Eric's Credit Community

I am 53 years old and started my own business in December 2002. Prior to starting my business, I was a paralegal for 25 years. I am married and have been for 21 years. I do not remember not being in the kitchen having started very early learning from my grandmother and father, and continued to develop my culinary skills.  I opened the business in December 2002, becoming Columbus? first cooking school; a dream transformed itself into reality. Most people at the age of 50 are planning their retirement instead I started my own business.  

Company Information: An independent specialty retail store offering leisure cooking classes, as well as retail kitchen and entertaining merchandise and gourmet food. A one-stop shopping experience offering a unique concept of teaching the customer how to cook, or expand their culinary horizons, as well as educating the customer on the necessary kitchen tools needed to make the cooking and entertaining easier, well as fun and entertaining. This style of retail emphasizes home entertaining, and getting the family together cooking and ultimately dining together as a family.   Company Description: The cooking school is a leisure (avocational) cooking school and retail store with merchandise for the kitchen from cooking gadgets, cookware, bakeware, as well as specialty gourmet foods.  The business began with approximately 1600 square feet, with $10,000 and the use of personal credit cards and the attitude to do whatever takes to satisfy my customer.   In October, 2005, the business relocated into a new 3500 square-foot location in in what is termed ?a lifestyle center? with other businesses sharing the same customer base.  We currently employ three full-time and two part time employees.  

Revenue: 2007, $525,000.00 (projected)
2006 $450,762.00
2005 $268,000
2004 $190,860
2003 $109,000  

The loan will be used to pay off high interest credit cards.The funding will allow me to reduce my credit card and high interest debt.  

I have the ability to pay this debt because I am presently not delinquent on any of my accounts with my vendors or credit cards; however the high interest is getting me no where in reducing the debt. I want to be debt free and help others starting a business so they do not have to rely on high interest credit cards.    

My monthly budget: These expenses, with the exception of the credit cards are paid with my husband's income. My auto, phone and insurance is paid by my business and is not included in my salary listed.
Mortgage/rent: $
Insurance: $
Car expenses: $
Utilities: $
Phone, cable, internet: $
Food, entertainment: $
Clothing, household expenses $
Credit cards and other loan payments: $6,000.00
Other expenses: $
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Total monthly expenses: $6,000.00