capital for new business
| Listing Information | |||
|---|---|---|---|
| Amount: | $19,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 19% |
| Lender Rate: | 17% | Borrower: | smartchick |
| Finished | State: | TX | |
| Funded: | 100% | Group: | Entrepreneurial Spirit |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-04-18 | EricsCC ROI: | 12% |
| Status History | |
|---|---|
| Apr 18, 2007 | Current |
|
Hello and thank you for reading my loan listing! I started a company in October 2006, a Texas-based L.L.C., along with my husband, a life-long sports fanatic and athlete. The new company targets high school athletes and is a web portal with revenues derived from subscriptions and web advertising. I am more than happy to share the details of the business. I do require a signed confidentiality agreement, however, since the company is in its start-up phase. So far, my husband and I have invested more than $30,000 of our savings in the new venture, paying for legal documentation, initial branding and the first phase of the web site design and development. We are looking for investors for our business, but in the meantime, we need a Prosper loan to get to the next level, which is hiring a team of marketing and sales professionals to support the company's growth. With this team in place, we hope to launch the business nationally in July, just before school starts. Within 12 months of launching, the company is projected to achieve revenues of $11 million, with a profit of roughly $8 million. To many people, this number may seem unrealistic. However, I feel that the target market of 7.2 million student athletes, as well as small, regionalized competition, makes this revenue target achievable. The proceeds of the Prosper loan will be used as follows: Employee wages: $14,500 Marketing expenses: $4,500 As a lender, you might wonder what qualifies me to manage a business like this. I have a master's degree in marketing from Northwestern University and experience managing my own company for more than three years. My husband now works for the new company full-time, but previously he managed a health information services company that had more than $2 million in revenues in 2006 and more than 30 employees. My current business is a communications company that specializes in the commercial real estate industry. I will continue to work full-time until the new company can pay all of our expenses. My personal income (not including spouse) for 2006 was: $146,100. My monthly expenses are: $3,300 home mortgage $800 property taxes $1,200 car payments and insurance $4,000 utilities, health insurance, food, misc. $450 student loans $500 credit card payments Remaining income goes into personal savings and tax withholding for self-employed. I want to make sure to address the delinquencies on my personal credit history. I am up to date on every single bill. These delinquencies still on my credit are closed accounts that have never been reported as zero balances by the creditors. In closing, I'd like to note that I have explored other funding options for the company including an SBA loan and refinancing. Neither one is a viable option at this time. Again, as I mentioned earlier, I am pursuing investors for the new business ? angel investors and family and friends. Right now, however, a Prosper loan is the best way for us to move ahead with our plans. I'd like to invite you to contact me if you have any questions or if you'd like to review the business plan. Thank you for taking time to hear about my new business. SmartChick |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 78120 | new business loan | C | $20,000 @ 18% | Dec 26, 2006 | Withdrawn |
| 105673 | capital for new business | C | $22,500 @ 24% | Mar 02, 2007 | Expired |
| 110829 | Seeking Funds to Start e-Commerce Business | C | $24,000 @ 22% | Mar 14, 2007 | Withdrawn |
| 111252 | Need Funds For Sports Business Venture | C | $24,000 @ 22% | Mar 14, 2007 | Withdrawn |
| 300341 | Loan for New Air Conditioning System | D | $9,500 @ 9% | Mar 28, 2008 | Expired |
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