Expanding retail business to include COSTUMES
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 59% |
| Lender Rate: | 10% | Borrower: | Smitch |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-30 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| May 30, 2007 | Current |
|
Purpose of loan: I am in the process of opening an online Costume shop. I have already covered the costs of the website and all the opening costs, the money I am asking for would go toward inventory. I plan to place my first order of $3500 worth of inventory at the end of this month and the projected opening date of the website will be June 15th. I am a powerseller on ebay and will be starting the business there. After that, I plan to have a full e-commerce site up and running by September 1st. I intend to use the same business model that I have set up for my current business which is currently earning 13.33% of inventory sold after all expenses are paid. I have an obsession with costumes and having a costume shop has been one of my life-long dreams. This online version is just the first step. My 10-year plan will involve a brick and mortar store with fully custom costumes made to order as well as costume rentals. My financial situation: I currently own and run an e-commerce site selling alternative, punk and rockabilly style clothing. I opened this store last July just before the birth of my daughter. I pay myself 15% of total sales from the business, which for the year has averaged $114 per week. I also work part-time as an assistant for a ticket broker and earn another $651.12 per month after taxes and my 401k are deducted. Monthly net income: currently $1107.12 but with the opening of this new web-store projected monthly income will be $1500.00 Monthly expenses: I am not the wage earner for my household; my family is not dependent on my earnings whatsoever. The only bill I pay is the $100 per week for a babysitter while I work part-time. My husband and I have a mortgage and living expenses that are covered by his salary. My debt to income ratio is high because I have quite a bit that I owe in student loans (I had a little too much fun at FSU and it took me 6 years to get a bachelors!) and I roll my store inventory through my credit card in order to earn airline miles to save when we go to trade shows, but I pay it weekly through my business account. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 267111 | Increasing inventory and updating website | C | $17,500 @ 15% | Jan 21, 2008 | Expired |
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