fund to start West Gate loans, LLC.
Generating Funding / Start up Capital for West Gate loans, LLC
West Gate loans, LLC is a business founded on love, connection and experience by two individuals who have been together and have extended their bonds from the floor of friendship to the pinnacle of brotherhood. They will prefer to fund the business privately for now, but are likely to source for external funds as the business grows.
These are the areas we intend generating start – up capital for West Gate loans, LLC;
- Raise part of the start – up capital from personal savings
- Source for soft loans from family members and friends
Note: West Gates loans, LLC have been able to raise $6million from the two founding partners ($3million each). They have been able to raise these amounts through their individual savings and few soft loans from their families. They believe that we have what it takes to fund their business completely, while also giving the best to their clients.
CASH ADVANCE BUSINESS GROWTH: Sustainability and Expansion Strategy
We at West Gate loans, LLC understand that starting a business might seem simple but running it to actualize your goals and visions is indeed the tiresome path. A business willing to survive will have to understand its roots, know how to win its competitors, understand how to retain its customers, and without doubt know the industry in and out. We have through our workforce and owners experienced what the lending industry has to offer and we believe we are fit to grab the lending bull by the horn.
We plan ensure that we prepare or rather create the perfect business foundation, structures and processes to make our staff very happy and comfortable in West Gate loans, LLC. West Gate loans, LLC has been to establish to constantly revisit and readjust our advertising and business strategy to what is entirely obtainable in the industry.
We also plan to create a profit-sharing arrangement for our employees which will be given out based on their performance for a period of three years or more as determined by the board of the organization. We plan to grow and expand our business with time; we plan to create a corporate identity that will enable us move beyond the boundaries of New York City and conquer all other American cities.
Check List / Milestone
- Business Name Availability Check: Completed
- Business Incorporation: Completed
- Opening of Corporate Bank Accounts various banks in the United States: Completed
- Opening Online Payment Platforms: Completed
- Application and Obtaining Tax Payer’s ID: In Progress
- Application for business license and permit: Completed
- Purchase of All form of Insurance for the Business: Completed
- Conducting Feasibility Studies: Completed
- Leasing, renovating and equipping our facility: Completed
- Generating part of the start – up capital from the founder: Completed
- Applications for Loan from our Bankers: In Progress
- Writing of Business Plan: Completed
- Drafting of Employee’s Handbook: Completed
- Drafting of Contract Documents: In Progress
- Design of The Company’s Logo: Completed
- Graphic Designs and Printing of Packaging Marketing / Promotional Materials: Completed
- Recruitment of employees: In Progress
- Purchase of the Needed software applications, furniture, office equipment, electronic appliances and facility facelift: In progress
- Creating Official Website for the Company: In Progress
- Creating Awareness for the business (Business PR): In Progress
- Health and Safety and Fire Safety Arrangement: In Progress
- Establishing business relationship with banks, financial lending institutions, vendors and key players in the industry: In Progress