Starting a court reporting school
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,000.00 | Status: | Loan created |
| Grade: | HR | DTI: | 6% |
| Lender Rate: | 20% | Borrower: | alwayspersist |
| Finished | State: | OK | |
| Funded: | 100% | Group: | FUTURE FINANCIAL FREEDOM |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Default | Origination Date: | 2007-03-05 | EricsCC ROI: | -82% |
| Status History | |
|---|---|
| Mar 03, 2007 | Current |
| Jul 20, 2007 | Late |
| Aug 06, 2007 | 1 month late |
| Sep 06, 2007 | 2 months late |
| Oct 06, 2007 | 3 months late |
| Nov 06, 2007 | 4+ months late |
| Dec 28, 2007 | Default |
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I have been a court reporter and court reporting instructor since 1990. Last summer the college for which I was working went out of business, leaving an open market for reporting instruction in and around my area. Court reporters make good money and I am an expert instructor, so I believe this to be a tremendous opportunity for me to start my own school. I already have some free advertising lined up, reporting firms who have said they get calls from prospective students and will refer to me, and an experienced reporter who has offered to help me as an instructor. For the past several months I have been doing the necessary groundwork in preparation for the opening of my school, including setting up an LLC, obtaining a surety bond, and creating my own school catalog with curriculum and policies. I have done everything I need to do in order to obtain my license as a private vocational school, except that now I don't have enough money left to pay the licensing fees, insurance costs, and initial operating costs. I have done some work in recent months as a reporter, but deposition work is slow right now and my savings has dwindled. Fortunately, I have been able to acquire several Stenograph machines, computers, tables and chairs, a sizable inventory of instructional books, a large library of prerecorded dictation in the form of audio and video tapes, etc., all without going into debt. Also very fortunate is the fact that I have three students who I am tutoring right now and who will be my first students when I begin operations as a school. I have already leased a place, a portion of which is shown in a picture that I am submitting along with this. The students that I have right now are essentially covering the rent with the money they pay me for tutoring. I believe that a loan of $4000 would cover the items I mentioned above as well as a few others that will inevitably come up along the way. Once I get some new enrollees, the business should be very stable because the overhead is low and my personal expenses are small as well. I'd be happy to provide more specific information upon request. Thank you for your consideration. |
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