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Listing Information
Amount: $7,700.00 Status: Loan created
Grade: C DTI: 24%
Lender Rate: 13% Borrower: tackshop
Time Left: Finished State: NC
Funded: 100% Group: The Business of Horses
Loan Information
Loan Status: Current Origination Date: 2007-02-28 EricsCC ROI: 10%
Status History
Feb 28, 2007 Current
Introduction: I am a self-employed business professional. Part of each week I am bookkeeper for 3 local businesses, two profits and one non-profit. I have worked for each of these businesses for 9 years. The rest of the time is spent running Re-Ride Consignment Tack Shop.  

Goal: To expand tack business.  

Tack Business: The store is a total consignment tack shop. I started the store in October of 2002 with nothing more than high hopes and a good knowledge of equine tack and equipment. I have proudly grown the shop from a store that was 20? X 20? to a 1,600 sq ft sales area with an addition 1,600 (approximate) fenced area that I would like to use for expansion. In the 4 plus years we have been in business there are now well over 350 consignors. We deal in all disciplines of riding for all kinds of horse enthusiasts. The store has become a ?staple? in the region. In addition to the store itself, the owner has partnered with another equine professional to host clinics for equestrians and/or their horses.  

Finances:  

  • Store: Monthly income varies between $4,500 to $6,500. Of this approximately 33% is paid to consignors with the monthly expenses being paid that average $1,200 a month. The expenses include rent, utilities, advertising, insurance, and auto (gas, maintenance). The store pays owners health, auto and life insurance. The clinic hosting has not yet generated any income to speak of yet, but we are looking toward the future.  
  • Personal: Income of $1,600.00 per month from bookkeeping and miscellaneous income covers mortgage, utilities, groceries, small retirement savings, and other incidentals. (I own horses as well, of course!) I have no car payments at this time (sort of).  

Loan Purpose: To purchase starter inventory for resale. I see a market in my area for small horse farm equipment. I am already a dealer for such equipment, (i.e., small manure spreaders, arena drags, pasture drags, stall panels, etc) however, have not been able to save enough money to have a good inventory of these items. I would also like to pay off a higher rate personal loan that is being used to help 17 year old son replace his vehicle. This vehicle is used for a related business that he started last year. It is a service business - he purchases and delivers hay to area horse farms. The above mentioned son has helped with the tack business since day one.  

Thank you for considering me.

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